March Mortgage Madness

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March Madness and Common Sense

Have you heard about the “Billion Dollar Bracket Challenge?” It’s a legitimate contest offered by Warren Buffett and Quicken Loans. The winner will receive 40 installments of $25 million or can take a lump sum of $500 million. The catch? Well, there is no catch, other than it’s virtually impossible to win.

To be precise, the chance of filling out a perfect bracket is 1 in 9.2 quintillion, or 9,223,372,036,854,775,808 to 1. The odds were figured by a math professor from DePaul University. Still feeling lucky?

So just how long are those odds? Let’s just say Mr. Buffett can sleep well knowing that his money is pretty safe. Here are some long odds that are more likely to happen than choosing a perfect bracket:

A meteor crashing through your roof: 182,138,880,000,000 to 1

Winning the Powerball Jackpot: 140,000,000 to 1

Shark Attack! 1 in 300,000,000

Mountain lion attack! 1 in 32,000,000

Struck by Lightning: 280,000 to 1

Finding a four-leaf clover on first try: 10,000 to 1

Pro golfer gets a hole-in-one: 3,000 to 1

If you entered this contest because you thought it was a good investment, good luck! You’ll need it. When it comes to finding the best mortgage for your individual needs, I can guarantee excellent odds when you work with me. So why gamble? Call Westchester Mortgage today at 617-965-1236. It’s a slam dunk!

March’s Home Value Improver

Dealing with Ice Dams

Ice Dams form on roofs due to a cycle of melting and refreezing of snow. With extremely cold winters like this one, snow hasn’t always had the chance to melt and flow down gutters to the ground.

When a warm attic melts some of the snow but the cold outside won’t melt everything, a dam of ice forms at the edge of the roof and blocks the built up water that has managed to melt.

When the water rises to a certain level, it seeps in though the roof shingles and into your home. This is more common in houses with a low or flat pitch, but can happen on any roof.

When ice dams leak into your home, the water can cause damage to your walls, floors and ceiling. Unchecked water within your walls can lead to mold. It is important to have a professional check your home for water damage if your roof has leakage from an ice dam. Mold can cause severe respiratory infections and lingering effects on your health.

If your home has been effected by ice dam leakage, it is best to call a remediation specialist who can find water and mold inside walls and ceilings and remove it safely with professional equipment.

Get Out of the Rent Rut

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5 Ways to Get Out of the Rent Rut

Renting an apartment isn’t always a bad idea, given your financial situation, but sometimes we find ourselves stuck in place without the proper information to get out of the rent rut. Many first-time home buyers have no idea they can qualify for an affordable mortgage. So how does one get out of the rent rut? Here are five ways to get on the path to buying a home of your own.

1. Check your credit score. Your credit rating has a direct effect on your interest rate. Work on improving your credit by paying down credit card debt and making timely payments on your bills.

2. Make a list of your assets. Sometimes people don’t realize they have more than they think. Apart from money in the bank, you can also count as assets items like your 401(k), mutual funds, profit sharing and other financial means.

3. Length of lease. Work backwards from the end of your lease. You may find that you can pre-qualify for a mortgage long before your lease is up. That means you should start this process as soon as possible. If your lease is up soon, you may convince your landlord to go month-to-month or offer a six-month lease to make it easy for you to move when the time is right, without getting locked into another long-term obligation.

4. Measure income vs. expenses. If you make a good salary but have a significant amount of debt that accrues monthly, you’ll need to see how much you’re left with after making your payments. Having a positive cash flow after the bills are paid each month is critical.

5. Ability to raise funds. Do you have the resources to raise funds for your downpayment if necessary? You may have good credit and some money in the bank, but you’ll need to be able to show your ability to pay over time. Barely squeaking by won’t fill the bank with confidence that you can comfortably make your loan payment each month. Look to family for financial support. If that’s not an option, consider borrowing against your 401(k). You’ll want to see what the penalty is for it, but sometimes it’s well worth borrowing against the future to build wealth today. Remember that apart from living in the home you thought you would never own, you’re also making a solid financial investment that could pay huge dividends when you sell it years from now,

Getting out of the ren rut is not always easy, but it absolutely can be done. If you are a first-time homebuyer or know someone who may be ready to buy without even knowing it, please get in touch or ask them to call me at 617-965-1236. I would be happy to answer any questions and give sound advice on how to secure a mortgage without breaking the bank.

