Colleen Griffin - RE/MAX Vision



Posted by Colleen Griffin on 1/15/2018

Adjustable rate mortgages are also known as “ARM” loans. These are home loans with monthly payments that move up and down along with interest rates and the market. There’s different periods that occur throughout the time of the adjustable loan including an initial period where the rate is fixed for a certain amount of time. The rates will change along with preset intervals of change. 


Rates Start Lower Than Fixed Rate Mortgages


Interest rates during the fixed rate period of an adjustable mortgage are usually lower than that of fixed-rate mortgages. The most common type of adjustable rate mortgage is called the 5/1 ARM. This means that the rate is locked for a total of 5 years before it becomes truly adjustable. After the 5 years the rate will change every year. Other forms of ARM loans are the 3/1, the 7/1, and the 10/1.


Rate Indexes And Margins


Following the fixed-rate period, the interest rate adjusts with what’s titled the index interest rate. This rate is set by the market and is released periodically by an independent party. Since there are a variety of indexes, your loan will state which index your adjustable rate mortgage will follow. To set your exact rate, your lender will look at the index and then add a number of percentage points that has already been set in place. This is called the margin. For example, an index rate of 2.5 percent and a margin of 2 will equal an interest rate of 4.5 percent. As the index changes, this number will go up and down.


Adjustable Rate Mortgages Come With Caps


If you do decide to go with an adjustable rate mortgage, you should know that you’re protected from extreme rate increases. These loans come with caps that limit the amount that both rates and payments can change by. There are several different kinds of caps including:


Periodic Rate Cap

This limits the amount that an interest rate can change from one year to the next.


Lifetime Rate Cap

This type of cap limits how much the interest rate can change overall throughout the life of the loan. 


Payment Rate Cap

This limits how much the monthly payments can rise over the life of the loan in a dollar amount. This is different than other caps, since it denotes dollars instead of percentage points.


Is This Type Of Loan For You?

Adjustable rate mortgages can be good, depending on the state of the economy and your own financial situation. Stay educated and shop around in order to get the best rates available for you.





Posted by Colleen Griffin on 1/12/2018

This Single-Family in Worcester, MA recently sold for $252,900. This Colonial style home was sold by Colleen Griffin - RE/MAX Vision.


20 Ashmore Rd, Worcester, MA 01602

Tatnuck

Single-Family

$262,900
Price
$252,900
Sale Price

8
Rooms
3
Beds
1/2
Full/Half Baths
PRIME WEST SIDE LOCATION! Pride of ownership shows in this beautifully maintained Colonial with a detached one car garage and well cared for above ground pool. All this on a dead end street in a highly sought after family neighborhood in Tatnuck. You will love the large living room with working fireplace. Step out into the newly screened in porch to enjoy the beautiful New England evenings. Second floor boasts three freshly painted bedrooms and office with access to the spacious walk-up attic with plenty of room for storage. Master bedroom includes an attached half bath and cedar closet. Hardwood floors under all the carpets. Need more room? The partially finished basement is just what you need with knotty pine walls and ceiling, dry bar, more storage and a chill chaser, which will help keep the basement nice and warm. Close to major highways, colleges, nightlife and shopping! 1 Year Home Warranty Included!

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Categories: Sold Homes  


Posted by Colleen Griffin on 1/8/2018

Let's face it – your bedroom needs to be cleaned up if you want to sell your home. Fortunately, there are many quick, effective ways to transform a messy bedroom into a pristine one. Here are four bedroom cleaning tips that every home seller needs to know about: 1. Pick up bedroom cleaning essentials. To clean up a dirty, dusty bedroom, you'll need a few key cleaning essentials, including:

