The Fed Just Lowered Interest Rates. Now What?

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Last month we discussed the probability of a Federal Reserve rate cut and how it could impact the housing market. Now the Fed has officially lowered interest rates by 50 basis points, marking the first cut in four years. This adjusts the federal funds rate down to a range of 4.75% to 5%, which could mean significant savings for potential homebuyers.

What Does This Mean for You?

Mortgage interest rates are expected to decrease, making it a favorable time for those considering buying a home. Historically, when the Fed lowers rates, the cost of borrowing tends to follow suit. In fact, even before this rate cut, mortgage rates had already started dropping in anticipation, with the average 30-year mortgage dipping to 6.2%, its lowest point in 18 months​.

For buyers, this means lower monthly payments, increased purchasing power, and more flexibility in loan options. Even a small drop in mortgage rates can translate into thousands of dollars saved over the life of your loan.

Time to Start Your Home Buying Journey?

With borrowing costs lower than they’ve been in recent years, now could be an excellent time to start your home search. Not only could you secure a lower rate, but by acting early, you could lock in favorable terms before any potential rate fluctuations in the future.

I Heard About Another Rate Cut Coming

With inflation slowing and the Fed signaling more cuts could be on the horizon,​ the real estate market may become even more competitive. Starting the home buying process now means you’ll be in a better position to take advantage of current rates and avoid potential price increases as more buyers enter the market.

Take Advantage of the Opportunity

If you’ve been on the fence about purchasing a new home, this rate cut is the nudge you need. Savvy buyers, this is your window of opportunity! Let’s start a conversation to see how this rate cut could work in your favor.

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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.

Welcoming Autumn

Temperatures are cooling, leaves are changing, football is back and pumpkin spice is everywhere. Welcome to the fall 2024 season!

As autumn settles in, there’s no better place to enjoy the season’s comforts than in your own home.

Whether it’s warming up in your favorite cardigan with a warm cup of tea, baking a batch of homemade treats, or binge-watching your favorite returning TV series, fall offers the perfect excuse to slow down and indulge in the simple pleasures of homeownership.

This season is all about making your space a comfortable, where you can unwind with a good book, practice self-care, and create lasting memories with loved ones.

There’s something truly special about enjoying these autumnal moments in the comfort of a home you can call your own.

Take the time to appreciate and enjoy New England’s most beautiful season!

Home Improver: Falling Leaf Alert: Keep Your Gutter Systems Clear and Flowing Smoothly

The beautiful colors of fall foliage may attract leaf-peepers from across the country, but falling leaves may quickly become a major headache for homeowners — especially when they clog up your gutters.

Blocked gutters can lead to a host of problems, from water damage to winter ice dams. To avoid these costly repairs and ensure your gutters stay in good shape, it’s important to take preventative measures. Here are three ways to keep your gutters unblocked and flowing smoothly all season long.

1. Install Gutter Guards

One of the best ways to prevent leaf buildup is by installing gutter guards. These mesh or screen covers fit over your gutters, allowing water to flow through while keeping leaves and debris out. Adding this extra layer of protection significantly reduces the amount of time spent cleaning gutters while also preventing blockages.

2. Clean Gutters Regularly

Even with gutter guards, regular cleaning is essential during the fall. Over time, smaller debris like pine needles or dirt may bypass the guards. Make it a habit to check your gutters every few weeks this fall to remove any build-up and then flush your gutter system with a garden hose to ensure water is flowing properly.

3. Trim Nearby Trees

If you have large trees hanging over your roof, consider trimming the branches back before the fall season hits. Fewer branches mean fewer leaves falling directly into your gutters, reducing the chances of clogs and helping your gutter system work more efficiently. This means less work for you!

Taking these steps early in the season, you can avoid the stress of blocked gutters and ensure your home is protected from the damage that clogs can cause.

September Rate Cut: Good News for Homebuyers and Debt Holders

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“The time has come for policy to adjust.”

Federal Reserve Chair Jerome Powell indicated that the central bank intends to cut interest rates in September. Powell noted that while inflation is easing, the job market is showing signs of weakening. This has led the Fed to consider lowering interest rates. Experts expect a quarter-point reduction.