February’s Home Value Improver

Home Improvement Do’s and Don’ts

When it comes to increasing your home’s value, certain projects will instantly do the trick while others are risky and can have an adverse effect on buyers. Here’s a list of do’s and don’ts for home improvement.

Do Remodel Your Kitchen The kichen is one of the first rooms that buyers look at when making a decision on buying, According to HGTV, you can expect to recoup 60%-120% of your investment on a kitchen remodel.

Don’t Go Too Far with Your Kitchen Remodel If you go way over-the-top and your kitchen doesn’t fit with the rest of the house, this can make the other rooms look less impressive.

Do Improve Your Back Yard. Curb appeal from all angles of the house is a huge plus when it comes to selling your home faster. A manicured lawn, proper fencing for pets, and a fresh coat of paint on the garage goes a long way.

Don’t Install an In-ground Swimming Pool Have you looked outside? This isn’t Miami. A new pool can cost as much as $75,000 to install and would be used for only a fraction of the year. Don’t forget about maintenance costs: you’ll need to spend at least $1000 in insurance, not to mention maintenance costs to keep the pool clean and safe for swimming.

Do Install Energy-efficient Windows Energy Star claims that adding Energy Star-rated windows can save you up to $500 a year in heating and cooling costs. This is a big factor to home buyers given the high expense of keeping out drafts in the winter and keeping your home cool in the summer.

How Long Should I Wait Before Buying?

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A young client called, frustrated that she hasn’t found a home that meets her needs. Her name is Julie and she is a newlywed, married this past June. She had hoped to be living in her new home by the fall. Now that the holidays have come and gone, she and her husband are starting the new year disappointed to continue living in her cramped apartment.

When looking for your ideal home, how long should you expect to wait? By “ideal,” we’re talking about location, price range, school system, and, of course, the house itself: design, number of rooms, amount of work to be put into it, etc.

One thing we’re finding is certain communities have limited inventory these days. One house may attract a very high number of buyers, and those on a tight budget are often priced out. This can extend the timeline.

Choosing the right home for you takes patience, depending on your list of non-negotiables. If you’re willing to settle for something less than what you wanted, you could probably move in within six months. However, buying a home is not the kind of thing you just settle for. It may well be the biggest investment you’ll ever make.

It took nearly two years for me to find my home and I’m so glad I waited. It has everything I need in a location I love and it’s a wonderful place for my husband and me to raise our children. I wonder what sacrifices I would have made if I had settled for something that was available but below my expectations. This is the same advice I gave to Julie. Wait. Be patient. It may take more time, but when you see the home you’ve always wanted, you’ll know it–and you won’t regret having waited.

Do you know any first-time homebuyers who need help with some of the tough questions related to buying a home or securing an affordable mortgage? Ask them to call me at 617-965-1236. I look forward to answering their questions!

January’s Home Value Improver

Four Options for Siding Your Home

When it comes to making the exterior of your home more attractive, you have several options. The most common ways are to shingle, paint and side. In this month’s home improver, we’ll look at four types of siding for you to choose based on look, durability and price.

1. Wood siding. Wood has a natural, traditional look to it. Best of all, it can be painted any color of your choosing. Another type of wood is cedar shingles, which can also be painted or stained.

2. Vinyl siding. Vinyl is great for homeowners on a budget. Presents a clean, fresh look without spending more than you can afford. Other options in this category are insulated vinyl and shingle vinyl siding.

3. Fiber cement siding. This is in a higher price range and it shows. The texture and look are exceptional. Durability and stability issues are negligible. Options here include vertical siding and trim boards.

4. Composite siding. Ideal for New England homes due to the fact that it is composed of 60% stone and has no wood fibers. This eliminates damage from harsh weather, water and insects. Composite siding is colored, so there’s never a need to paint. People often mistake the embossed woodgrain as actual wood clap board.

When it comes to choosing the type of siding for our home, I recommend working with a licensed and experienced home improvement company.

Assessing Risk – When to Buy

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Assessing Risk: When to Buy
My clients sometimes agonize over making decisions on buying or refinancing their homes. When is the best time to lock in the rate? If they act now, will the rate drop significantly in the coming months? Will it rise to a point where they regret not buying sooner? There are a host of reasons why people delay, some which are valid, and others which may end up costing them thousands.

