Scary Housing Prices: Get Creative With Financing

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If you’re thinking about buying a home, you’re probably feeling a little spooked. The housing market is competitive, and prices are high. But don’t scream! There are still ways to afford a mortgage, even in this scary market.

One way is to get creative with your financing. Here are five ideas:

  1. Buy with a cosigner. If you have a friend or family member with good credit and a stable income, they may be willing to cosign on a mortgage with you. This can help you qualify for a loan and get a better interest rate.
  2. Consider a fixer-upper. Fixer-uppers are often less expensive than move-in ready homes, and you may be able to get a loan that allows you to finance the cost of repairs. This can be a good option for buyers who are willing to put in some work to get the home they want.
  3. Buy with friends or family. If you have friends or family members who are also looking to buy a home, consider pooling your resources. This can help you afford a down payment and monthly mortgage payments. Just be sure to set clear expectations about how you’ll manage the property and make decisions.
  4. Consider a two-family home. If you’re open to it, buying a two-family home could be a great option. You can live in one unit and rent out the other, which can help offset your mortgage costs.

No matter what your financial situation is, there’s a creative financing solution that can help you afford a mortgage in today’s market. If you’re not sure where to start, talk to a highly creative mortgage broker — like me! I have years of experience helping clients and friends buy homes, even in the most challenging markets. Let’s explore your options and find the best financing solution for your needs.

Get in Touch

I am dedicated to finding you a mortgage that fits your budget and works for your unique situation. Call me at 617-965-1236 to get started.

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Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

Happy Halloween!

Ever wonder what the best scary movies by decade are? Here’s the list courtesy of movieweb.com.

Pop some corn and break out the leftover Halloween candy. It’s time for a scary movie or two tonight!

  • 1930s: Dracula
  • 1940s: Cat People
  • 1950s: Creature From the Black Lagoon
  • 1960s: Psycho
  • 1970s: The Exorcist
  • 1980s: The Evil Dead
  • 1990s: The Silence of the Lambs
  • 2000s: Paranormal Activity
  • 2010s: Get Out
  • 2020s (so far): X

Home Improver: Last-Minute Creepy and Fun Halloween Party Foods

  • Spider Guacamole: Serve guacamole with tortilla chips and decorate it with black olive spiders
  • Mummy Hot Dogs: Cut hot dogs in half and wrap them in crescent roll dough. Bake until golden brown. Serve with your favorite dipping sauce.
  • Deviled Egg Spiders: Fill hard-boiled eggs with deviled egg filling. Top with black olive spiders and pimento webs.
  • Witch’s Fingers: Slice bread into finger shapes. Spread with pesto or another green sauce. Top with shredded mozzarella cheese and bake until golden brown. Serve with your favorite dipping sauce.
  • Candy Corn Popcorn Balls: Mix together popcorn, marshmallows, butter, and candy corn. Press into balls and let cool.
  • Apple Monsters: Cut apples into halves or quarters. Spread with peanut butter or another nut butter. Add your favorite toppings, such as chocolate chips, raisins, and nuts.

No matter what food you choose, make sure it’s fast, fun and festive for your Halloween party!

What’s Your Homebuying Tipping Point?

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Is there ever a “perfect time” to buy?

One of my favorite books is Malcolm Gladwell’s The Tipping Point. In it, Gladwell describes a tipping point as the moment in time when a small change can lead to a large and rapid change in behavior.

We are at a tipping point in the housing market. Mortgage rates have been rising steadily for months, and they are now at their highest level in years. Inflation is also at a 40-year high, and there is a lot of uncertainty about the future of the economy.

This is causing many homebuyers to hesitate. But now more than ever, it’s important to get advice from your financial team (your mortgage broker, real estate agent, and financial advisor). They can help you assess your financial situation, understand your housing needs, and develop a plan to buy a home in these uncertain financial times.

So, what’s YOUR tipping point? What will it take for you to decide the time is right to buy a home?

Here are a few things to consider:

  • Can you afford to buy a home at current rates?
  • Do you have a down payment saved up?
  • Can you qualify for a mortgage?
  • How much risk are you comfortable with?

If you’re on the fence, I encourage you to give me a call. I can help you understand your options and make the best decision for your financial situation.

There are both pros and cons to buying a home in a volatile market. On the one hand, homes are still selling, and there are still buyers who are willing to pay top dollar. This means that if you’re selling your home, you may be able to get a good price.

On the other hand, the current environment can make it more difficult to buy a home. If you’re taking out a mortgage, you may find that it could become more expensive to borrow money.

Pros:

  • Homes are still selling.
  • You may be able to get a good price for your home if you’re selling.
  • Interest rates are still relatively low compared to historical standards.

Cons:

  • Low inventory can make it more difficult to buy a home.
  • You may find that it’s more expensive to borrow money if you’re taking out a mortgage.
  • There is a risk that home prices could decline if the economy worsens.

