Coleman & Sons Real Estate
451 Main St, Waltham, MA 02154
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Posted by Coleman & Sons Real Estate on 5/22/2020

Searching for the ideal home is an exciting adventure, but it can also be fraught with setbacks, delays, and disappointments. With a little preparation, however, you can avoid many of the potential pitfalls that could happen along the way.

One of the secrets of successful house hunters is to adopt a positive attitude, but temper it with a dose of realism.

Flexibility is also important, but it pays to be steadfast about your absolute requirements, also known as your "must have" list.

To help ensure a successful house hunting experience, here are a few of the key attitudes and qualities that are worth taking inventory of and cultivating.

Persistence: Although it does happen, it's unlikely that the house of your dreams is going to show up at the beginning of your search. As seasoned house hunters know, it's not unusual to have to look at dozens of houses for sale before finding just the right one. But even when you've reached that turning point, there still may be obstacles, hurdles, and challenges to deal with. The perfect example is a bidding war. What if you're all ready to make an offer on the ideal house, but it turns out that one or more other buyers have their sights set on that same house? That can not only be stressful, but it can stretch your housing budget to its outer limits (and beyond)! On one hand, you have to be willing to walk away from a property that would leave you "house poor", but on the other hand, you may want to consider pursuing a real estate deal that's on the high end of your budget, but financially doable. Working with a knowledgeable real estate agent who's a skilled negotiator can help give you an edge when you're confronted with a so-called "bidding war."

Optimism: If you view house hunting as a process which will eventually produce your desired outcome, then you'll be a lot more motivated to go the distance, rather than lower your standards or give up entirely. A positive attitude will help you overcome setbacks, identify workable solutions, and recognize opportunities when they present themselves.

Organization: Whether you prefer the idiom "The devil is in the details" or "God is in the details," the lesson is still the same: Small details can have a big impact. Staying goal-oriented and organized can help propel you forward and avoid frustrations. Knowing your credit score, establishing a realistic housing budget, and scheduling meetings with mortgage lenders will help you stay on course, be prepared, and steer clear of unnecessary delays. It also helps to take notes, create lists, and follow a daily or weekly action plan.

Buying a house is an important priority which can affect the quality of your life in many ways. By staying organized, focused, and positive about your search, your chances of success will be enhanced many times over.




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Posted by Coleman & Sons Real Estate on 4/24/2020

Image by Ryan R Fox from Shutterstock

It can be a stressful endeavor to purchase a home. As one of the most significant investments in life, it is important to understand the steps and fees you may encounter beyond the sale price. When you are searching for a property, keep the expense of closing in mind.

What Are Closing Costs? 

Closing costs are the various expenses and fees that are separate from the purchase price of your house. They apply to the end of the process. Charges include taxes, inspection, title insurance, and title search, as well as some upfront expenses such as homeowner’s insurance.

Closing costs generally range from two to five percent of the purchase price. The final fee is dependent on your location. Most of the expenses are for state and local government, lenders, and legal processing. You can save on some of these by working with a mortgage broker who is experienced and knowledgable about local laws.

What Should You Expect? 

  • Appraisal: This fee goes towards making sure that the price of the home matches the actual worth of the property.

  • Escrow payment: When it comes to timely preparation of the documents, you can trust a good escrow company to take care of the paperwork on your behalf. Prompt preparation of your papers can make a significant difference as it can enable you to close on time.

  • Title/attorney fee: The title and attorney fees are put in place to ensure the transfer of the home's deed occurs without issue. To ensure that it all goes smoothly, work with a highly reputable title company. 

  • Lender fees: The lender fees may include a wide range of items like transfer fees or administrative fees. A broker commission may be part of the cost.

Other fees could include loan interest and loan insurance. Your realtor can help you to save money during your closing and prepare you for the process, work closely with them to determine the fees that may be negotiable.





Posted by Coleman & Sons Real Estate on 4/3/2020

If you’re a first time homebuyer and want to start weighing your mortgage options, you’ll have much to learn. With so much at stake, you’ll want to make sure you choose the best mortgage for you now, and one that will still suit your needs years into the future.

Sometimes, first time buyers are hesitant to ask questions they may consider too basic because they don’t want to seem inexperienced to lenders, agents, or anyone else they’ll be in contact with throughout the home buying process.

So, in this article, we’ve compiled a list of commonly asked mortgage questions that first time buyers might want to ask before heading into the process of acquiring a home loan.

What is the first step to getting a mortgage?

This question may seem straightforward, however the first step can vary depending on your financial situation. For those who already have saved up for a down payment and built a solid credit score, the first step is probably contacting lenders and getting preapproved or prequalified.

However, if you aren’t sure about your credit score and haven’t saved up for a down payment (ideally, 20% of what you hope to spend on the house), then you should address those matters first.

To find a lender, you can do a simple Google search for the mortgage lenders in your area, or you can ask around to friends and family to find out their experience with their own mortgage lenders.

What does it mean to be pre-qualified and pre-approved?

If you think of the mortgage process in three steps, the first step would be getting pre-qualified. This means you’ve given the lender enough basic information for them to decide which type of mortgage you’re eligible to receive.

Pre-approval includes collecting and verifying further details. At this step, you’ll complete a mortgage application and the lender will run a credit check. Once you’re pre-approved, your file can be moved to the underwriting phase.

