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The start-of-the-school-year timing Even if you don’t have any kids that you’re hoping to have settled before the first day of school, this could still make an impact on your move because the sellers may be hoping to be out before the back-to-school frenzy. They may have kids they're looking to get settled in a new home before the school year starts. Thus, there's a chance they may be more inclined to accept an offer quickly instead of trying to lay the grounds for a bidding war. If you do have children, there’s the obvious benefit of not having to move school districts mid-year.  Get in before the inventory dips While inventory issues have persisted for at least a couple years now, traditionally there are more homes to go around in the summertime than when the market cools off in the fall. Late summer is often an optimal time to buy, since there are more homes to choose from. Get a good look at the landscaping and lighting Trying to get a picture for what kind of sunlight your potential home will receive in the grey, cloudy days of February can be tricky. But step into a home on a sunny summer afternoon and you’ve got your answer. You'll be able to a home's light at its full potential. It’s also a great time to consider your landscaping. Better light in the front, the back? You can start picturing your hydrangeas in the shade, your chrysanthemums in the sun, and you can see any areas that need landscape help. Room for renovation With lower inventory, you may find the homes that have been renovated and updated to perfection may be flying off the market. Don't despair. Check out those homes that just need some TLC and it may be worth it. You'll have time to see how a home feels and how you live in it before you decide what you'd like to have done to it. Then you can start scheduling renovations for when the market (and the weather) cools off a bit. There’s still time to enjoy the outside space If part of your desire to buy a home is to have some outdoor space to yourself, it's nice to get in while you can still enjoy the elements. Moving can be a major hassle, so why not move in the summer, when after a long day of unpacking you can step outside onto your back deck for a little relaxing? Or let your kids run around the backyard to blow off some steam while you unpack. It's also a great time to be able to put on a fresh coat of paint where needed,  before the cold front comes. A better chance to meet neighbors Not only might you enjoy walking around the neighborhood in the summertime weather, but your potential neighbors are more likely to be out and about, too. You can get a feel for the general vibe of the neighborhood, such as if there are kids riding bikes, dogs being walked, people gathered on porches or in their yards. You'll have a good chance to meet a few people and start building long-lasting relationships. The risk of waiting on rates to fall Interest rates have definitely reduced the number of eligible buyers, but they still remain relatively low from a historical perspective. When we think back to the all-time high of over 18% in the '80s, seeing rates climbing into the 7% range doesn't look as bad. Experts point out that with these unpredictable rates, it is pretty impossible to time the market. If you find financing you can afford, it could be beneficial to lock in a rate. There’s always the opportunity to refinance down the road if rates fall, and this way you’re building equity while you wait. So, do you think you want to buy before fall? Let's get in touch!  