If you’re not sure if now is the time to buy a home, keep in mind:

  • Your financial situation. Make sure you can afford to buy a home at current rates and that you have a down payment saved up. Consult with your financial team.
  • Your housing needs. Do you need to buy a home now, or can you wait? If you can wait, you may want to do so until there is more certainty in the financial markets.
  • Your risk tolerance. How much risk are you comfortable with? If you’re worried about the economy worsening, you may want to wait to buy a home.

Ultimately, your homebuying tipping point is a personal decision. There is no right or wrong answer. But by carefully considering your financial situation, housing needs, and risk tolerance, you can make an informed decision that is right for you and your family.

Let’s Talk

I am dedicated to finding you a mortgage that fits your budget and works for your unique situation. Call me at 617-965-1236 to get started.

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Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

Autumn Is in the Air

The leaves are changing, the air is getting crisper, and the pumpkins are starting to appear. It’s time for all things spooky, from Spirit Halloween stores and haunted houses to scary movies and pumpkin spice lattes.

Here are a few ideas for things to do during spooky season:

  1. Visit a haunted house or corn maze.
  2. Watch a classic horror movie, such as “Halloween,” “The Shining,” or “Hocus Pocus.”
  3. Carve a pumpkin or decorate your home for Halloween.
  4. Attend a Halloween costume party or festival.
  5. Bake or buy Halloween-themed treats, such as pumpkin pie, candy corn, and chocolate bats.

No matter how you choose to celebrate, we hope you have a safe and spooky October!

Home Improver: Humidifiers for Fall and Winter

There are many benefits to using a humidifier in the fall and winter to add moisture to the air.

  • Reduced risk of respiratory illness: Dry air can irritate the airways and make people more susceptible to respiratory infections, such as the common cold, flu, and bronchitis. Humidifiers can help to reduce the risk of these infections by keeping the airways moist.
  • Reduced allergies: Dry air can also aggravate allergy and asthma symptoms. Humidifiers can help to relieve these symptoms by making it easier to breathe.
  • Improved skin: Dry air can dry out the skin, leading to itching, cracking, and flaking. Humidifiers can help to improve skin health by keeping the skin hydrated.
  • Improved sleep quality: Dry air can also dry out the nose and throat, which can lead to snoring and difficulty sleeping. Humidifiers can help to improve sleep quality by keeping the nose and throat moist throughout the night.

There are two main types of humidifiers: central and portable. Central humidifiers are installed into the home’s HVAC system and humidify the air throughout the entire house. Portable humidifiers are smaller and can be placed in individual rooms.

Central humidifiers are more expensive to purchase and install than portable humidifiers, but they are also more effective at humidifying your entire house.

Which one should I choose? When choosing a humidifier, it is important to consider the size of your home, the amount of moisture you need to add to the air, and your budget. If you have a large home, you may need a central humidifier. If you have a smaller home or are on a budget, a portable humidifier like the one pictured above may be a good option.

Use it safely. Choose a humidifier that is easy to clean and maintain. Humidifiers can become breeding grounds for bacteria and mold if they are not cleaned properly. To use a humidifier safely and effectively, follow these tips:

  • Use distilled water to prevent mineral buildup in the humidifier.
  • Clean the humidifier regularly according to the manufacturer’s instructions.
  • Place the humidifier in a central location in the room, away from direct sunlight and heat sources.
  • Set the humidifier to maintain a humidity level of 40-60%.

Here are some precautions to keep in mind:

  • Do not use a humidifier if you have a mold allergy.
  • Do not use a humidifier in a room with a baby, as high humidity levels can increase the risk of SIDS.
  • Do not add essential oils or other fragrances to the humidifier, as this can irritate the airways.

When Big Banks Can’t Compete—Or Just Don’t Want To

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The housing market in 2023 has been a challenge for buyers, banks and brokers. According to a recent Yahoo Finance article, housing prices have reached unprecedented levels, while a report from The Hill highlights a concerning trend: big banks are increasingly bailing on small mortgages, driving potential homebuyers to alternative—and often riskier—financing options. In this complex and sometimes daunting market, the role of an independent mortgage broker has never been more critical. Here’s why.

More Options, More Opportunities

Unlike banks or other direct lenders, independent mortgage brokers have access to a wide range of loan products and lenders, including non-traditional financing options that big banks don’t typically offer. This broad scope is invaluable at a time when banks are backing away from smaller mortgages, as The Hill reports. When traditional financing avenues are closing their doors, a broker can keep them open, helping buyers explore an extensive pool of potential mortgage solutions.

Navigating Market Complexity

The housing market in 2023 is not just about high prices; it’s also about rapidly changing conditions, complex rules, and often opaque lending practices. An independent mortgage broker can act as a guide through this maze. They are familiar with the ins and outs of the market and can provide clarity and advice based on years of experience and specialized knowledge. In other words, a broker can help homebuyers understand the terrain and make informed decisions.

Tailored Mortgage Solutions

In a housing market marked by high prices and challenging financing conditions, there’s no one-size-fits-all mortgage solution. Here’s where an independent broker shines. They can take the time to understand a buyer’s unique financial situation and goals, and then tailor a mortgage solution to match. Whether it’s securing a competitive interest rate, finding a lender comfortable with a smaller mortgage, or navigating the nuances of alternative financing options, a broker can provide a personalized solution that a big bank might not offer.