The fact is, if you meet with me and you understand that a good rate is available and you can afford it, then you have your answer. Lock in. If a rate gains or loses an eighth, you’re gambling with a number that works for you now, but could slip away slowly.

Think about people who play the lottery, since that’s a topic that’s been in the news. If someone plays for years and finally wins several thousand dollars, has he really won anything, or did he simply break even after years of losing?

When assessing risk, it’s important to look at the big picture. Are you better off buying your home now at a fair rate or do you want to roll the dice and wait? If the rate slowly rises, how much time will you lose before buying your home? Months? Years? Is it worth the wait?

Waiting for a better deal that may or may not be right around the corner–especially when you already have a good deal right now–can come back to haunt you.

My job is to help you make the best decision based on your needs and the current market, among other factors. Call me at 617-965-1236 to talk about your mortgage needs and we’ll discuss whether or not now is the best time for you to buy or refinance your home. I look forward to answering your questions!
December’s Home Value Improver
Preparing for a Long Winter

If this week’s snow has you wondering what the winter will bring, here’s some insight from The Farmer’s Almanac: “So, what’s in store for this winter? The “Days of Shivery” are back! 
We are forecasting a winter that will experience below-average temperatures for about two-thirds of the nation. A large area of below-normal temperatures will predominate from roughly east of the Continental Divide to the Appalachians, north and east through New England. With a combination of below-normal temperatures and above-normal precipitation the stage will be set for the Midwest and New England to receive lots of snow.”

If this week was any preview, you’ll need to be ready for a snowy few months ahead. Here are a few tips to handle the weather:

1. Make sure the kids are properly layered with warm clothing. Keep pets indoors.

2. Buy a real snow shovel–not the plastic one on sale that is useless when snow turns to ice.

3. Weather-strip doors and windows.

4. Have ice melt and sand to keep walkways safe.

5. Repair roof leaks and keep branches trimmed if they present a danger to your home.

6. Insulate water lines along walls so pipes don’t freeze.

7. Install storm windows or cover in plastic from the inside.

8. Have your chimney and flue inspected to avoid fires.

9. Have a plan for snow removal if it’s too much for you to handle.

10. Watch for elderly residents. They are less likely to detect drops in temperature and more likely to develop sickness.

Let’s hope The Farmer’s Almanac is wrong, but from what we’ve already seen a few days before the official start of winter, it’s better to be safe than sorry. Stay warm!

Five Things NOT to Do Before Refinancing or Buying Your Home

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Five Things NOT to Do Before Refinancing or Buying Your Home
One of things my clients appreciate about me is that I act as a resource for them to answer questions long before we start the mortgage application process. Many times I prevent obstacles from getting in the way of securing their mortgages. Here’s a list of five things NOT to do before refinancing or buying a home.1. Retire. Although this may be your ultimate goal, you’ll want to secure the loan before significantly reducing your income. The amount of money you’re currently making has a direct impact on how the bank looks at your ability to pay your mortgage.

2. Slow Your Income Stream. As I just mentioned, slowing your income stream could adversely affect the terms of the mortgage or refinance you’re seeking. Cutting back from full-time to part-time hours can hurt your chances.

3. Experience a Major Life Event. Sending your kids off to college can set you back thousands of dollars. Taking on payments for your child’s tuition may set off red flags with banks.

4. Start a New Job or Career. Financial institutions like consistent, steady income from their customers. New jobs, career changes and new business ventures are all considered risks in the eyes of the bank. If you’re self-employed, you’ll need to show income for two years’ work before the bank will even look at your application.

5. Move Out and Rent Out Your Property. You may have thought that making your home a rental property would be a plus, given the potential income from tenants. There’s a problem with that theory: Investment rates are higher with more restrictions on a rental property than if it were your primary residence.

I take a holistic approach when it comes to buying or refinancing your home. After all my years in the mortgage industry, I know I can save you time and money. If you’re considering a new mortgage, call me at 617-965-1236. I’ll be happy to answer any questions you may have.

November’s Home Value Improver

Stand Up to Standing Water

I’m a firm believer in keeping water where it belongs: in the sink, the pipes, the toilet, etc. When water ventures beyond these places, it can become a hazard in your home.

