OUR CAPE COD HOMES TEAM - EXIT Cape Realty



Posted by OUR CAPE COD HOMES TEAM on 8/14/2018

There are so many factors that go into finding and securing the financing to buy a home.   While lenders require quite a bit of information for you to get a loan, you still need to be aware of your own financial picture. Even if youíre pre-approved for a certain amount of money to buy a home, you still need to dig into your finances a bit deeper than a lender would. The bottom line is that you can't rely solely on a lender to tell you how much you can afford for a monthly payment on a home. Even if youíre approved to borrow the maximum amount of money for your finances to buy a home, it doesnít mean that you actually should use that amount. There are so many other real world things that you need to consider outside of the basic numbers that are plugged into a mortgage formula.   


Run Your Own Numbers


Itís important to sit down and do your own budget when youíre getting ready to buy a home. You have plenty of monthly expenses including student loan debt, car payments, utility bills, and more. Donít forget that you need to eat too! Think about what your lifestyle is like. How much do you spend on food? Do you go out to the movies often or spend a regular amount of cash on clothing? Even if you plan to make adjustments to these habits when buying a home, youíll want to think honestly about all of your needs and spending habits before signing on to buy a home. 


Now, youíll know what your true monthly costs are. Be sure to include things like home insurance, property taxes, monthly utilities, and any other personal monthly expenses in this budget. If you plan to put down a lower amount on the home, youíll also need to include additional insurance costs like private mortgage insurance (PMI).


The magic number that you should remember when it comes to housing costs is 30%. This is the percentage of your monthly income that you should plan to spend on housing. Realistically, this could make your budget tight so this is often thought of as a maximum percentage. By law, a lender canít approve a mortgage that would take up more than 35% of your monthly income. Some lenders have even stricter requirements such as not allowing a borrower to have a mortgage that would be more than 28% of monthly income. This is where the debt-to-income ratio comes into play.


As you can see, itís important to take an earnest look at your finances to avoid larger money issues when you buy a home.  





Categories: Uncategorized  


Posted by OUR CAPE COD HOMES TEAM on 8/7/2018

You know that your credit score is incredibly important when you want to buy a home. Thereís certain things that you could be doing in your everyday life that are hurting your credit score. Hereís what you need to avoid in order to keep your credit score up:


Donít Allow For Too Many Credit Inquiries


When youíre at the checkout lane at the store, and the clerk informs you that you can save a lot of money if you just open this instant credit card on the spot, that can pose a problem. The issue with this is that the store will be instantly checking your credit score as well. These inquiries hang on your credit report for a certain amount of time. Certain inquiries can also make your score dip. Too many credit inquiries can make lenders suspicious of your ability to be a dependable borrower.



Unpaid Bills Can Add Up


If you forget to pay small credit card bills here and there, it could add up. Think of things like library books, medical bills, and credit card payments. That unreturned library fee that you never paid could come back to haunt you. A medical bill that was sent to collections can become a problem on your credit report. Most of the time, all you need to do is pay these fees up for your score to bounce back. 


Credit Report Errors


Your credit report could have incorrect information about your financial situation and records. Your credit score could be dragged down just because of some errors on the report. If you do find an error on your report, youíll be able to submit a claim to rectify the error. 


Using Too Much Of Your Available Credit


Just because a credit limit is at $5,000, doesnít mean that you need to max it out. Even if you pay your bills each month, using too much of your available credit can really harm your score. For your credit score to be calculated and to see how loan worthy you are, your total available credit and how much of that total credit is being used will be put into a formula. Beware of how much of your credit you use in order to keep that score up.


Not Touching Your Credit


You actually need to use your credit in order to build your score. You need credit history in order to have something for loan officers to work with. Accounts that become inactive over time will be closed by default and actually negatively impact your score. 


By using your credit responsibly, youíll keep your credit score up and be in good shape to buy a house.





Posted by OUR CAPE COD HOMES TEAM on 8/3/2018


86 Bonito Avenue , Falmouth, MA 02536

East Falmouth

Single-Family

$399,999
Price

6
Total Rooms
3
Beds
2
Baths
ESTATE SALE * Sold In As Is Condition'' Offers this charming 3 BDRM, 2 Bath Contemporary Cape in one of East Falmouth's lovely neighborhoods. This home is located on a spacious corner lot and 1 car attached garage with back entrance to yard for easy access. This home offers an open floor plan with a sky-light vaulted ceiling in the living room. View to combination dining & kitchen which offer beautiful laminate floors and view of back slider and deck. A very useful breakfast bar is available with numerous cabinets including pantry. A First floor bedroom always a benefit is, presently being used as a den. Second floor offer 2 ''front to back'' bedrooms with open loft separating them. Beautiful window views from every location in the house. 2 Full Baths are available, one on each floor.
Open House
Saturday
August 04 at 12:00 PM to 3:00 PM
GREAT OPPORTUNITY FOR YOUR CAPE COD OASIS !Come and See This Move In Ready Home On Beautiful Cape Cod!Refreshments Available !
Cannot make the Open Houses?
Location: 86 Bonito Avenue , Falmouth, MA 02536    Get Directions

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Categories: Open House  


Posted by OUR CAPE COD HOMES TEAM on 8/3/2018


86 Bonito Avenue, Falmouth, MA 02536

Single-Family

$399,999
Price

6
Rooms
3
Beds
2
Baths
ESTATE SALE *** Sold in "As Is Condition" offers this Charming 3 Bedroom, 2 Bath, Contemporary Cape in one of East Falmouth's lovely neighborhoods. This house is located on a spacious lot with a one-car attached garage with a back entrance for easy assess. This home offers an open floor plan with a sky-light vaulted ceiling in the living room. View to combination dining & kitchen which offer beautiful laminate floors and view of back slider and deck. A very useful breakfast bar is available with numerous cabinets including pantry. First floor bedroom always a benefit is, presently being used as a den. Second floor offers 2 "front to back" bedrooms with open loft separating them. Beautiful window views from every location in the house. 2 Full Baths are available, one on each floor. Ceiling Fans in Most Rooms. A Great Opportunity for Full Time Living or your Summer Home !!!
Open House
Saturday
August 04 at 12:00 PM to 3:00 PM
ESTATE SALE -- Enjoy this lovely 3 Bedroom 2 Bath Contemporary Cape at the Open House. Refreshments and snacks will be served.
Cannot make the Open Houses?
Location: 86 Bonito Avenue, Falmouth, MA 02536    Get Directions

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Categories: Open House  


Posted by OUR CAPE COD HOMES TEAM on 8/1/2018


86 Bonito Avenue , Falmouth, MA 02536

East Falmouth

Single-Family

$399,999
Price

6
Total Rooms
3
Beds
2
Baths
ESTATE SALE * Sold In As Is Condition'' Offers this charming 3 BDRM, 2 Bath Contemporary Cape in one of East Falmouth's lovely neighborhoods. This home is located on a spacious corner lot and 1 car attached garage with back entrance to yard for easy access. This home offers an open floor plan with a sky-light vaulted ceiling in the living room. View to combination dining & kitchen which offer beautiful laminate floors and view of back slider and deck. A very useful breakfast bar is available with numerous cabinets including pantry. A First floor bedroom always a benefit is, presently being used as a den. Second floor offer 2 ''front to back'' bedrooms with open loft separating them. Beautiful window views from every location in the house. 2 Full Baths are available, one on each floor.
Open House
No scheduled Open Houses

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Categories: New Homes