With rate cuts on the horizon, now is the time to think about how these changes could help the housing market and your financial situation.

What Does This Mean for Homebuyers?

For prospective homebuyers, a rate cut could make a very big difference. Lower interest rates mean lower monthly mortgage payments, which could help more people afford a new home. If you’ve been considering entering the housing market (or waiting patiently for a rate cut) September may be the perfect time to lock in a more affordable mortgage.

Refinancing Your Mortgage

If you’re already a homeowner and you bought high, this potential rate cut is your chance to refinance your mortgage at a lower rate. Receive substantial savings over the life of your loan by lowering your monthly payments or shortening your loan’s term.

Consolidating Credit Card Debt

Many consumers have accumulated significant credit card debt over the past year or more. A rate cut could benefit those looking to consolidate their debts. By consolidating credit card balances into a single, lower-interest loan, you can reduce the amount of interest paid and streamline your finances, making it easier to manage and pay off your debt more quickly.

With a rate cut on the horizon, now is the time to consider how these changes could positively impact your financial situation and readiness to purchase a new home. A decision on the cut could come as soon as September 18.

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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 Labor Day

Here are five activities to make the most of your weekend.

1. Spend a Day at the North Shore Beaches

Kick off your Labor Day with a relaxing day at the beaches on the North Shore. Plum Island, Crane Beach, Wingaersheek Beach and Good Harbor Beach are perfect spots to soak up the last rays of summer sun.

2. Enjoy Boston Harbor Fireworks

As the day winds down, head to the Boston Harbor to catch the annual Labor Day Fireworks. This dazzling display lights up the sky and is best viewed from the waterfront or one of the nearby parks.

3. Visit the Institute of Contemporary Art (ICA)

Take advantage of free admission to the Institute of Contemporary Art in Boston on Labor Day. Explore cutting-edge art exhibits in a stunning waterfront location.

4. Step Into History with a Visit to Salem Historic

Salem, MA is renowned for its rich past and infamous witch trials. Wander through the streets and visit historic sites like the Salem Witch Museum, the House of the Seven Gables, and the Salem Maritime National Historic Site.

5. Attend the Marlborough Labor Day Parade

Wrap up your holiday weekend by attending the Marlborough Labor Day Parade. The parade features a lively mix of floats, marching bands, and local groups, creating a festive atmosphere that’s perfect for families.

Home Improver: Ditch Your Chemical Air Fresheners: 5 Natural Ways to Freshen Your Home

In keeping with our recent theme of removing harmful chemicals from your home, this month we’re looking at alternatives to air fresheners.

5 Natural Alternatives to Freshen Your Home

Essential Oil Diffusers: Essential oils are a great alternative to chemical air fresheners. Diffusers disperse the oils into the air, filling your home with pleasant, natural fragrances. Popular choices include lavender for relaxation, eucalyptus for a fresh, clean scent, and citrus oils for an energizing atmosphere.

Beeswax Candles: Unlike traditional paraffin candles, which can release toxins when burned, beeswax candles are a natural and eco-friendly alternative. They emit a warm, honey-like scent and can even help purify the air by releasing negative ions that bind to and remove toxins.

Simmer Pots: Simmering a pot of water with ingredients like cinnamon sticks, citrus peels, cloves, and herbs can naturally freshen the air in your home. For the article featuring the image above, click here.

Houseplants: Certain houseplants, such as spider plants, snake plants, and peace lilies, are known for their air-purifying properties. They can absorb toxins and add a touch of nature to your living space, contributing to a fresher and cleaner indoor environment.

DIY Air Freshener Sprays: You can easily make your own air freshener spray by mixing water, a bit of alcohol (like vodka), and a few drops of your favorite essential oils in a spray bottle. This homemade spray is free from harmful chemicals and can be used on linens, furniture, or simply spritzed into the air.

How the Upcoming Presidential Election Could Affect Mortgage Rates

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With the November presidential election approaching, its potential impact on mortgage rates has become a topic of increasing interest and concern for homeowners and potential buyers.