Standing water in your basement may seem like it’s not a big problem, but it has the potential to affect your health. As water seeps into floorboards and walls, it can cause mold. Left untreated, mold spores can reproduce and grow everywhere water is (or was). This can lead to certain sicknesses, generally limited to respiratory infections.

The other problem is mosquitos. These stinging insects breed in pools of standing water. Adult females lay their eggs in the water, where they incubate for five days and then hatch. Watch for water buildup this winter. If it sits in your basement until spring, the mosquitos will view it as a great big breeding ground for their blood-sucking offspring.

Water can find its way into your home from clogged gutters and snow melting from ice dams. Keep a watchful eye on any water congregating where it shouldn’t. By removing it quickly and thoroughly, you’ll avoid mold and mosquito problems from turning your dream home into a nightmare.

My Latest TV Interview; Ripple Effects of the Shutdown

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Ripple Effects on Mortgages Related to the Federal Government Shutdown
No matter which side of the political fence you’re on, you can’t argue that the housing market may be severely affected by the federal government shutdown.

At the center of the storm is the Patient Protection and Affordable Care Act (PPACA), also known as the Affordable Care Act or ObamaCare. No matter how you refer to it, this standoff is causing a ripple effect that could impact the purchase and refinance of your home.

While many predict the short-term effects to be minor due to a bounce-back period which typically follows a shutdown, your home-buying plans may be put on hold until the PPACA issue is resolved.

The longer-term effects could potentially make loans harder to qualify for, which could shut certain home buyers out of the market. In addition, in an unstable economy, falling home prices could push some mortgages back under water, which could effect the ability to refinance.

These, of course, are worst-case scenarios we hope won’t happen. The quicker the government goes back to work, the less the chance for major ripple effects.

Things seem to change from day-to-day during this crisis. For the latest information, please contact me at 617-965-1236. I’ll be glad to answer any of your questions and give you the advice you need to successfully secure your mortgage.

October’s Home Value Improver

Using the Whole Pumpkin

You’ve picked the perfect pumpkin from the patch for the ultimate Halloween jack-o-lantern. Your top-notch carving skills yield a scary ghost-face that will be the envy of all your neighbors.

But what about the rest of the pumpkin? Have you simply gutted the contents and kept the the outer part for your jack-o-lantern? If so, you’re wasting more than you think.

So what can you do with a bowl full of pumpkin insides? Plenty! Let’s start with the obvious and go from there.

1. Pumpkin pie. Here’s the traditional recipe for the ultimate seasonal dessert, from Martha Stewart.

2. Pumpkin bread. If you love to bake bread, Alton Brown’s recipe is a winner.

3. Pumpkin seeds. Skip the mixed nuts at your next party and try this quick and easy recipe for sweet and salty pumpkin seeds, courtesy of Real Simple magazine.

4. Pumpkin soup. Here’s Criesta Comerford’s special recipe from Oprah’s magazine. Ms. Comerford has been the executive chef for both the Bushes and the Obamas. Gee, I wonder if she’s working during the shutdown? Do the president and first lady find her to be an essential employee or can they just wing it with a few groceries they might have picked up at the local Safeway?

5. Pumpkin wine. Tired of typical red and white wines? Ready for a challenge? Make your own pumpkin wine from scratch. It can be done! All you need is a pumpkin, an acid-tester and a hydrometer. What kitchen doesn’t have those?

6. Pumpkin skin cream. All those years of carving your pumpkins and tossing the insides could have been spent rejuvenating your skin. According to the website, you can spread the leftovers on toast for a delicious snack. Seriously. Here’s how.

 

Can You Afford a Second Home?

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Can I Afford a Second Home?
A friend and I recently had a conversation about her buying a second home after she spent a relaxing week on the Cape. I thought about how many clients of mine have shown interest in purchasing a second home, but were unclear about the potential risks and rewards. Here are the key points to keep in mind:

Can I Afford It? As a current homeowner, you already understand that the cost of a home is more than just the price tag. You’ll need to factor in other expenses, like insurance and taxes, for example.

If you’re good with tools and plan to live there, then you’re fine. However, if this is a seasonal residence, you’ll need to figure out the costs involved in winterizing your home and perhaps hiring a local handyman to check on it from time to time, especially following harsh winter weather.

