Your REALTOR:
Ikhlas Hussain
September 2024
Real


Buying a New Home? 5 Things to Consider Before the Purchase
Buying a new home can be both intimidating and exciting, especially since it’s one of the biggest purchases you’ll make in your life. It pays, therefore, not to jump in without careful thought and questions. Since buying a home comes with risks and obstacles all its own, you’ll want to approach the market prepared. Below are some tips and considerations for when you’re ready to make the leap.
      The Type of Mortgage A common mortgage lasts for 30 years, but that isn’t the only option you have. Depending on your budget, you may choose among varying policies that differ by length, down payment, or government assistance. For instance, the Veterans Affairs Benefits
MORTGAGE RATES
U.S. averages as of September 2024:


30 yr. fixed: 6.35%
15 yr. fixed: 5.51%
5/1 yr. adj: 6.06%






and Federal Housing Administration offer loans that come with as little as zero to three percent down payment for qualifiers. It’s also possible to get shorter mortgages, usually
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What’s More Important: A Large Floor Plan or the Right Layout?
     More. More. More. That’s what we want in life, and certainly in a home. Right? We’re conditioned to reach for the stars, and, in the real estate world, that means going for the biggest home you can. But is bigger always better?
      Yes, price-per-square-foot is an important factor in determining the value of a home. But it’s not the only one. 
      The reason why the price per square foot method is a poor method to determine market value is because every home is different. While homes are similar in terms of square footage, number of bedrooms, number of bathrooms, and location, there are so many factors that aren’t taken into consideration when using the price per square foot valuation method. Condition,



Can You Borrow Your Downpayment?
     Sounds like a silly question at first, but can you borrow money for your downpayment? In general, the answer is no. Your funds needed for your down payment, closing costs, and cash reserves need to come from an account you own such as a checking or savings account with your name on it. Lenders will need to verify not only the existence of these funds, but that they belong to you, and you have access to them. This almost always means your bank accounts. But it might surprise some, but you can borrow those funds from allowable sources.
      One of those sources is your 401(k) account. Most such accounts do allow you to borrow against them. Different accounts can have different restrictions but in general you can borrow up to a certain percentage of the amounts in those accounts. You’ll need to provide documentation regarding the accounts stating that yes, you can borrow against them and how much you can borrow. If monthly repayments are required, these

If You Have the Option of Putting More Money Down, Should You?
     With the exception of the VA and USDA programs, along with certain down payment assistance programs, most every residential loan program does indeed require some sort of a down payment. Many borrowers want to come to the closing table with as little cash as possible and as the down payment amount is the largest chunk of change needed, the lowest down payment is often the request. A conventional loan can ask for a down payment of just 5.0 percent with certain first time buyers loans asking for a 3.0 percent down payment. FHA loans need a minimum down payment of just 3.5 percent of the sales price. But if you have more money to put into the transaction, should you?
      Many times, this additional cash comes from the sale of a previous residence but of course it doesn’t have to. While conventional loans do have low down payment options, with a down payment of less than 20 percent of the sales price, private mortgage insurance will be required. Making a down payment of 20 percent or more eliminates the need for PMI. A larger down payment obviously results in a lower monthly payment which is another factor to


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Ikhlas Hussain - Realtor
E-mail: ikhlashussain@live.com
Website: www.CamberRealEstate.com
Phone: (617) 763-6887

Camber Real Estate Inc.
781-828-2398
1039 Washington St.
Canton MA 02021


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