Moving can be a very stressful undertaking. It is easy to overlook some important items. The MA seller pre-closing checklist below can ensure a smooth closing and move.

Schedule Mail Forwarding

You can inform USPS ahead of time regarding your change of address. This may be done in-person or via the Internet. Note that there may be two different services offered. A simple change of address includes only a small fee (a few dollars) online. There is a premium service that costs a bit more but is normally not necessary unless you need more than mail forwarding. You will still need to inform everyone directly of your new address. Forwarding through the post office remains in place for a finite period of.

Contact Your Mortgage Company

If your mortgage payment includes a portion for property taxes, this means that your mortgage company keeps an escrow account with the funds. When your property taxes are paid, the funds are removed from that escrow account. If your closing is planned for around the same date as the due date, you should ask your lender not to pay that bill. You could be charged for that same bill at closing, which will lead to a duplicate payment. Double check this with the closing attorney to clarify. It can be a burdensome procedure to obtain that money returned or you might miss the mistake and lose those funds in the process. Typically, any money left in escrow account is refunded to you after the lender receive the payoff.

Terminate Utility Service

Call your utility providers to inform them of your termination. Most will need advanced notice in order to check the meter. Other services, such as cable, may require you to return their hardware. You might not learn such details until you call them, so try not to delay until the last minute to do so.

MA Seller Pre-closing Checklist

The MA seller pre-closing checklist shared above includes merely a few of the important items to include. For additional guidance on selling a property, ask your listing agent. He or she will help keep you on track.

Constructing a custom home is an exciting process. There are unlimited options to evaluate, which can be somewhat overwhelming. The new construction tips for MA below will help minimize the stress.

New Construction Tips For MA

1. Stay Realistic

Your budget may require you to make difficult decisions. It is natural to want all the features that you have dreamt of, but it is also important to remember that every item comes with a cost. Prioritize your list into must-have versus nice-to-have items. Once you know the total for the required items, you should then move on to the nice-to-have items until you approach the maximum budget. Keep in mind that there may be unplanned expenses as well, so the budget must always include a cushion just to be safe.

2. Keep Good Documentation

It is important to ensure that you and the builder understand each other. A lot is involved in the planning and building process. This can make it difficult to remain in sync. Document all specifications and alterations to the original plans. If you discuss certain items verbally, put it in writing to ensure that what you recall is accurate.

3. Take the Time to Understand Problems

Problems will appear with any construction project. In some cases, you both will need to compromise to fix a problem. Maintain good rapport with your builder and make the effort to understand the cause and potential solutions. By using a professional approach and working jointly towards a resolution, the construction of your custom house will move along more smoothly.

Maximizing the New Construction Experience

The process of new construction is certainly not a simple one, but it need not be an extremely stressful one either. Begin with a practical understanding of what you can and can not have in your home given your budget. Keep accurate records and open communication with your builder prior to and during the construction phrases. Lastly, work with the builder to resolve problems. Ultimately, you want a home that you love and the builder wants a quality property to add to his portfolio. Keeping the above suggestions in mind will help you both achieve your goals and make the experience a less stressful one. The new construction tips for MA above are just three of a wide range of tips. Subscribe to this blog for future tips on new construction.

Many homeowners decide to expand as opposed to upgrading to a bigger house. The great thing about renovating is your option to customize and make sure it meets your specific preferences. Knowing methods to pay for home additions in MA can be useful. The following are some well known ones.

Home Equity Loan

If your property value is much higher than your home loan balance, ask about a home equity loan. Usually, you may get a loan for up to around 80 percent of the current value of your home. A Home equity loan has desirable rates and low closing costs. There could be tax advantages to this type of loan (consult with your accountant to find out). The loan length may be shorter and interest rates can change.

Unsecured Loans

Unsecured loans are not a perfect alternative but of course they may be a way to pay for home additions. Interest rates are usually higher on unsecured loans than other financing alternatives. Additionally, interest paid may not have any tax advantages. Some people use unsecured loans as interim funding. Once additions are completed, your home value will increase. This may enable you to then get a home equity loan or complete mortgage refinancing. Those funds may be used to pay off unsecured loans.

Mortgage Refinancing

Mortgage refinancing to a higher amount enables you to pull out some equity while managing just one loan. It is a great way to distribute your home addition costs over a longer timeframe and secure a fixed interest rate. The amount of money accessible is based on the particular loan that you apply for and the current value of your property. One down side of this solution is the closing costs.