Will I Qualify? This is an important question, mainly because the requirements for buying a second home are more stringent. You won’t be able to rely on a government loan, so you’ll need a solid credit score along with the reserves to show you are a good candidate for a new mortgage.

Another Thing: The interest rate for a rental property is higher than the rate for a second home. When applying for the mortgage, the bank will only consider the rental income if you have a history of receiving rental income.

Confusing? It can be without the proper guidance. Don’t be discouraged. Second homes make for solid investments. If you have the money and want to further explore your options, give me a call at 617-965-1236.

September’s Home Value Improver

Spiders in My House: Good or Bad?

There are two types of people in the world: those who believe all bugs found in the home are the devil’s spawn and those who see a gigantic difference between a miserable, disgusting cockroach and a pretty little ladybug.

No matter which category you find yourself in, your opinion may change when it comes to spiders. Somewhere along the line we were told that spiders perform a very important function: They eliminate other insects. The non-ladybug kind, usually. They can trap and kill moths, mosquitos, ants, houseflies and more.

Fine, you say. They can cast a web in a corner of the garage and maybe, possibly, if I don’t think about it too much, I’ll allow one in the corner of the basement, somewhere near the dryer, where it’s mostly dark.

But if your basement and garage suddenly become free of creepy-crawlies, does that mean you’ll want ol’ spidey to set up shop in the kitchen pantry? How many webs is too much? What will the neighbors say?

Here’s something to consider: The bugs you see on occasion that scurry by from time to time are not the real problem. The spider only catches the occasional fly or beetle that walks into the wrong web at the wrong time.

The real problem–potentially, at least–are the the bugs you don’t see. Those can be roaches, termites, bedbugs and more. You’re better off calling an exterminator seasonally than betting everything on the little spider that moved in under the sink in the upstairs bathroom.

Send the local house spiders on their merry way. They can do a fine job keeping the insect population under control from a distance. Then call in a professional to inspect your home and take care of the extermination, if necessary.

 

Don’t Be a Victim of Bidding Wars

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The High Cost of Bidding Wars
We talk about leaving emotion out of the home buying process, but for many, that’s easier said than done. When people find their dream home, they get emotionally attached to it, even before their bid is approved. Emotions take over and sometimes they engage in bidding wars that significantly increase the price of the home. That’s the point where your dream home becomes something of a nightmare.It’s a tough predicament. You’ve identified the place you want to spend the foreseeable future with your family. In your head, you’re already running a film of wonderful family moments that have yet to happen. But for you, at this time, nothing can stop you from buying this house–including a rival bidder.

This is a huge investment. You know what you want to spend, but the other bidder has increased her bid. It’s over your budget limit, but you get creative and justify the extra cost and run some numbers in your head. Emotionally, you think you can swing it, but in actuality, you’ve created more debt than you had imagined.

You’ve won the bid, but in the end, you may have lost the war.

Did you know that your bank assesses your home’s value based on the the previous three months of similar home sales? When you engage in bidding wars and artificially inflate the cost, the bank will not factor the new cost into your loan. Therefore, you are responsible for potentially thousands of dollars you hadn’t intended to spend. This money is due to paid by you at the closing. Can you afford to fall deeper into debt after making quite possibly the biggest investment of your life?

Don’t be a casualty of the bidding wars. Sometimes all it takes is some sound advice from an experienced, objective mortgage professional–someone who won’t ever get caught up in the emotion of making such an important purchase. Call me at 617-965-1236 if you’re even considering purchasing a new home. I’ll give you all the critical information and advice you need to make the decision that works for your budget and your life.

August’s Home Value Improver

Late Summer Vacation Tips

More and more people are taking their vacations in the late summer. If you’re one of the many vacationers packing for a trip before Labor Day, here are a few tips to make sure you can enjoy a stress-free break from everyday life.

1. Make a List of Errands. You know that feeling you get just as you head to the hotel pool area when you realize you forgot to buy sunscreen? Make a list of errands you need to run and you’ll be better prepared.

2. Pay Bills. No one likes to come home to a house with no electricity. Paying your bills ahead of time will help you create a better spending budget for your trip and give you peace of mind knowing all your bills are current.

3. Hold the Mail. Did you know a call to your local post office will hold your mail while you’re away and your letter carrier will deliver everything upon your return. No need to bother the neighbors to check your mailbox. If you have a newspaper delivered, be sure to stop delivery while you’re away.

