Sonia Rollins
EXIT Premier Real Estate | 781-454-6043 | [email protected]


Posted by Sonia Rollins on 1/20/2019

There are so many factors that go into buying a home. How much money do you have saved up? What is your debt amount? Hw much money do you make each month? Can you afford the neighborhood that youíd like to live in? All of these questions are swirling around the minds of all first-time homebuyers. Did you know that how long you have been at a job is just as important as your income as a factor in getting approved for a mortgage? 


Your ability to repay is why the lender is looking at so many different numbers and factors about your financial situation. Employment overall plays a large stake in the mortgage application. Lenders will look at your past employment history along with the job that your currently have. They are also concerned with your future employment status. Your lender will get an idea of your overall plan for your career and employment through looking at your history. 


As a first-time homebuyer, you most likely donít have the employment history of more seasoned homebuyers. Generally, most people who are buying a home for the first time are pretty young in their careers. As a rule of thumb, lenders will look at your employment history over the past two years. The lender wants to see your industry focus. Maybe you have stuck with one career direction, or maybe you have hopped around a bunch. As a hint, jumping around from job to job and field to field doesnít look very good to mortgage lenders. Job floaters tend to appear as if they have no plans for the future. 


Good Career Moves


Staying a software engineer, but moving from the medical industry to the financial industry is an acceptable and smart move in the eyes of lenders. Yet, leaving your stable job in accounting to pursue a career in acting would not be looked upon favorably in the eyes of a mortgage lender.


It doesnít matter how much money you have saved up, often, without employment history, a lender may not consider you as a dependable buyer. Your lender wants to see that your income is stable for a period of at least three yearís time.


Income Matters 


You wonít have the same work history as a first time homebuyer as you would if you were a bit more seasoned. When lenders look at your income history, not having a lot of work history can be a detriment to many factors. If your income is an annual salary, for example, your lender will divide that salary by 12 in order to get a monthly income. If you havenít been at the job for a full year or took a pay cut during times of training, those numbers will be affected.


For hourly employees, overtime may be a problem as it may not be factored in with the equation if there isnít a history of at least two years on the job. 


While it isnít impossible to buy a home with a short employment history, itís advisable to wait until you have some significant time under your belt before you dive into the home buying process.




Tags: finances   self employed  
Categories: Uncategorized  


Posted by Sonia Rollins on 1/13/2019

It can feel like real estate has its own language. After all, there is a reason agents take courses and need to become licensed!

And for a first-time buyer, I understand that it can be overwhelming and very confusing to keep track of all of this new information on top choosing the home of your dreams and planning a move.

Which is why Iíve created this quick and dirty list of real estate terms every first time home buyer needs to know.

Letís get started:

A kick-out clause gives the seller the option to continue showing a house after a buyer has made their offer but is slowing down the process with the sale of their own home. The seller can then ďkick outĒ that offer if someone else puts in a more desirable, and readily available, one.

A title-search is simply a search to pull up relevant information to the title of a house. It helps to determine the history of the home and if there are existing regulations in place that affect the property.

Escrow is a neutral third party used to handle transactions throughout the buying/selling process. They hold all related documents and funds until the day of the sale.

Earnest money is usually held in an escrow account and represents your commitment to the sale of a house you have made an offer on. Typically, the amount out down is between 1-3% of the asking price. It is also called ďgood faith moneyĒ.

An appraisal determines a propertyís market value. Only a licensed appraiser can pull a report of this information for you. This is the report a lender will use to determine whether or not to lend money to a borrower.

Closing costs are paid at the actual sale of the house. The ďclosingĒ is when the title is transferred from the seller over to the buyer. The cost covers all of the fees that were incurred throughout the buying and selling process. A few examples of these fees are the home inspection, appraisal, and escrow. 

A comparative market analysis or CMA is a report pulled from a database your real estate agent has access to. This is then used to determine the offering and asking price of homes.

A contingency is when in order to move forward with a sale there are specific requirements the buyer must complete first. Common contingencies are: waiting on an inspection, pre-approval or signing.

Disclosures are required by law. But what are they? A disclosure means a seller has to inform potential buyers of and problems that would affect the value of the property.

Due diligence is doing the work of fully understanding the property you are interested in before buying it. This includes obtaining insurance, reviewing all documents carefully and walking the property.

During a home inspection appliances, plumbing and electrical work are tested. The heating and cooling system are also inspected. This doesnít affect the monetary value of your home. This is a way for you to determine what state a home is in and if it is worth the financial investment to you.