Competitive Advantage

Your mortgage broker’s relationships with various lenders can lead to faster turnaround times, providing a significant advantage in the race to secure a home. They provide more options, guide buyers through market complexities, offer tailored solutions, and provide a distinct competitive advantage.

As the housing market continues to shift and evolve, independent mortgage brokers may not just be a good option—they might be your best one.

Let’s Talk

I am dedicated to finding you a mortgage that fits your budget and works for your unique situation. Call me at 617-965-1236 to get started.

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Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

It’s Almost August!

We hope you’ve been enjoying your summer. As we head into the eighth month of 2023, here is some trivia you might not know about August:

  1. The month of August was named in honor of Augustus Caesar, the first emperor of Rome. It was originally named Sextilis because it was the sixth month in the original ten-month Roman calendar.
  2. The month of August used to be 30 days long. However, it was said that Augustus Caesar added an extra day to the month to match the length of July, which was named after Julius Caesar. So competitive!
  3. The birthstones for August are the peridot and the sardonyx. The peridot symbolizes strength and the sardonyx represents courage and happiness. The flowers for August are the gladiolus and the poppy.

World Records: On August 12, 2012, Usain Bolt set the record for the fastest 100-meter dash at 9.63 seconds in the London Olympics.

Space Exploration: The Mars Rover Curiosity landed on Mars on August 6, 2012, starting a mission that has lasted for many years and has greatly increased our knowledge of the Red Planet.

Home Improver: Do You Really Need Gutters?

Gutters serve several important purposes in a home, and while they might not be absolutely necessary in every situation, they are generally recommended for most homes. Here are a few reasons why:

  • Close up of gutters along a residential rooflinePreventing Water Damage: Gutters direct rainwater away from your home’s foundation, siding, and landscaping, preventing erosion and water damage. Without gutters, water can pool around your home and potentially leak into your basement or crawl space, causing significant damage over time.
  • Protecting the Roof: By directing rainwater off the roof and away from the house, gutters help prevent potential damage to the roof itself. If water accumulates on the roof, it can lead to leaks or even structural damage.
  • Preventing Soil Erosion: Without gutters, the impact of rainwater falling directly from the roof can erode the soil around your house. This can lead to landscape damage and may potentially disrupt your home’s foundation.
  • Protecting the Siding: When rainwater drips down the side of a house, it can cause damage to the siding, paint, or any other exterior surface. Gutters prevent this by channeling the water safely away.
  • Preventing Mold: Water infiltration into your home can lead to mold growth, which is a significant health concern. By keeping water away from your home’s foundation and preventing leaks, gutters can help minimize the risk of mold.

However, there are some exceptions. In arid climates where rainfall is minimal, gutters may not be as necessary. That is not the case in New England, so installing a gutter system is probably necessary. Here’s the exception: certain architectural styles or building codes may not require gutters.

If you’re unsure whether your home needs gutters, it would be best to consult with a local home improvement professional or building inspector who can assess your specific situation.

Smart Money Moves for Homebuyers in 2023

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As we face a 40-year high in inflation and a rising cost of living, the affordability of mortgages has more obstacles to overcome than ever before. It’s crucial for homeowners and prospective buyers to exercise greater caution with their finances in 2023. Here are some tips to help you make smarter choices:

  • Prioritize credit card debt repayment: Credit card debt tends to carry high interest rates, making it vital to tackle it promptly. By focusing on paying off your credit card balances as quickly as possible, you’ll free up more of your monthly income to allocate towards your mortgage payments.
  • Create and stick to a budget: A well-structured budget empowers you to monitor your spending habits and avoid going overboard in any specific category. Numerous budgeting tools are available, so explore and find one that suits your needs, then stick to it consistently.
  • Avoid overspending: It’s easy to get caught up in the excitement of buying a new home and overspend on furnishings, appliances, and other items. However, bear in mind that your mortgage payments are a long-term commitment. Be mindful of your spending habits.
  • Seek advice from your mortgage professional: When considering a mortgage, it’s crucial to consult with a knowledgeable mortgage professional. They can assess your financial situation and provide expert guidance on whether you can afford a mortgage and which options align best with your budget. Their expertise will help you make informed decisions and navigate the complexities of the mortgage market effectively. By relying on their insights, you can secure a mortgage that suits your financial capabilities.

It’s important to recognize that inflation is not a permanent state. The Federal Reserve is actively taking measures to curb inflation, and stabilization of prices is expected in the coming months. However, it’s crucial to manage your finances diligently.

If you require guidance in handling your finances, seeking advice from a banker, financial planner, or your mortgage professional is highly recommended. They can help you develop a tailored financial plan that works for you.

Inflation poses a genuine challenge for homeowners. However, by exercising caution with your money, you can shield yourself from financial hardship and ensure that your mortgage payments remain manageable.

Remember, making informed decisions and being proactive will lead to a more secure financial future. I can help if you’d like to talk.