4. Clean Out the Fridge. Remember that delicious leftover salmon dinner you planned to reheat for lunch the next day? It’ll be black (or maybe green) by the time you get back, unless you toss it along with other perishable foods.

5. Who’s Watching Fido? People can be so consumed with getting out of town, they sometimes for get about their beloved pets. Make arrangements with a responsible person to make sure your pets are cared for. There are also many reputable dog-sitters and kenneling companies that can allow your pets to have a vacation of their own.

6. Clean Up. In the frenzy involved in packing for the parents and kids, your house may look like a mini tornado passed through. The last thing you’ll want to do when you return from a relaxing excursion is to clean up a messy house. Also, keep an eye on things that could catch fire. Clean out your lint traps, unplug appliances and shut down your computer.

6. Lock Up. It’s not just your front door that needs locking. Go through the house and check your windows as well as the bulkhead door leading to your basement. Knowing your home is properly secured will help you enjoy your vacation without the stress and worrying–and that’s what vacations are for!

Don’t Push the Panic Button

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Don’t Push the Panic Button!
Buying a new home is one of the biggest decisions you’ll make in your entire life. It’s a major investment with a 30-year commitment tied to it. So why are people pushing the panic button now that mortgage interest rates have increased? Blame it on a dangerous combination of media reporting and the average buyer’s lack of information. Your local news anchor may report, quite accurately, that rates have risen, in a voice that indicates that this may be the worst thing to happen since Kim and Kanye named their baby North West.

What they may not mention is that today’s rates remain historically low, and will continue to remain that way. FannieMae produces a monthly national housing survey, which indicated that many buyers are purchasing now or are planning to buy in the near future. According to Doug Duncan, senior vice president and chief economist at Fannie Mae: “The spike in mortgage rate expectations this month seems to have had an impact on a number of the survey’s indicators and may increase housing activity in the near term by driving urgency to buy.”

Another reason for the panic is the fact that mortgage interest rates have been at all-time lows for quite a while and some may have forgotten how much more they would have paid in years past. Here’s a quick look at interest rates through the years:

1970s: 7-9%

1980s: as high as 18%

1990s: 7-9%

2000s: 7-8%

2010s: 3-4%

Aren’t you glad the 80s are over? Cabbage Patch Kids, Debbie Gibson and ultra-high interest rates? No, thank you. But seriously, if you have concerns about rising interest rates and feel pressured to buy now, give me a call before making a decision you’ll regret. I will answer all your questions and strategize a plan that makes sense for your individual needs and goals, without the distractions and unnecessary fear that may accompany the media fallout from a spike in interest rates.

So there you have it. Rates are still historically low. Call me at 617-965-1236 and get the facts you need to make a thoughtful decision. Now please step away from the panic button. There’s no need to push it.

July’s Home Value Improver

Dress Up Your Doorway

There’s a kind of magic in doorways. They’re the place where opportunity knocks. They symbolize hope, liberation and new beginnings. Doorways have been the focal point of several superstitions. Husbands carry their spouses though them for good luck. Horseshoes are hung on doors for the same reason. One tradition includes opening the front and back doors of the house at midnight on New Year’s Eve to let out the old energy and welcome in all the fresh possibilities of the new year. People adorn their doorways with flowers, plants, wreaths and Indian corn throughout the year. When it comes to improving curb appeal, it’s all about the doorway.

So what can you do to dress up your doorway? Here are a few tips that will make your door the focal point of your home’s exterior.

1. Paint. Is the paint on your door chipped, cracked or faded? A fresh coat of paint on your front door is a sign of a well-kept home. Use a traditional white for a clean, understated look. Want to go bright or bold? Pick an accent color from your interior decor and use that color to paint your door.

2. Doormat. Nothing is more inviting than a clean welcome mat. Toss out the old, faded, worn-out mat and replace it with one you’ll be proud to welcome your guests from as you invite them into your home.

3. Hardware. Replace your ordinary doorknob and knocker with beautiful decorative hardware. Visit your local home improvement store or pick up a vintage piece at a nearby flea market or antiques dealer.

4. Numbers. Are the numbers of your door’s address outdated? Try a clean, simple style, using a sans-serif font. Not sure what that is? Just check the font that’s used on your smartphone’s clock and use something similar.