Methods To Pay For Home Additions In MA

Speak with an experienced loan consultant for information on these alternatives. Additionally, there may be special home addition mortgages for which you may qualify. No matter which financing solution you select, remember that your future recurring home expense will be greater as a result. Prior to moving forward with any work, understand what you can afford and what work can be achieved with your funding. The details on methods to pay for home additions in MA in this blog are intended only as a basic guideline.

There are tax benefits for real estate casualty losses. An itemized deduction is required, so qualification is based on your tax situation. Deductions lower the amount of income that is taxed and the amount of tax due. This article offers tips on MA real estate casualty loss tax deductions.

Understanding Casualty Losses

The Internal Revenue Service defines a casualty loss as the “damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual.”It could take place as a result of natural disasters such as floods. Man-made occurrences like vandalism may also qualify. To review the full details of this law, visit at: http://www.irs.gov/publications/p547/index.html.

Deduction Options

When to Deduct

When you can take the deduction depends on one very important factor. If the damage occurred during a President-declared disaster, then you may resubmit your tax return from previous years to deduct the damage. This can result in a tax refund. If not, property owners must delay until the next tax filing.

Determining the Amount

First and foremost, the deduction is only applied costs not covered by insurance or other resources. The sum relates to the decline in market value of real estate caused by the damage, the income of the tax payer, and a few other factors. Federal and state calculations can vary.

More Tips On MA Real Estate Casualty Loss Tax Deductions

Reach out to accountant regarding deduction qualifications, how much you may take, and variations in federal and state returns. There might also be additional home ownership deductions that you may use. This blog offers tips on MA real estate casualty loss tax deductions and is intended to inform you of possible deductions. It does not in any way guarantee that you will be able to incorporate deductions on your personal tax return.

President Obama recently shared that the PMI premiums for FHA loans is changing by half a percent. This will truly help buyers currently in the market to purchase. In this article is helpful information on decreased FHA PMI premiums for MA loans.

Starting January 26, 2015

Decreased FHA PMI premiums for MA loans are effective on January 26, 2015. Any FHA case numbers requested on or after that date will benefit from the reduced rates. Case numbers are usually created when an application is submitted. For active case numbers, you might be able to cancel and generate a new one. There is a set procedure that must be followed by your lender to accomplish this. Regrettably, this is not an option for closed loans. Refinancing would be needed.

Decreased FHA PMI Premiums For MA Loans

Decreased FHA PMI premiums for MA loans are half a percent lower than previous PMI premiums. There are actually various PMI premiums based on the down payment amount. For loans with five percent down or more, the PMI charge was 1.3% and is now changed to 0.8%. For loans with less than 5% down, the previous PMI was 1.35%, compared to the new 0.85% rate.

Impact of the Decreased PMI Premiums

Recurring PMI is calculated by multiplying the loan value (not sales price) by the PMI, and then dividing by 12 (months). For a borrower putting 3.5% down, the PMI on a $200,000 mortgage changes from $225/month to $141.67/month, saving $83.33. On a larger mortgage of $400,000, the difference is $166.67 per month. With the decreased PMI premiums, that same home buyer pre-approved for $400,000 may be able to increase their loan amount to $420,000 instead. So, this PMI drop not only makes home ownership more affordable but will also help buyers to get into a more expensive property (if desired).

Help with FHA Loans in MA

Decreased FHA PMI premiums for MA loans is simply one of many changes that constantly take place in the mortgage industry. Your loan consultant ally to keep you up-to-date with important changes and assist you through the whole process. Contact Peter DaMore at Law Offices of Peter T. DaMore Jr. (781-229-7900, pdamore@ptdlaw.com) to be referred to a local loan officer.

Moving may be one of life’s most troublesome occasions, especially for children. To help children cope with the change, there are many things that you may do before, amidst, and after the event. This article contains family moving ideas.

Before the Move

Stress hits as you start planning. Communicating is critical. Make sure kids understand the process. Include them in the planning to instill excitement. Focus on all of the great things that will come from the move instead of people they are saying good-bye to.

While Moving

Change is hard for everyone. As stressed as you will be, try to remain enthusiastic. Your demeanor has a big effect on your kids and their mood. Below are a few other things you may do while moving.

Familiarity – While moving, remember to set aside familiar toys instead of making kids wait for movers to show up and boxes to be unloaded. This will minimize distress.

Schedules – Moving may temporarily disrupt regular routines. Attempt to continue routines such as stories, meals, and other activities.