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Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

National Ice Cream Month

July is National Ice Cream Month, a time to celebrate America’s favorite chilled dessert during the hottest month of the year.

The exact origins of ice cream are unknown, but it is believed to have originated in China over 4,000 years ago. The Chinese made a frozen dessert by mixing snow with milk and rice.

In the United States, the average person consumes about 20 pounds of ice cream per year.

Here are some fun facts:

  1. The most expensive ice cream in the world is made with 23-carat edible gold flakes and costs $100 per scoop.
  2. The world’s oldest ice cream parlor is Berthillon in Paris. It has been in business since 1902.
  3. The most popular ice cream flavor in the United States is vanilla. The most popular ice cream flavor in the world is chocolate.

No matter what your favorite flavor is, there’s no wrong way to enjoy ice cream. So this July, join in the celebration of National Ice Cream Month and stay cool with a delicious treat!

Home Improver: Build a Summer Herb Garden

As the sun shines brightly and the temperatures rise, there’s no better time to cultivate your very own summer herb garden. Not only will it add a touch of green to your outdoor space, but it will also provide you with an abundance of fresh and aromatic herbs to enhance your culinary creations.

Here are some simple steps to get started:

Choose the Right Location: Select a sunny spot in your garden or balcony that receives at least six hours of sunlight daily. Herbs thrive in these conditions and require porous soil to prevent waterlogging.

Select Your Favorite Herbs: Consider the herbs you use most frequently in your cooking. Popular options for a summer herb garden include basil, mint, rosemary, thyme, cilantro, and parsley. Start with a few varieties that suit your taste and expand as you gain confidence.

Prepare the Soil: Ensure your soil is nutrient-rich. If needed, amend the soil with compost or organic matter to provide a healthy foundation for your herbs to grow.

Plant with Care: Follow the planting instructions specific to each herb. Some herbs prefer to be directly sown into the soil, while others benefit from being started indoors and then transplanted. Give them enough space to grow, as overcrowding can hinder their development.

Water and Maintain: Herbs generally require consistent watering, especially during hot summer days. Be careful not to overwater, as herbs prefer slightly drier soil. Regularly prune and harvest your herbs to encourage new growth and prevent them from becoming “leggy.”

Enjoy the Harvest: As your herbs flourish, harvest them regularly. Use fresh herbs to elevate your salads, marinades, cocktails, and summer dishes. Preserve surplus herbs by drying or freezing them for later use.

Why More Homeowners are Opting for a Home Equity Line of Credit

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The housing market has experienced dramatic changes over the past decade, with mortgage rates fluctuating to historic lows. As a homeowner with a low mortgage rate, you may be wondering how to take advantage of your home’s increased value and unlock its potential. A home equity line of credit (HELOC) could be the answer you’re looking for. Let’s explore the reasons why choosing a HELOC may make the most sense for you.

1. Preserve Your Low Mortgage Rate
If you’re fortunate enough to have locked in a low mortgage rate, a HELOC allows you to maintain it while accessing the equity in your home. This is because a HELOC operates as a separate loan, independent of your primary mortgage. You can tap into your home’s equity without refinancing your current mortgage or affecting your interest rate. With mortgage rates currently on the rise, preserving your low rate is an essential consideration.

2. Flexible Access to Funds
A HELOC provides a level of flexibility that other loan options may not. Rather than receiving a lump sum of cash, as with a home equity loan or a cash-out refinance, a HELOC allows you to draw from a predetermined credit limit as you need it. This means that you only pay interest on the amount you actually use, and you can access the funds multiple times without reapplying for a new loan.

3. Lower Interest Rates than Other Loans
HELOCs generally come with lower interest rates compared to other types of loans, such as personal loans or credit cards. Since your home is used as collateral for the loan, lenders are more willing to offer competitive rates. This can save you money over the life of the loan, especially if you’re using the funds for purposes like home improvements or consolidating high-interest debt.

4. Use the Funds for a Variety of Purposes
A HELOC offers versatility in how you use the funds. You can put the money towards home improvements, consolidate high-interest debt, pay for education expenses, or even use it as an emergency fund. The flexibility of a HELOC allows you to address your financial needs as they arise without the need for multiple loans.

5. Build a Stronger Financial Future
When used responsibly, a HELOC can help you achieve your financial goals and build a stronger financial future. By leveraging your home’s equity, you can invest in projects that increase your property value or pay off high-interest debt to improve your overall financial health.

Remember, as with any financial decision, it’s crucial to carefully evaluate your personal circumstances and consult with a financial professional before moving forward. By doing so, you’ll ensure that you’re making the best decision for your unique financial situation. I can help. Email or call me at 617-965-1236 to have a look at your options and to see if a HELOC is right for you. I look forward to our chat!

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Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

April Is Financial Literacy Month

It’s almost April and apart from Opening Day at Fenway, April is also known as Financial Literacy Month. Let’s have a look at a few ideas to help you better understand your finances and make informed decisions.

Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC). These agencies provide resources and tools, from understanding credit scores to avoiding scams.