5. Doorbell. Exposed wires and notes taped above that say “doorbell broken, please knock,” are signs it’s time for an upgrade. Choose one that matches your home’s general decor and consider one with a decorative plate.

Other ideas include adding planters, a shiny new mail slot or vintage mailbox, subtle lighting, an engraved nameplate and monogram letters. Creating a doorway that is distinctive and welcoming is a fun project that can transform the exterior of your home while increasing its value–all with minimal effort.

 

Mortgages for Self-Employed Borrowers

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The Challenges of Self-Employed Borrowers
George has a stellar credit rating, ample assets and a 30-year career. So why did banks turn him down when he applied for refinancing? Two dreaded words: self-employment.

The lending industry relies upon the predictable – predictable, steady income to pay predictable debts and supporting documentation that meets predictable criteria. Unfortunately, self-employment is anything but predictable. Incomes go up and down, expenses rise and fall, and savvy accounting often blurs the full income picture on tax returns.

In George’s case, he transitioned his B2B enterprise to keep pace with technological changes. During the transition, his income dipped as equipment expenses skyrocketed. All of a sudden, his tax returns no longer reflected an income stream that met criteria to refinance his mortgage.

After a few lenders turned George down, his financial consultant recommended Debbie. “Debbie really helped me by strategizing. She analyzed all my records, spoke to lenders and counseled me to wait until my 2012 tax return was in,” George explains.

Sure enough, a bump in income on George’s 2012 return did the trick. Three years after first applying for refinancing, George finally got his mortgage – but not without undergoing what Debbie calls a “financial colonoscopy”.

“Self-employed borrowers need to be prepared for unbelievable scrutiny,” warns Debbie. “I actually like the challenge of helping business owners like George work everything out.”

George responds that he appreciates Debbie’s “can do” approach to obtaining mortgages. “Debbie doesn’t dump everything in your lap. She does whatever it takes to get things done,” he says.

Before working with Debbie, George didn’t know that mortgage brokers existed. Now he has a deep appreciation for brokers like Debbie who go the extra mile for challenging clients without charging the borrower for services. “It costs you no more to use me than it does to go through a conventional lender, yet you get a partner to work with you throughout the whole lending process,” Debbie explains.

Want to know more? Please give Debbie a call at 617-965-1236 or email Debbie for information or help.

May’s Home Value Improver

Banish Indoor Bugs

Ants, fruit flies, hornets, mosquitoes – warm weather brings out the insects, both outside and in. What should you do if you discover an ant colony parading across the basement floor or a bug festival in your kitchen?

The Natural Resources Defense Council (NRDC) cautions against reaching for pesticides. Instead, seal any entryways such as holes in screens or gaps around floors or windows. Then, remove food sources by making sure that your house is clean and dry.

  • Wipe up spills immediately with soap and water.
  • Take out garbage daily and keep garbage cans clean of food residue.
  • Keep ripe fruit in the fridge.
  • Wash dishes daily, or at least submerge them in soapy water until you can get to them.
  • Make sure all food and beverage containers outside the fridge or freezer are tightly sealed.
  • Sweep and vacuum your floors regularly.
  • Keep bathroom and kitchen areas as dry as possible. Fix leaky faucets and don’t let standing water accumulate.
  • If you have a pet, comb it regularly with a flea comb and wash its bedding frequently. Be sure to vacuum floors, rugs and upholstery your pet comes in contact with regularly.

If you still have insects in the house, the NRDC recommends vacuuming for individual bugs or nests since bugs will usually suffocate in the bag. You may also lay flytraps, pheromone traps, light traps and other chemical-free traps.

If all else fails, try these low-risk pesticide techniques from the NRDC:

  • Dust boric acid on cracks and crevices, which slowly poisons crawling insects like ants, cockroaches and silverfish, but is far less toxic to humans and other mammals.
  • Use tamper-resistant bait boxes, an effective and safer choice than sprays, powders or pellets, which all spread pesticide residues. Look for one that uses a nonvolatile chemical, like boric acid, and make sure to keep bait stations out of the reach of children.
  • Try insecticidal or fatty-acid soaps, which kill soft-bodied insects like caterpillars, fleas and mites on contact, and are virtually harmless to humans and mammals unless they’re ingested.
  • Hire a professional trained in Integrated Pest Management (IPM), which uses physical controls and low-toxicity products to manage pest problems.