Historically, election years bring a degree of uncertainty that may sway economic policies and financial markets, including the housing market, regardless of which party candidate assumes the nation’s highest office.

This year, the intersection of politics and economic policy is particularly pronounced, given the Federal Reserve’s position on interest rates amid ongoing economic pressures. Expectations were set for rate cuts as recently as June, driven by a combination of slowing inflation and economic growth. However, these cuts have yet to materialize.

Political outcomes could influence these economic decisions further. The administration in power post-election may affect the Fed’s approach to monetary policy. For instance, a change in administration could lead to shifts in economic priorities, potentially accelerating or delaying interest rate adjustments. Without an incumbent returning to the presidency in 2025, this is true for both political parties.

As the election nears, the uncertainty could keep mortgage rates in a state of flux. Markets respond not only to economic data but also to political influence. Potential homebuyers might find themselves challenged if they are looking for the ideal time to purchase a home.

There’s no doubt the upcoming election will have an impact on mortgage rates. It will be closely monitored by economists, politicians, consumers and voters in the weeks ahead.

 

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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 Wellness Month

August is National Wellness Month Here are some practical ways to embrace wellness next month:

  1. A well-structured morning routine can set a positive tone for the rest of your day. Start with simple activities like stretching, meditation, or a healthy breakfast. This can boost your mood, increase productivity, and reduce stress levels.
  2. Practicing Mindfulness: Take a few minutes each day to practice mindfulness through meditation, deep breathing exercises, or simply being present in the moment.
  3. Physical Activity is essential for maintaining good health. Whether it’s a brisk walk, yoga, or a workout session, find an activity you enjoy and make it a part of your routine.
  4. A balanced diet rich in vegetables, fruits, lean proteins and whole grains can provide the nutrients your body needs to function well. Experiment with new recipes to keep your meals exciting and nutritious.
  5. Schedule some “me time” for activities that bring you joy and relaxation. Whether it’s a spa day, reading a book, or indulging in a favorite hobby, taking time for yourself is essential for recharging and maintaining balance.

Home Improver: Don’t Reach for the Bleach

When it comes to cleaning our kitchens, many of us “reach for bleach,” thinking it’s the ultimate solution for sanitizing and keeping germs at bay. However, bleach, while effective as a disinfectant, isn’t always the best choice for a clean and safe kitchen. Here’s why:

First and foremost, it’s important to understand that bleach is not a cleanser. Its primary function is to disinfect and kill bacteria, viruses, and mold. Bleach does not remove dirt, grease or grime.

Bleach is a potent chemical that can be harmful if not used correctly. Its fumes can be irritating to the respiratory system, and it can cause skin burns if it comes into direct contact. Using bleach in enclosed spaces, like your kitchen, can lead to a buildup of these fumes, which can be hazardous.

Fortunately, there are several natural and safe alternatives to bleach that can effectively clean and disinfect your kitchen:

  1. Vinegar and Baking Soda: This powerful combo can tackle a variety of cleaning tasks. Vinegar is a natural disinfectant that can kill many types of bacteria, while baking soda is an excellent abrasive cleaner that can remove tough stains and grime.
  2. Hydrogen Peroxide: A great alternative to bleach, hydrogen peroxide is effective at killing bacteria and viruses. It’s also safe to use on many surfaces and doesn’t produce harmful fumes.
  3. Lemon Juice: Known for its natural antibacterial properties, lemon juice can help sanitize your kitchen surfaces while leaving a fresh, clean scent. It’s also great for cutting through grease and removing stains.
  4. Essential Oils: Oils like tea tree, lavender and eucalyptus have natural antimicrobial properties. Adding a few drops to your cleaning solution can enhance its disinfecting power and provide a pleasant aroma.

4 Big Myths About Reverse Mortgages

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If you’re one of many people who are skeptical of reverse mortgages, you’re not alone. Even though the first reverse mortgages were approved in 1961, they didn’t gain popularity until the late 1980s. Rumors abounded about how this was a risky financial decision, but we know now that a reverse mortgage can be a helpful solution for the right homeowner.