Categories: Uncategorized  


Posted by Sonia Rollins on 1/7/2019

This Single-Family in Burlington, MA recently sold for $610,500. This Garrison style home was sold by Sonia Rollins - EXIT Premier Real Estate.


15 Hart St, Burlington, MA 01803

Single-Family

$624,000
Price
$610,500
Sale Price

8
Rooms
4
Beds
1/1
Full/Half Baths
Located in the desirable Fox Hill Area, the perfect family home has just come on the market! 4 bedroom colonial with open concept feel on the first floor offers hardwood throughout, updated kitchen and baths, front to back living room with fireplace and more. Need a fifth bedroom? The bonus room above the garage has a closet AND plenty of additional storage space -- can be a great teenage escape, game room or additional bedroom. Summer time fun abounds with a three season room off the mudroom that leads to a fantastic back yard with an in-ground pool and multiple play areas for your family and guests. Caution...they may never leave! Lower level...yet another sitting area that is warm and inviting. The second floor offers 4 generous sized bedrooms with a master that boasts vaulted ceilings and plenty of sunlight. This one is a pleasure to show...a perfect home for the growing family or those who love to entertain. Welcome Home.

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Categories: Sold Homes  


Posted by Sonia Rollins on 1/7/2019

This Single-Family in Burlington, MA recently sold for $500,000. This Cape style home was sold by Sonia Rollins - EXIT Premier Real Estate.


6 Wing Terrace, Burlington, MA 01803

Single-Family

$524,000
Price
$500,000
Sale Price

9
Rooms
4
Beds
2
Baths
Charming 4 bedroom cape located on a tree lined street awaits its new owner. Ample living space on the first floor with large formal living room with gas fireplace, formal dining opening to an additional family room with vaulted ceilings, lower level bedroom (currently being used as a den) and an eat in kitchen that opens to a heated sunroom for use all year long. Upstairs an additional 3 bedrooms with full bath, all boasting hardwood floors and custom built ins that show the true charm of Cape style homes. Basement is dry and can easily be additional living space. Situated on a half acre lot, the home offers a level private backyard and one car garage. Lovingly maintained for many years, it is in move in condition while still affording you the chance to make some updates of your own. Minutes away from many great amenities, including Wildwood Park, this one is worth a visit. Call today for your private showing!

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Categories: Sold Homes  


Posted by Sonia Rollins on 1/6/2019

If plans for selling your home are in the near future, youíre going to want to start strategizing the most cost- and time-effective ways to make your home irresistible to potential buyers. One of the most proven ways of giving your home the edge it needs to stand out from the competition is good photography and attractive staging.

In todayís post, Iím going to share my tips on home staging that can be achieved on a budget and in a short period of time. That way you can focus more time on finding a new home and stop worrying about selling your current one.

Tip 1: Start packing

Before you start worrying about arranging furniture, itís important to make sure you have a clean slate to work with. Start by packing personal effects into boxes and labeling them accordingly.

Staged homes are homes that look appealing to the widest audience as possible. Having personal reminders, like family photos, trophies, etc., makes it harder for viewers to picture themselves living in the home.

Most of us keep our homes arranged in a way that is convenient to our lives. And. letís face it--life can be messy. But, when it comes to staging, less is usually more.

Not only will this cleaning process help you reduce clutter and make the home look better for staging, but it will also make your moving process easier since many of your boxes will already be organized and sealed.

Tip 2: Color scheming

Expertly staged homes tend to have one thing in common--a cohesive color scheme. Think of choosing your color scheme like creating an artistís palette. You want a few colors that compliment one another and that will work together to brighten up your home.

If you have any furniture that appears worn, dated, or that clashes with the scheme of the room, itís a good idea to place them in storage while you prepare for photographs and visitors.

Tip 3: Decorate sparingly

Now that youíve packed away your family photos, you might be wondering what to put on the walls in their place. The best answer is often nothing. However, that doesnít mean the walls need to be completely bare.

For smaller rooms, you can make them appear more spacious with the use of hanging mirrors (just make sure you canít see yourself in any of those mirrors when you take your photos!).

Tip 4: Donít forget the outside of your home

The value of curb appeal canít be overemphasized. The exterior of our homes, along with our yard and driveway, are essentially what we show the world about our lives. Since most home buyers want their house to look nice, fit in with the neighborhood, but have its own unique flair all at the same time. They want to know that your house has that potential.

Furthermore, the driveway and yard are two of the first things people see when they visit. Youíll want to take advantage of this moment by making a good impression.







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