Make It Fun – Make the transition fun by doing things like camping out in the living room on a night before the furniture arrives. This is fun for the kids plus sleeping in the same space can be comforting to have the family sleeping in the same room during their first night in a new space.

After the Big Day

Sometimes distractions are the key to eliminating stress. Try to do several fun things in a new property. This creates memories. Here are a few ideas.

Movie Night – Gathering for a favorite movie makes your new house feel familiar.

Establish New Favorites – Most families have a favored restaurant or playground. Find new favorites. Even better, find things that were not available in your previous neighborhood. It will make the new home seem special.

Personalizing the Home – Most homes need painting, so let your kids to help. Small kids may choose paint colors or accessories while older kids could perform some of the work. This involvement will give them some ownership of their new room.

Additional Family Moving Ideas

Keep in mind that kids will be sad or grumpy. Be understanding when they act up with the understanding that they may need room to deal with the move. Keep good communication so they feel comfortable expressing their feelings. This also gives you the opportunity to help them through it. Attempt the family moving ideas above and think of other creative things to do with your kids.

Renovation loans from HomePath facilitate buying of properties that need repair. The expense of renovations can be rolled into the loan principal, making buying the house more affordable. Below is some useful information on renovation loans from HomePath.

Listings that Qualify

HomePath loans only apply to Fannie Mae owned properties. There are normally a wide range of lenders approved to offer HomePath loans. Houses needing minor to moderate renovation may also qualify for special renovation loans from HomePath. This is typically noted within the listing details.

Who Can Use HomePath Loans

Beyond the listing being eligible for HomePath loans, buyers must also meet certain guidelines. Specific criteria can vary by lender but typically includes income and FICO score requirements. Speak with your lender for information on this.

Specifics on Renovation Loans From HomePath

Renovation loans from HomePath include some great terms. Buyers may put down as little as 5%. Additionally, the funds can be personal funds, a gift, a grant, or even loaned from designated approved organizations. Fixed and adjustable rate options are available. Another cost saving term is that no mortgage insurance is charged. Lastly, it is possible for sellers to make contributions towards closing fees.

An appraisal is perfoemd to determine what the value of the property may be once work is done. The amount of the mortgage will be based on the purchase price plus expense for repairs. Renovation expenses can be as high as $35,000 or 35% of the end value.

More On HomePath Loans

When looking into purchasing a Fannie Mae property that qualifies for HomePath, you should contact an authorized lender as soon as possible. Your lender can furnish more comprehensive information on whether you qualify for the program and what the loan costs will be. This will help you decide if the property will be financially optimal. For additional details on this and other related programs, contact Peter DaMore at Law Offices of Peter T. DaMore Jr. at 781-229-7900 or pdamore@ptdlaw.com.

Experiencing bankruptcy and foreclosure will not necessarily rule out purchasing a future property. There are particular criteria that you must know about. Below, we provide a basic understanding of how soon you can qualify for a home loan after foreclosure and bankruptcy.

Buying a Property After Foreclosure

A foreclosure stems from defaulting on a home loan. Thus, it logically follows that you would not be in a position to directly purchase another piece of real estate. Another lender will not have much faith that you will make payments on a new home loan. For conventional home loans, there is a waiting period of 7 years (from the foreclosure date) before you may be approved for a new home loan. FHA home loans allow a shorter 2-3 year time frame. There is also a special FHA Back to Work Program requiring just a 1 year waiting period.

Keep in mind that the time frame is merely one of many mortgage approval criteria. During the waiting period, it is important that you are really good when it comes to your credit. Examples are making prompt payments, not carrying large balances on your credit cards, avoiding collections, etc. Most mortgages require certain credit scores for loan approval and the foreclosure likely brought down your score dramatically. Good credit behaviour will both substantiate your deserving of new credit and raise your score.

Qualify For A Home Loan After Foreclosure and Bankruptcy

If you went through foreclosure AND you have a discharged bankruptcy, there are 2 separate waiting periods. Normally, the longer of the two applies. However, if the foreclosure was included in the bankruptcy (and the mortgage company is able to confirm that), then you may take advantage of a shorter waiting period. For conventional home loans, that would be four years (compared to 7 years).

Finding Out How Soon You Can Qualify For A Home Loan After Foreclosure And Bankruptcy

All of this can be a bit confusing. Speak to a loan officer to determine which category you fall into. If you are beyond the waiting period, the loan officer can also provide information on what you might qualify for. If you do not qualify at this time, your loan officer can provide tips on repairing your credit.