There are also many non-profit organizations dedicated to promoting financial literacy.

And, of course, you always have your favorite mortgage broker to help you get financially savvy about buying your first (or next) home, figuring out what you can afford, and making intelligent long-term decisions about your financial investments, options, and obligations.

Home Improver: Wallpaper’s Big Comeback in 2023

A few months ago we wrote about how the 1980s fashions were popular again. One of the big interior design trends in 2023 has been the resurgence of wallpaper adding a fresh, nostalgic twist to modern homes. With the ’80s aesthetic making a strong comeback, wallpapers are no longer confined to the walls of grandma’s house. Here are some of the most popular wallpaper trends from the ’80s that have made a resurgence—as well as the new trends popular with home decorators this year.

Bold Geometric Patterns
The ’80s style was known for a love of geometric shapes, and this passion has made a strong comeback in 2023. Large-scale patterns with bold, striking colors are a popular choice for feature walls, bringing a sense of depth and dimension to any room. Whether you opt for classic chevrons, hexagons, or interlocking triangles, these dynamic designs add energy and character to your interior design.

Pastel Palettes
Pastels were a staple of ’80s interior design, and they have returned with the vengeance of Crockett & Tubbs. Soft pinks, blues, and mint greens are making their way back into wallpaper designs, creating a soothing and inviting ambiance.

Tropical Prints
Bringing the outdoors in is a trend that has only grown in popularity, and with the ’80s resurgence, tropical prints are back in full force. Palm leaves, exotic birds, and bold florals add a touch of adventure and playfulness to your space, while also providing a natural, relaxing atmosphere. Remind you of a particular TV sitcom home in Miami?

Murals and Panoramic Wallpapers
Another exciting trend in 2023 is the use of murals and panoramic wallpapers. These designs transform entire walls into works of art, showcasing stunning landscapes, city skylines, or abstract compositions.

Eco-friendly and Sustainable Options
As environmental concerns continue to shape consumer choices, eco-friendly and sustainable wallpapers have become increasingly popular. These wallpapers are made from responsibly sourced materials and often use water-based inks and recyclable packaging.

Is Your Mortgage a Mole or Melanoma?

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Millennials (and now GenZ) homebuyers often make decisions about their finances through online research, even when it comes to buying a home. But relying solely on online research to educate yourself about mortgages can be risky. It’s like using WebMD to diagnose yourself without seeing your doctor.

Online research can be overwhelming and often confusing. There is a lot of conflicting information available, and it can be difficult to separate the credible sources from the unreliable ones. You may think you’re qualified by your own research and calculations, but you still may have your application rejected due to some detail you overlooked. Also, it’s very easy to overestimate your income and not properly factor in your debt-to-income ratio, even when using a mortgage calculator. So many things can go wrong in this process, especially if you’ve never been through it before. Think about it: this is going to be the biggest purchase you’ve ever made in your life, along with the longest financial commitment. Does that sound like something you can easily accomplish on your phone?

Here are a few more things to keep in mind:

Online calculators and mortgage rate comparisons can only provide an estimate and do not take into account the unique financial situation of each individual. This can lead to a situation where you might think you have found the perfect mortgage option, only to find out later that it’s not the best fit for you. Sometimes it can be so stressful and overwhelming — especially for first-time homebuyers — that they just go with whatever their bank has to offer. Don’t fall into that trap!

Additionally, online research cannot replace the expertise and experience of a mortgage professional —someone with the knowledge and experience to guide you through the process and can answer specific questions, advise on the best options, and help you find the best mortgage rates.

Going back to our WebMD analogy, a rash on the skin might not be the deadly illness you thought it was, but your doctor will be able to tell the difference between a simple rash and a serious disease (you know we always assume the worst with WebMD). Similarly, a mortgage professional will be able to tell the difference between a good deal and a mistake. I help clients avoid the pitfalls of predatory lending and steer you clear of options that might seem too good to be true.

Some big banks may push you towards products and options that are more profitable for them, rather than what’s best for you. As an independent mortgage broker I always put your needs and interests first. I am never beholden to any one lender and can provide you with a range of options that are in line with your specific needs.

Don’t take the risk of self-diagnosing your mortgage needs. It’ll make you sick. Let’s set up a meeting to get you the mortgage that works best for you.

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If you’d like to chat about mortgage options, please call me at 617-965-1236. If you’re planning to buy this year, let’s talk soon. I look forward to speaking with you.

Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

February Facts

February is a month known for its icy weather, Valentine’s Day and Presidents Day. But did you know these fantastic February facts?

  1. The name “February” comes from the Latin word “februarius” which means “to purify.”
  2. February is the only month in the year that can pass without a full moon.
  3. The birthstone for February is amethyst, a violet variety of quartz often used in jewelry.
  4. February is Black History Month, celebrating the contributions of Black Americans to our nation’s history.
  5. February is also National Heart Month, a time to raise awareness about heart disease and promote healthy habits.
  6. The first Groundhog Day was celebrated on February 2nd, 1887 in Punxsutawney, Pennsylvania.
  7. The first National Flag Day was celebrated on February 15th, 1894.
  8. Super Bowl LVII takes place on Sunday, February 12 this year at State Farm Stadium, home of the Arizona Cardinals.