Let’s debunk the top 4 myths about reverse mortgages.

Myth No. 1: As soon as I sign the papers, the bank owns my home. The deed remains with you. The home is still yours, as long as you continue to pay your property taxes and homeowner’s insurance.

Myth No. 2: If you die, your family has no rights to the home. Your heirs have the option to make arrangements to repay the loan and buy the home if they wish to keep it in the family.

Myth No. 3: I can’t sell my home. You are allowed to change your mind and sell your home whenever you want if you would like to relocate.

Myth No. 4: I won’t qualify because I still have an existing mortgage on the house. If you have built up equity in your home, you may still qualify. The proceeds of the reverse mortgage must first be used to pay off the remaining balance. One very common reason to get a reverse mortgage is to pay off an existing mortgage without dealing with monthly mortgage payments.

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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.

Fall Is Here!

Leaves are falling and sweater weather is finally here!

Here are some fall facts to get you in the mood for our coziest season.

  1. What’s It Called?
    We Americans typically refer to this time of year as “fall,” while the British use the word “autumn.” Both terms date back to the 16th century but before that it was called “harvest” because of the harvest moon.
  2. Changing Colors, Sort Of.
    The yellow and orange colors you see already exist in leaves but are overwhelmed by the abundance of green from chlorophyll. Chlorophyll starts to decrease as the sun weakens when the days grow shorter.
  3. Pumpkin Spice Tastes Nothing Like Pumpkin.
    There isn’t even any real pumpkin in it. It’s really a mix of cinnamon, cloves, ginger, and nutmeg. Think of it more as a fall vibe than a pumpkin flavor.

Home Improver: Keeping Your Pets a Secret to Guests

There’s nothing worse than entering someone’s home and knowing exactly which pets they own before you even see them. Pet odor is not the first thing you want your guests to notice the second they walk through the door.

So what can you do to control pet odors so your guests are actually surprised when your pet pops in to say hello?

  • Sweep & Vacuum Hair and Dander. This may seem obvious and it may be something you do often, but to truly control odor, you have to find all the hiding spots for pet hair. This includes under couch cushions, below and inside drapery, under blankets and beds.
  • Use Baking Soda. Nothing neutralizes pet odor like baking soda. Use it in your carpet, on area rugs, and in your dog and cat beds. Let it sit for a few minutes before vacuuming.
  • Buy Nature’s Miracle. Have a puppy, kitten, or elderly pet. Accidents happen. Nature’s Miracle has a full line of pet products that remove, neutralize, and clean up messes and odors. No, they didn’t pay us to promote them, but we have the experience of using them and they are really effective.

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)

Playing it Smart in a Volatile Market

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Last month we talked about inflation and its impact on the housing market. That trend continues and Russia’s war with Ukraine is directly affecting the world economy. Gas prices around the globe have surged, and even though they’re coming down a bit, an average of $4.24 per gallon is still much higher than anyone wants to pay.

Food costs continue to rise as well, in addition to new car sales and other big-ticket items. So where’s the good news?

COVID-19 rates are inching upward with the latest strains, but severe illness is at a pandemic low, thanks to vaccinations and a steadily weakening virus.

Mortgage rates are up, too. Your best course of action here is to control what you can. With an uncertain future it makes sense to lock in a fixed rate to avoid any spikes that could cost you thousands of dollars with a variable rate mortgage. Protecting your largest asset is a priority in a volatile market. Refinancing is always an option if you’re concerned about future rate hikes.

Even if you’re only exploring possibilities related to your mortgage and finances, contact me for some helpful advice to figure out your next steps.

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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.

April Fools’ Day

Everyone knows that on April 1, it’s become customary to play funny but harmless practical jokes on our friends, family and colleagues. But did you know that April Fools’ Day dates back centuries?

We don’t know exactly when and why this “holiday” came to exist, but we have discovered a few theories.

Theory 1: In 1582, France switched from the Julian calendar to the Gregorian calendar, moving the first day of the new year from April 1 to January 1. News didn’t travel that quickly in those days, so those who were still celebrating the new year at the spring equinox were thought to be April fools.