What you should know is that it is feasible to qualify for a home loan despite going through a foreclosure and bankruptcy. Wait periods do apply and will vary depending on the type of loan you are applying for. Additionally, there are special programs that may shorten that timeframe. Criteria and offerings will change over the years, so your loan officer is usually your best resource for current information.

Property inspections may be a stressful step in the real estate buying process. Buyer emotions are normally high and there is a lot of information to process. Having knowledge of how inspections work will make it less difficult to handle. The following is information on evaluating MA inspection reports.

Inspection Overview

Inspections give buyers the chance to scrutinize the major systems in a residence, look more carefully the home features, and understand how everything in the home functions. Buyers should hire a licensed inspector to perform this task. They typically review the systems, hardware, and structure of a home. Inspectors implement varying approaches to these tests, but all will check the outside and inside and write a detailed report. Buyers should stay with the inspector and see as much as they can about the property. If any problems are identified, buyers should see the affected area for themselves and get a full understanding of it. Remember that although inspectors attempt to complete a complete test of all areas of a property, they cannot see through walls and other invisible areas, so there will be limitations.

Property Problems

When buyers visit a property, they predictably only catch the most obvious defects. An experienced inspector will recognize defects that may not be noticeable or disclosed and detail those problems in a report. Buyers must then understand the specifics of the defects. Again, attending the inspection will facilitate this.

Suggestions for Renovations

Typically included in inspection reports are general recommendations for home owners. These are not necessarily pressing items, but rather ways to prevent future ones or to improve the functionality of a home. For example, an inspector might suggest that the grading around the property be improved to lower the chances of moisture entering the basement.

Interpreting The Report

Buyers must interpret inspection details and separate defects from recommendations. Buyers may attempt to negotiate defects, but it is unreasonable to ask sellers to perform upgrades. Properties are generally priced based on how old it is, its condition, and features. If improved with all modern systems, it would be priced more than the existing price. For items that are serious defects, a negotiation process must be completed.

Information On Evaluating MA Inspection Reports

Speak with your real estate broker for information on how to proceed. Remember that inspection reports include both issues and general tips, and that trying to negotiate upgrades can compromise the working relationship with the sellers. Inspections are not a reason to renegotiate sales price but rather a chance to resolve serious problems that were not previously known. Discuss different strategies and expected outcomes with your real estate agent. This information on evaluating MA inspection reports was offered by Peter DaMore at Law Offices of Peter T. DaMore Jr.. Contact Peter for more information on home inspections and other aspects of the home purchase process.

Fannie Mae HomeStyle home loans allow home buyers to borrow money for the expense of rehabilitation by rolling it into the mortgage. It may be used for the acquisition of a new home or the refinance of a current property. It can encompass minor or extensive repairs and thus is a useful option for houses needing repair. This MA HomeStyle rehab home loans overview provides useful information.

Types Of Properties Eligible For Fannie Mae HomeStyle Home Loans

Fannie Mae HomeStyle home loans may apply to a wide range of properties, although there are certain restrictions. Single family homes generally qualify. Condominiums must be approved by Fannie Mae and rehab restricted to the interior. Multi-family properties are allowed but the total number of units can not increase or decrease as the result of the rehab. Property types that do not be permitted are mixed use real estate, new construction, cooperatives, and multi-families that do not intend to be utilized as a primary home.

Loan Restrictions

There are two different methods for calculating value. The first is the forecasted value when repairs are done determined by a formal appraisal. The second is the purchase price of the property plus the total rehab cost. The lower of these two is used to determine the loan-to-value (LTV) percentage. This determines the down payment and how much is being loaned.

The acceptable LTV varies by the property type. For real estate that is used as a primary residence, 95% is the maximum for single family real estate, 85% for buildings with 2 units, and 75% for 3-4 unit buildings. Second homes are limited to 90% and single family investments 85%. Cash out is not permitted for these mortgages.

Regarding Rehabs

Rehab costs must be reviewed for loan approval. All estimates must contain precise details on the work, labor and material charges. Funds for the contractor fees are placed into an escrow account at settlement and released as work is completed. Specific paperwork must be submitted by every contractor. Home buyers may not receive money for repairs that are self-completed. All rehabs must be finished 6 months from closing.

MA HomeStyle Rehab Home Loans Overview

This MA HomeStyle rehab home loans overview covers only a few of the most common questions about Fannie Mae HomeStyle home loans. Additional terms and qualifications apply to program review and approval. All information is additionally likely to change without notice. Consult with a loan advisor for further information and to determine if it matches your needs.