Home Improver: Benefits of a Heated Driveway

Heated driveways may seem like a luxury item, but more and more families have these helpful snow and ice melters installed as a safety measure — not just for slip-and-falls but for the stress on the cardio-vascular system from shoveling heavy snow. Here are more benefits of this time-saving system.

  1. Convenience: during colder months: No more shoveling or snow blowing to clear a path to your garage or front door. The heat from the driveway melts snow and ice as soon as it falls, keeping your driveway clear and safe to walk on.
  2. Increased property value: A heated driveway is a luxury feature that can set your home apart from others on the market, making it more attractive to potential buyers. It also increases the overall curb appeal of your home.
  3. Energy efficiency: Electric heated driveways are typically more energy-efficient than gas-powered systems and can be controlled by a thermostat, allowing you to set the temperature to your desired level.
  4. Low maintenance: The heating elements are buried beneath the surface and do not require any regular maintenance. Additionally, the heating elements are protected from the elements and are not affected by snow and ice, ensuring a long lifespan.
  5. Environmentally friendly: By reducing the need for snow removal, a heated driveway can help to reduce the amount of pollutants and emissions caused by gas-powered snow removal equipment.

Learn more about heated driveways here.

Fed Up with the Fed? Here’s My Advice.

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For the seventh time this year, the Federal Reserve raised interest rates, this time by half a percentage point on Dec. 14, to a range of 4.25 to 4.5%. The primary reason for the rate hikes is to combat inflation, but what does it mean for home buyers?

One thing history tells us is that if you’re looking to purchase a home, any attempt to time the market may not work out in your favor. As inflation continues to increase and rates steadily trend up, higher interest rates and mortgage payments may be the result. You may have better luck locking in a lower mortgage interest rate now rather than gambling on an uncertain future.

Timing Is Always a Gamble

Timing the market isn’t always the best way to figure out when to buy a home. People who wait for the right time, hoping to squeeze a few percentage points off their mortgage rate, often find themselves waiting too long and wind up with higher monthly mortgage payments than expected. And those continuing to wait for some sort of market correction may find themselves on the sidelines as rates climb steadily higher. That’s not conjecture, it’s history.

Keep in mind that you’re not just timing the US market, you’re factoring in the global market. Inflation is a result of many factors including the war in Ukraine and the ongoing pandemic issues. The UK is at a 40-year high at 10% and Germany is in the same range. Think our 7% is bad enough? Inflation in Turkey and Argentina is up over 80%.

Think Micro, Not Macro

Rather than timing the global market, try working within your own schedule and plan. Think micro! Look at your personal economic situation first and foremost. Consider working with a financial planner to see if it makes sense to buy your home now rather than waiting on rumors and predictions for next year. Remember: you buy the house and date the rate. You can always refinance down the road.

If you are ready now, this may be the best time to purchase for a while. Let’s talk about your options before the Fed gets too aggressive and potentially creates a new financial challenge in an effort to solve another.

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If you’d like to chat about mortgage options, please call me at 617-965-1236. If you’re planning to buy this year, let’s talk soon. I look forward to speaking with you.

Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

The Holidays Are Here

Happy Hanukkah, Christmas, Kwanzaa, and New Year!

Even if you don’t celebrate Christmas you’re probably familiar with the song “The 12 Days of Christmas.” It’s the one three french hens, two turtle doves, and a partridge in a pear tree. Weird gifts to be sure.

Each day brings the previous gifts, so by the end of the song, the gifter’s “true love” receives about 184 total birds between the partridges, doves, hens, calling birds (aka colly birds), swans and geese. Others argue the total is 224 birds because the “five gold rings” are not jewelry but refer to a ring-necked pheasant. That’s a lot of birds, not to mention the dozen pear trees!

What’s the Time Limit for Displaying Holiday Decorations?

Have you ever driven down a street on a warm spring day and noticed plastic reindeer and Christmas lights on someone’s roof? It’s a pet peeve for many. Holiday decorations have a specific time and place. So what is the etiquette?

We consulted several etiquette sources like Emily Post and online sites like Fatherly.com and Better Homes & Gardens. The consensus, while not 100% in agreement, leaned strongly towards removing your menorah the day after Hanukkah ends and your Christmas tree and decorations 12 days after Christmas.

But there were other opinions. Some felt that you should keep them up longer if family is visiting for a few extra days. No one said anything about rooftop reindeer in spring, so don’t do that.

Some suggested that businesses should keep the menorah as long as the Christmas decorations to show others the importance of both holidays. In the interest of diversity and inclusion, it is recommended in office settings to include a Kwanzaa kinara (candle holder) and then removing all decorations after the last holiday ends (or after New Year’s Day).

The ’80s Are Back — But Comparatively, Mortgage Rates Are Still Totally Rad!

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Have you noticed the fashion trends of the 1980s are finding their way back to department store racks and online shopping sites? ’80s fashion has seen a recent resurgence, perhaps due to current pop culture hits like Stranger Things and retro fashion videos on TikTok.