Theory 2: In Scotland, during the 1700s, the tradition became a two-day event, starting with “Hunting the Gowk,” in which people were sent on phony errands (“Gowk” is another word for “Cuckoo”) and it was followed by Tailie Day. Pranks played on people’s behinds, such as pinning fake tails or “kick me” signs on them became a regular tradition.

Home Improver: 3 Uses for Fabric Softener Sheets

Those dryer sheets you’ve been using to remove static and soften your clothes and towels have alternative uses. Here are three of our favorites.

  1. Freshen Up Your Gym Bag. A good workout can lead to unwanted odors that get trapped inside your gym bag, only to burst forth the next time you open it. Even the cleanest bag can get a little funky, so drop a few dryer sheets in it to neutralize odors. Pro tip: stick them in your sneakers to minimize foot odor.
  2. Soap Scum. A few drops of water applied to your favorite fabric softener sheet will remove soapy buildup from your shower tiles. It’s like magic! Give it a try!
  3. Remove Pet Hair. A dryer sheet can combat pet hair on your furniture. Wipe down shelves, tables, counters, and furniture with a dryer sheet and you’ll forget you have pets in the house. Works great on clothing too, so check your sweaters before leaving the house. You’ll want to remove dog or cat hair that may have latched onto your sleeve. Grab a sheet and wipe it right off!

The One Thing You Can Do To Avoid Inflation Risks

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With inflation rising faster than it has in 40 years, it’s time to look at your current debt and make some adjustments before it costs you more than you could have imagined.

Have you noticed how much more expensive groceries have become? According to the Bureau of Economic Analysis, meat and dairy are the most affected. Here’s how much these staples have gone up from just one year ago:

  • Beef +16%
  • Milk +14%
  • Eggs +13.1%
  • Seafood +12.7%
  • Chicken +10.3%

Groceries are always a good measure of inflation. It’s a relatable concept that’s easy to grasp. On a larger scale, inflation has also affected big-ticket items like auto sales, renovations, and new home sales. So what’s the one thing you can do to stop past purchases from rising inflation costs? Assess your current debt.

Is any of your debt tied to variable rates? Look at car loans, credit cards, and your mortgage. The one thing you can do to avoid paying top dollar on your rising debt is to fix your rates. Lock in what you can. Refinance your car loan and mortgage.

Look at the soaring grocery rates above and expand that out to what you’re paying on larger variable rate purchases. It is well worth the effort to stave off any increased debt.

If you’ve been thinking about a purchase but you’re concerned about inflation, fluctuations in the market, or any other obstacles, give me a call. We’ll talk through your concerns and help you make the decision that makes the most sense financially.

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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.

Snow Day Activities

Just when we thought an early spring was on its way, Mother Nature decided we need more snow in our lives. What can you do at home with the kids when there’s a winter storm approaching? Get crafty!

For more crafty ideas, click here.

Home Improver: Change Your Curtains Seasonally

It’s been an odd February with temperatures close to zero some days, 65 this week, and another snowstorm heading to us tomorrow. This made us think about curtains and their function. Why? Read on.

  1. Function. Heavier curtains in fall and winter insulate your home from drafts. During spring and summer months, lighter curtains filter sunlight and provide an airier feel. There are some who believe in heavy curtains year-round because they tend to keep both winter cold and blazing summer heat from invading your home. That’s fine, but make sure you clean and rotate them out regularly because…
  2. Hygiene. Curtains are magnets for dust, pet hair, germs and grime. I know, it’s gross when you think about it, but not when you seasonally clean and change them. If you have allergies, they may be exacerbated by your curtains. If can’t seem to get the mildewy smell out of your carpet, it may not be the carpet. Check the drapes!
  3. Fashion. One easy way to freshen the look of your home is to switch out your window coverings. You can create the look of a fresh makeover just by adding new curtains this spring.

Want some inspiration? Click here for 55 curtain designs.

Sorry, Suze Orman. We Disagree.