  • Dusting Mitts – These mitts will make it easy for you to dust floors, furniture, electronics and much more.
  • Disinfecting Wipes – These wipes are great choices for cleaning switch plates and doorjambs.
  • Glass Wipes – Clean up your bedroom windows with high-quality glass wipes.
Of course, don't forget to pick up a broom, mop and vacuum for your bedroom cleaning. These cleaning essentials likely will serve you well as you clean your bedroom as well as other rooms in your home, too. 2. Cut down on clutter. The sheer amount of clutter in your bedroom may seem overwhelming, and ultimately, may cause a simple bedroom cleaning to become an arduous task. Fortunately, those who cut down on clutter can simplify the process of cleaning up a bedroom. Since you're selling your home, you may want to get rid of items to streamline your move to another address. And if you declutter now, you may be able to reap the rewards of a clean bedroom and reduce the clutter in your home at the same time. 3. Eliminate bad odors. Trash can add up quickly, and if it accumulates in your bedroom, bad smells may escalate. However, you can minimize the risk of bad odors if you empty your bedroom trash regularly. Of course, if bad odors become overwhelming, it is a surefire sign that your bedroom is long overdue for an extensive cleaning. In this scenario, you'll want to devote as much time and energy as possible to eliminate these odors altogether. Wipe down every surface, including your trash, and clean the floors thoroughly. By doing so, you'll be able to put bad odors in the past and prevent them from reoccurring. 4. Make cleaning your bedroom a daily activity. Don't make cleaning your bedroom a one-time occurrence; instead, try to spend a few minutes each day keeping your bedroom clean, and you'll always be ready to showcase your bedroom to prospective homebuyers. Remember, homebuyers can be spontaneous, so you'll want to be ready to showcase your entire residence at any time. And if you keep your bedroom clean and neat, you'll be better equipped to make a positive first impression on homebuyers. Cleaning your bedroom is a simple task that can make a major difference as you attempt to sell your home. Even committing an hour per week to cleaning your bedroom may help you keep your bedroom looking great and ensure it delivers a memorable impression on homebuyers. Make cleaning your bedroom a top priority – you'll be glad you did! Home sellers who maintain a picture-perfect bedroom can improve their chances of generating significant interest in their residences.





Posted by Colleen Griffin on 1/1/2018

For many of us, it can seem like our paychecks are gone before we even get a chance to see them. With seemingly endless bills and expenses, both recurring and unforeseen, saving up for a house is a daunting task.

Fortunately, there are ways you can prepare yourself for those intimidating down payments and many closing costs.

In this article, we’re going to walk you through how you can start saving for a home right this moment. After all, every day is another day you could be contributing to your savings and taking another step closer to owning your own home.

Use a Budgeting Tool

The first step to saving and determining how much you can save is to start budgeting. Many people hear the term “budget” and get nervous thinking they’ll have to start counting the number of coffees they buy. However, there are less anxiety-inducing ways to budget.

From your phone, tablet, or computer you have access to a large number of free budgeting tools. Mint, You Need a Budget (YNAB), and PocketGuard are three of the top budgeting tools that will get you started.

With apps that integrate with your bank accounts and loan balances,  there is little work required on your part. Just set an amount to save each week or month, and direct the funds into your savings account.

Set up a dedicated savings account

Speaking of savings accounts--now is a great time to set up a new one. It’s almost always free to open a new account with your bank. What’s more, it’s a lot less tempting to pull from a savings account when it’s labeled something like “HOUSE SAVINGS - DO NOT TOUCH.”

Once you have your budgeting app and bank account set up, it’s time to dig into some of the ways you can save money without skipping meals.

Cutting Monthly Expenses

Rather than telling yourself you can’t buy any more fancy Starbucks drinks anymore until you have a house (don’t torture yourself), make a list of all your monthly expenses. That can include anything from Netflix and Spotify to haircuts and car washes.

A great way to make this list is to go through your credit and debit card transactions. If you have autopay set up, you might not even realize how many services are withdrawing directly from your accounts each month.

For each item on your list, determine if you can either eliminate the expense or spend less on it. Maybe you go for the deluxe car war rather than the basic. Or, you might pay for services you don’t use as much as you used to.

If you’re worried about having no entertainment if you drop Hulu, Netflix, and Amazon Prime, you could try out your local library system. Most of the time you can have books, movies, and music shipped for free from all around your state.

When it comes to cable, cell phone plans, car insurance, and other monthly bills give your provider a call and tell them you’re thinking about switching over to a cheaper competitor. They’ll likely offer you a discounted rate. If they don’t, follow through on your promise and call other providers to see if you can get better rates.





Posted by Colleen Griffin on 12/31/2017

This Single-Family in Worcester, MA recently sold for $254,416. This Colonial style home was sold by Colleen Griffin - RE/MAX Vision.


6 Mount Ave, Worcester, MA 01606

Single-Family

$239,900
Price
$254,416
Sale Price

5
Rooms
3
Beds
1/1
Full/Half Baths
****New Listing*** New Construction Single Family Attached Home Offering 3 Bedrooms ~ 1.5 Baths with Ceramic Tile Flooring ~ Central Air ~ Wide Open Concept Living ~ Upgraded Kitchen Cabinetry ~ Granite Counter Tops ~ Stainless Steel Appliances ~ Garage and much more! *******

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Categories: Sold Homes  




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