What are closing costs?

“Closing costs” is an umbrella term that covers all of the various fees and expenses related to buying or selling a home. As a buyer, you are responsible for paying numerous closing costs. These can include, but are not limited to, underwriting fees, title searches, title insurance,  origination fees, taxes, appraisal fees, surveys, and more.

That sounds like a lot to keep track of, however your lender will be able to give you an accurate estimate of the total closing costs when you apply for your loan. In fact, lenders are required to give you a list of these costs within three days of your loan application in the form of a “good faith estimate” of the closing costs.

What will my interest rate be?

The answer to this question is dependent upon numerous factors. The value of the home, your credit score, the amount you put down (down payment), the type of mortgage you have, and whether or not you’re paying private mortgage insurance all factor into the interest rate you’ll receive. Interest rates also will vary slightly between lenders.

You can receive a fixed-rate mortgage that does not fluctuate throughout the repayment term. However, you also typically have the option to refinance to acquire a lower interest rate, however refinancing comes with its own costs.




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Posted by Coleman & Sons Real Estate on 2/28/2020

Purchasing a home may prove to be a good idea. In fact, there are many reasons to pursue a house, and these include:

1. You can purchase a home that you can call your own.

There is nothing quite like the feeling an individual typically experiences after he or she buys a house. If you conduct a search for your dream residence, you can enjoy this one-of-a-kind feeling in the near future.

Of course, if you decide to purchase a home, you may want to establish property buying criteria. This will allow you to hone your home search and accelerate the property buying journey.

As you put together homebuying criteria, think about where you want to reside and what features you want to find in your ideal residence. Then, you can begin the homebuying journey with a plan to achieve the best-possible results.

2. You could save money over the long haul.

Let's face it – the costs of renting an apartment, condo or house can add up over time. On the other hand, a home is a long-term investment that may help you save money in comparison to renting a property.

If you decide to launch a home search, you may want to get pre-approved for a mortgage too. Banks and credit unions are available in cities and towns nationwide, and these financial institutions can teach you everything you need to know about home financing. As a result, if you meet with banks and credit unions in your area, you can find a mortgage that complements your finances perfectly.

3. You can personalize your residence however you choose.

A house is more than just a place where you eat, sleep and store all of your personal belongings. And if you acquire a residence, you can transform an ordinary house into a personalized home.

As a homeowner, you can paint your home any color you choose, perform assorted house upgrades and much more. Therefore, homeowners enjoy unprecedented flexibility and can customize a house so it matches or exceeds their expectations.

For those who are ready to pursue a house, it often helps to hire a real estate agent. This housing market professional can offer plenty of guidance throughout the property buying journey and ensure you can quickly discover your dream house.

A real estate agent will keep you up to date about houses that fall within your price range, set up home showings and help you submit an offer to purchase your ideal residence. Plus, a real estate agent will negotiate with a seller's agent on your behalf to help you pay the lowest price for your dream home. And if you ever have concerns or questions during your home search, a real estate agent is ready to respond to them right away.

Ultimately, buying a home is a good idea for many people. If you hire a real estate agent today, you can instantly start a home search and move one step closer to acquiring your dream residence.




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Posted by Coleman & Sons Real Estate on 2/7/2020

For those who are on the lookout for a great house, it may be beneficial to explore homes in small towns. In fact, there are many reasons to pursue a small town residence, and these include:

1. You can avoid the hustle and bustle of big city living.

Purchasing a house in the city may prove to be difficult. In many instances, competition for houses near city attractions and landmarks is fierce. Also, owning a home in the city may require you to pay high costs for taxes, parking and more.

Comparatively, small town living often provides a breath of fresh air, particularly for those who want to avoid the hustle and bustle of a big city. Small town homes are available in a variety of sizes and styles. Perhaps best of all, purchasing a small town house typically won't force you to break your budget.

2. You can live close to loved ones.

If family members and friends live in a small town, it may be beneficial to join them. And if you kick off a search for a home in the small town of your choice, you can live near loved ones.

Of course, prior to starting a small town home search, you may want to learn about the local housing market. If you possess housing market data and insights, you can tailor your property buying strategy accordingly.

3. You can find a superior house at a budget-friendly price.

Small town homes may be more affordable than their big city counterparts. Therefore, a buyer who wants to find the best value for a home may want to narrow his or her house search to properties in small towns.

When it comes to searching for a small town home, there are lots of exceptional options available across the United States. As such, determining exactly where to pursue a small town home sometimes can be challenging.

Thankfully, hiring a real estate agent is a viable option for all buyers, at all times. A real estate agent can teach a buyer about the housing market in any small town. By doing so, this housing market professional can help a buyer take the guesswork out of finding and purchasing a small town residence.

A real estate agent is happy to provide plenty of assistance at each stage of the property buying journey. He or she will set up small town home showings and keep a buyer up to date about properties that match this individual's criteria. Plus, if a buyer finds his or her ideal small town residence, a real estate agent will help this individual submit a competitive offer to purchase.

For those who want to pursue a small town residence, there is no reason to work alone. If you hire a real estate agent today, you can receive extensive support as you conduct a search for a home in the small town of your choice.




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