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Suze Orman is an excellent resource for people seeking tried-and-true financial advice. She’s a bestselling author, columnist, and speaker. She knows her stuff. But that doesn’t mean we can’t take issue with her advice.

For instance, in her recent blog post, Suze says this about refinancing:

“The big mistake is that after spending years paying down their existing 30-year mortgage, people then refinance into a new 30-year mortgage. This is so very wrong. Let’s say you have been paying your original mortgage for 14 years. Now you decide to refinance and you take out a fresh 30-year mortgage. Sure, the new mortgage is at a lower interest rate, but you just extended your mortgage-payment on this home to 44 years! That’s 44 years of interest payments.”

OK, Suze, we get it. What you’re saying makes sense — but only if you’ve been financially stable for quite some time with considerable savings in the bank. That, however, is not the world we’re living in these days.

A refinance relieves the stress of mounting debt that plagues so many people who have been directly affected by the pandemic, whether it’s job- or health-related. Because we’re in a period of historically low rates, a refi will beat any bank loan you could hope to get.

The people I have worked with are looking for the financial relief a refinance provides. No one should feel ashamed for seeking help, even if they have made poor financial choices in the past. We’re not all perfect. Not even Suze.

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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.

Home Improver: Is the Water Table Rising?

This has been one of the rainiest springs and summers in a long time. What does that mean for the water table? Is it rising? How can it affect your home?

Let’s start with a definition, from our friends at National Geographic:
“Well beneath the ground, at various depths depending on geography, topography and weather conditions, pockets of water, called aquifers, exist. The water table marks the boundary between that available water and the dry surface.”

Water tables can rise when they take on more water than they drain off. This can be from unusually high amounts of rain, or excess water from higher elevations. They are sometimes above the level of basement floors or crawlspaces. This may put your home at risk for flooding.

Watch for lingering puddles in your yard after a couple of days of heavy rain. It is very likely that the puddle is the top of the table and has temporarily exceeded what the yard can handle. There’s not much you can do to stop the flooding once it’s happening, but there are preventative measures that can be taken.

Basement and foundation waterproofing professionals, as well as landscaping contractors, can help homeowners develop a plan to mitigate water damage. This can include the installation of drains and pumps to move water away from the house. Special paints and sealants also can protect the foundation.

Accelerating and Recasting Your 30-Year Mortgage

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It’s tempting to choose a 15-year fixed rate mortgage for a few reasons:

  • It’s a lower interest rate than a 30-year mortgage
  • It’s paid in half the time
  • You build equity faster

There is, of course, one major trade-off: your monthly payment is significantly higher. Even if you can swing it, the extra cash you’re paying out each month can limit your ability to afford other items as needed: a new car, home repairs, health-related costs, unforeseen income interruption, etc.

For these reasons, a 30-year fixed rate mortgage is a safer bet. Yes, mortgage-for-mortgage, you’ll be paying a higher interest rate for a longer period, but your monthly payment will be significantly less, and that affordability makes it the more attractive option for most homeowners.

There are ways to pay down your 30-year mortgage faster. Accelerating your mortgage means you can pay more than your monthly obligation. You make your monthly payment and then pay more that month, with the second payment applied to reduce the principal balance of your mortgage. An extra $300 per month can typically cut months and even years off the length of the mortgage, saving you tens of thousands of dollars.

Another option is to recast your mortgage. Let’s say you get a large, unexpected bonus at work or win the lottery or inherit money from a long-lost relative. You could apply that money to your mortgage in a lump sum which will lower your monthly payment. Once the payment is made, your mortgage is recasted (i.e. recalculated) to reflect a lower monthly payment based on the new balance and reducing the interest you’ll pay over the life of the loan.

With options of refinancing, accelerating, and recasting, you may find yourself paying considerably less than you thought when you first purchased your home.

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.

Daytripping in MA

Ready for a Day Trip or a fun summer weekend with friends and family? Don’t let August go by without hitting the road for a fun trip that’s local and doesn’t require a week away from home or work. Here are a few suggestions for Day Trips in Massachusetts!

Salem is an incredible experience in summer. It’s an amazing walking city, filled with history (Salem Witch Trials, Maritime Historic Site and the real-life House of the Seven Gables).