You may be hoping that mortgage rates won’t see the absurd highs of the ’80s. Although the average for that decade was 12.7%, rates in the ’80s topped out at 18.45%. Yikes!

One thing to note is that although the 18% rate is unthinkable now, home prices were considerably lower back then. With today’s rates higher than recent years, we’re also seeing lower asking prices by sellers. Gone are the insane bidding wars that raised prices by tens of thousands during the pandemic. The market tends to self-correct whenever possible.

The other concern is for sellers and real estate agents to be realistic about their pricing. We recently saw a home sale where they needed to adjust down considerably either due to poor market research or homeowners trying to bring in maximum dollars. Case in point, a home that recently sold:

  • Oct 1: listed at $1.2 Million
  • October 20: dropped to $999K
  • November 1: dropped again to $950K
  • November 15: accepted offer of $850K

Real estate agents have a responsibility to educate their buyers and sellers on how to set proper pricing. Most are educated and aware of up-to-the-minute changes. The example above shows a home that was not correctly priced and it may have cost the seller several thousand dollars because of it.

Remember to choose wisely when selecting your real estate agent. If you need a recommendation, just ask!

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If you’d like to chat about mortgage options, please call me at 617-965-1236. If you’re planning to buy this year, let’s talk soon. I look forward to speaking with you.

Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

Top Selling Songs and Top Grossing Movies of the 1980s By Year

1980
Song: Call Me by Blondie
Movie: Star Wars: The Empire Strikes Back

1981
Song: Bette Davis Eyes by Kim Carnes
Movie: Raiders of the Lost Ark

1982
Song: Physical by Olivia Newton-John
Movie: E.T.

1983
Song: Every Breath You Take by the Police
Movie: Star Wars: Return of the Jedi

1984
Song: When Doves Cry by Prince
Movie: Indiana Jones & the Temple of Doom

1985
Song: Careless Whisper by Wham! featuring George Michael
Movie: Back to the Future

1986
Song: That’s What Friends Are For by Dionne & Friends
Movie: Top Gun

1987
Song: Walk Like an Egyptian by The Bangles
Movie: Fatal Attraction

1988
Song: Faith by George Michael
Movie: Rain Man

1989
Song: Look Away by Chicago
Movie: Indiana Jones & the Last Crusade

BONUS!
Top Album: Thriller by Michael Jackson
Bestselling novel: Clear and Present Danger by Tom Clancy
Top TV Show: Dallas

Home Improver: ’80s Decor Is Trending

Floral wallpaper, pastel sofas, lucite chairs and more are back in style as 1980s home decor trends have returned. Call it Miami Vice Revisited or Golden Girls Chic, these ’80s decor trends are making a big comeback to homes across the US.

  1. Return of Pastels. We’re seeing more of this trend on sofas than anywhere else in the home. Light blue or green sofas with pink or blue solid, patterned or striped accent pillows.
  2. Chintz and Floral Patterns. French-inspired decor and aesthetics are trending on social media. Chintz is a delicate, floral-printed cotton that is primarily used for curtains and upholstery. Wallpaper with big earthy, leafy prints is also on the rise.
  3. Brass is Back. Some would argue that brass never went out of style, but most bathrooms since the ’90s have favored brushed chrome or darker colors.
  4. Lucite Accents. Remember lucite? it’s a thick, clear plastic used in furniture and accessories. It adds a clean, modern look to rooms and is commonly found on barstool seats, lamps, and shelving units.
  5. Wicker Lives! Most of us got rid of all traces of wicker by the ’90s. But wicker is the oldest furniture making method in history, so you had to expect it to make a comeback.

Second Mortgage vs. HELOC: What’s the Difference?

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When choosing the loan that’s right for you, it’s important to understand the differences between a second mortgage and a home equity line of credit (HELOC).

But before we jump into differences, let’s look at what each option has in common:

HELOCs are often thought of as a type of second mortgage because both borrow from the equity you’ve built in your home. Both loans come from the bank that provides your original mortgage and both use your existing home as collateral.

OK, now for the differences:

The most obvious “pro” in favor of a second mortgage is a fixed rate that is locked in for the life of the loan. With this comes the peace of mind knowing years in advance how much you’ll be paying monthly. Conversely, HELOCs come with variable rates which can prove costly, even if you are approved for the HELOC at a low rate. Your rate may increase because of decisions made by the Federal Reserve. It could go down as well, though this has not been the case this past year — along with the fact that rates are still historically low.

So why would I want a home equity line of credit? The main benefit is that you can use the funds as you need them. A second mortgage loan is paid to you in a lump sum at the start of the loan. A HELOC can make money available to you only when you need it. If you need less than you thought, your monthly payment will be smaller.

Just be careful: you could easily make impulse-buy decisions over the years on home improvement projects that, little-by-little, could max out the full amount of the line of credit.

Typically, a second mortgage is used to purchase a second home or to make large-scale home improvements on the original home. In addition, second mortgages can help the homeowner with debt consolidation from high interest auto loans, credit cards, life events and medical bills.

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If you’d like to chat about mortgage options, please call me at 617-965-1236. If you’re planning to buy this year, let’s talk soon. I look forward to speaking with you.

Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

National Peach Month

We know Justin Bieber gets his peaches out in Georgia, but did you know that August is National Peach Month?

In 1982, Ronald Reagan choose the peach to represent adding more nutritious fruits into the American diet. Because peaches are a summer fruit, he chose August as the month to celebrate them.

So what are the nutritional benefits of peaches?

  1. They’re packed with nutrients and antioxidants.
  2. They help contribute to healthy digestion.
  3. They contain compounds that help lower cholesterol and blood pressure.
  4. Peach skin and flesh are rich in carotenoids and caffeic acid — two types of antioxidants with anti-cancer properties.
  5. They may reduce allergy symptoms. In addition to eating peaches, Test-tube studies report that peach extracts may be effective as well and limit the inflammation commonly seen in allergic reactions.

Home Improver: Do Air Purifiers Really Work?

Let’s face it: there’s a lot of dust, odors, and toxins that we breathe in throughout the various rooms in our homes. What’s the easiest way to minimize the negative effects in the air we breathe? Get an air purifier.

These room refreshers have come a long way in recent years and they are reasonably priced for what they do. When used properly they can reduce household odors as well as common allergens that make you sick.

If you suffer from allergies, an air purifier can help mitigate symptoms, but don’t expect 100% relief. For those concerned about Covid-19, the CDC says: “Ventilation systems can be supplemented with portable high efficiency particulate air (HEPA) cleaners to reduce the number of infectious particles in the air and provide enhanced protection from transmission between persons.”

One of the most popular and highly rated air purifiers is this one from Conway, (shown above) for just $200. One thing to remember before you buy: Will the air purifier you choose cover the size of your large room?

Mortgage Rates on the Rise: Don’t Hit the Panic Button

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We thought it was important to address the elephant in the room: Mortgage rates have surged and may continue to increase. Having this happen during a time of the highest rate of inflation since 1982 may make you think buying a new home is impossible. But there are a few things to consider before hitting the panic button.
  1. Mortgage rates are still historically low. They were just under 7% for a 30-year fixed loan before the recession in 2018. In 2000, they were at 8.62% and in 1981 they topped out at 16.63%. Yikes!
  2. A market correction could happen sooner than we think. Experts believe that rising rates may bring the housing market back down. With the mortgage frenzy of the past few years slowing, home prices should become more affordable, especially if it reduces the number of bidding wars that have put some homes out of reach for buyers on a budget.
  3. Common sense from Jim Gaines, research economist at Texas A&M’s Real Estate Center. Jim says, “the Fed and the government historically want to encourage homeownership. They really don’t want the mortgage rate to get that high that it will be a detriment to the market.”
Keep in mind that everything is relative. You sell high to buy high and you sell low to buy low. The market dictates that. All we can do as buyers and/or sellers, is to make smart fiscal decisions with the data points we have. If this is all too confusing and causing you anxiety, get in touch and we’ll discuss your options for buying or refinancing your next home.

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If you’d like to chat about mortgage options, please call me at 617-965-1236. If you’re planning to buy this year, let’s talk soon. I look forward to speaking with you.

Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.

Happy 4th of July Weekend!

It’s supposed to be hot and mostly sunny on Sunday and Monday, so grab your sunscreen and have some outdoor fun as we celebrate our nation’s 246th birthday. Here’s some trivia about July 4th that you can share to amaze your friends and family.

July 4th or July 2nd?
Although the Declaration of Independence was dated July 4, congress voted for independence from Great Britain two days prior on July 2, 1776. It apparently wasn’t signed by everyone until a month later on August 2, 1776.

Population in 1776.
While the current US population is more than 330 million, the population in 1776 was just 2.5 million. That’s just 0.75% of the current number of US residents.

Hot Dog!
Americans consume a staggering 150 million hot dogs every Independence Day. That’s about 800 dogs per second. Pass the mustard, please!

A New Constitution?
Thomas Jefferson wrote to James Madison that he believed a new Constitution should be written for each generation. Read this.

Home Improver: Do-It-Yourself Carpet Cleaning

What’s the best way to clean your carpets? Everyone has an opinion: steam, shampoo, cold water, hot water, etc. But other variables exist as well: call in a professional, rent a machine, hands-and-knees scrub, and more. The fact is, any of these methods will leave your carpets cleaner, but what are the risks involved?

Are liquid carpet cleaners toxic? Most are safe for the general public, but at any given point, you and your family could be exposed to:

  • Perchloroethylene, a popular dry cleaning chemical known to cause nausea, dizziness and fatigue.
  • Naphthalene, a popular cleaning solution that helps dissolve dirt. Naphthalene is derived from coal tar and is commonly used as a pesticide to kills moths and other small insects.
  • Butyloxy Ethanol, which can enter your body by both breathing it in and by coming in direct contact with your skin.

(Source: Chem-Dry)