Go back in time on a day trip to Plymouth. See Plymouth Rock, step aboard the Mayflower II and visit Plimouth Plantation, a living history museum that replicates 17th century colonial life of the Pilgrims.

Head downtown and explore the history, architecture, food, and attractions that make Boston one of the country’s best walking cities. Whether you’re walking the Freedom Trail or cruising around the city streets (and waterways) on a guided Duck Boat tour, there’s so much to do and see for kids and adults.

Enjoy the summer and be sure to take some time to relax and recharge by getting away, even if it’s for one really fun day.

Home Improver: Rain Barrels for Water Conservation

This feels like the rainiest summer in years! Why not take advantage of all the wet stuff falling out of the sky? If you’ve never used rain barrels to gather water, there are several reasons to consider investing in them.

Rain barrels collect water from your roof that runs from the gutter, through the downspout, and into your rain barrel. The collected water can be used to water your lawn and garden. Other used include wash your car, filling a koi pond, or cleaning around the house.

According to the Massachusetts EPA, rain water is “soft,” meaning it is free from minerals and chemicals like chlorine, fluoride, and calcium, which are often found in tap water. Rain water is ideal for watering plants, washing cars and windows.

Owning rain barrels saves you money on your water bill and teaches your children about the importance of conservation.

Feeling in a DIY mood? You can build your own rain barrel.

How Inflation Affects Mortgages

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Although it’s impossible to predict the housing economy, we can take some cues from what’s been happening and make an educated guess that points to the strong possibility of inflation.

So how does this affect your next home purchase? If you’ve been shopping you will have seen that there is low inventory across the market. Combined with mortgage rates remaining historically low, prices begin to rise. Buyers can afford to pay more because they’re saving so much on the low rates.

But what happens when rates begin to go up as well? With rates on the rise and mortgage payments increasing, your money is stretched to the point where you may need to settle for a less expensive home because the affordability has been affected. Your purchasing power decreases as rates rise,

I’ll ask the question I’ve asked in previous newsletters: What are you waiting for? Even if you thought a few months ago there was a shot that rates might drop even further, you were taking a risk. Now, it seems like waiting might lead you to regretting not striking while the iron was hot.

With the economy moving, unemployment dropping, and vaccines leading us into a hopeful post-pandemic world, there are good things to look forward to, even if we face inflation and a decreasing dollar.

If you’d like to chat about your options, please call me at 617-965-1236. If you’re going to buy this year, we should talk soon.

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.

Fenway Safety Guidelines

Tomorrow is Opening Day at Fenway and while fans will be back in the stands for the first time since 2019, Fenway Park will be operating at just 12% capacity to keep within Massachusetts’ COVID safety guidelines.

This means each game you attend will include about 4500 fans seated throughout the park.

There are some safety requirements as well:

  • Download the MLB Ballpark app which will include a health screen survey.
  • Masks are required for all attendees age 2 and above.
  • Tickets are sold in physically distanced “pods” comprised of 2 or 4 seats that allow safe distance between groups.
  • Tickets will be delivered via the MLB Ballpark app.
  • Fans will be directed to enter the gates closest to their seats, as labeled on their digital ticket on the app.
  • All fans must follow the guidelines for proper social distancing while in the ballpark.

*Source: MLB.com

March Home Improver: Washi Tape for Easter Eggs

Tired of dyeing Easter eggs in the same old colors you used when you were a kid? Here’s a new way to decorate eggs while keeping dye and vinegar off your kids’ clothes. It’s fast and fun and it’s called Washi tape.

Washi tape is decorative, textured paper tape. It feels similar to masking tape. You can find it at Target, Michaels, or Amazon. It is based on traditional Japanese Washi paper, which has been around for 1,300 years.

Getting crafty with your Washi tape means you can cut it into patterns and mix-and-match designs to create truly unique Easter eggs. It’s easy for any kid to try. Make a mistake? Just peel it off and apply new tape!

To those celebrating, we wish you a Happy Easter! Thanks for reading this month’s newsletter!