Wondering what the difference is between a Mortgage Preapproval and a Prequalification? When you decide to buy a home, you’ll have to go through an extensive lending process. For many homebuyers, this can be unfamiliar territory, leaving you with questions about the difference between mortgage preapproval vs. prequalification. Here’s what you need to know about the preapproval process and how it differs from prequalification. How Does a Mortgage Preapproval Work? A mortgage preapproval and mortgage prequalification are both types of mortgage approval. In fact, it’s not unusual to hear some lenders use the terms interchangeably, but there is a difference. During the preapproval process, your mortgage lender will perform a fairly deep dive into your financial information to assess your overall situation. The preapproval process looks different from lender to lender, but you’ll typically need to submit a formal loan application and provide details such as: Your household income Your savings Your existing debt (e.g., credit cards or student loans) Your personal credit score To do this you’ll need to show tax returns from the past two years, as well as bank statements, pay stubs, and other documentation. The lender will evaluate this information to determine the type of loan you can receive, as well as the interest rate and terms. This process is usually quite fast, and you should receive a preapproval letter in a matter of days. However, your loan terms are not official just yet. A preapproval won’t become official until your loan goes through underwriting and receives final approval from the lender. It’s not uncommon for lenders to adjust loan terms if there are errors or discrepancies in your financial data. How Does a Mortgage Prequalification Work? So what is the difference between preapproval and prequalification? The prequalification process is usually much simpler and doesn’t require any sort of formal application or even a credit check. Instead, homebuyers can receive a quick response from the lender, which gives them a general estimate of how much they may be eligible to borrow. This initial approval doesn’t carry the same weight as a viable approval and can’t be used to make an official offer on a home. If you do find a home after prequalifying, you’ll need to go through the preapproval process before the seller takes you seriously. This is why you should consider a preapproval instead of just a prequalification. Still, prequalification gives you a quick snapshot of your finances and can be a great start in the house-hunting process. How Long Does a Prequalification Last? Since a mortgage prequalification is a general estimate, it doesn’t have a formal expiration date as does a preapproval. A prequalification doesn’t enable you to make an offer on a home, nor can it be used in any formal way to secure actual financing. The prequalification should be thought of as a quick snapshot, highlighting your financial situation at the present moment in time. In order to keep moving through the lending process, you’ll need to move on to the preapproval process, which will involve a deeper evaluation of your credit history, finances, and other information.  So a prequalification is mainly a tool to help homebuyers and lenders gain a quick understanding of their financial prospects. How Long Does a Preapproval Last? A mortgage preapproval letter will only be valid for 30 to 90 days, depending upon your specific lender, as exact terms can vary depending on the lender. After this time, your preapproval will expire.  Other things besides expiration that can affect your preapproval letter include  Major changes in your income or debts Changing jobs Altering your investments Depleting your savings For most homebuyers, this means that you may want to wait to obtain preapproval until you’re ready to commit to the process of finding a home. Will a Preapproval Affect My Credit Score? A mortgage preapproval involves a hard credit inquiry, which typically reduces your credit score. Fortunately, this credit check will only cause your score to dip by five points or so, but it’s still a factor to consider. This also means you don’t want to let your preapproval letter expire, since expiration means that reapplying will require another credit pull and will lower your credit score even further. You may want to limit the number of lenders you apply to when seeking preapproval. It’s always good to apply to around three different mortgage lenders so that you can compare rates and terms, but make sure to factor in the hit you’ll receive on your personal credit score. A Prequalification doesn’t involve a hard credit inquiry, and therefore, it has no impact on your personal credit score. Still, make sure to check with your lender before seeking prequalification, as some lenders will use the terms preapproval and prequalification interchangeably. If you're thinking about buying a home, let us know. We can help connect you with some great lenders and get the financing aspect going for you!

While mortgage rates are an important factor when deciding to purchase or sell a home, there are other reasons that may make you decide to take the plunge.  Mortgage interest rates have climbed significantly from the record lows of the past few years, so you may be hesitating to give up the lower interest rate on your current mortgage. High rates have definitely impacted affordability. While things like mortgage rates are a big part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place. Your lifestyle and your changing needs should matter more than interest rates! Have you experienced one of the most common changes that make people want to move? It may be that you want to move to a new area because of a job change. Or maybe you want to be closer to friends and loved ones.  Perhaps you just feel like it's time to live in your dream location or start fresh in a new location.  Upgrading Many homeowners decide to sell to move into a larger home. This is especially important and desirable when you need room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones. It just may be time to trade that small condo for a larger single or multi-generational home.  Downsizing Has inflation driven up your everyday expenses to the point where you've decided to sell to reduce maintenance and living costs? Have you recently gone through a divorce, become an empty nester, or lost a loved one who lived with you, leaving you rattling around in a large home? Or maybe you've retired and are looking for a low-maintenance lifestyle or one-level living. Health Issues Perhaps you're facing mobility challenges or health issues that require specific living arrangements or modifications. It may make more sense to sell and find a home that works better for you, rather than taking on the challenges of renovating and retrofitting your current home. Selling may also make it easier to help pay for a unit in an assisted-living facility, by using the sale proceeds to ease the costs. Bottom Line With higher mortgage rates, there are some affordability challenges right now but your needs and your lifestyle matter too. It's a very personal decision to sell, so take the time you need to consider financial and lifestyle benefits. Be sure to make your future plans and goals a significant part of the process before deciding to list your home. If you’re ready to sell your house so you can make a move, let’s connect so you have an expert on your side to help you navigate the process of finding the best home to fit your needs.

Kitchens are one of the most essential spaces in a home, but a poorly lit kitchen can be a big turn-off for potential buyers. A dark kitchen is not only unattractive but also makes it difficult to cook and work efficiently. Fortunately, there are several ways to increase light in a dark kitchen. In this blog, we'll discuss four ways to brighten up your kitchen and make it more appealing to potential buyers.   1. Replace Your Overhead Lights The first step in brightening up a dark kitchen is to replace your overhead lights. You can choose from a variety of options, such as recessed lighting, flush mount fixtures, or pendant lights. Recessed lighting is a great option for kitchens with low ceilings, while pendant lights add a stylish touch to the space. Flush-mount fixtures are ideal for larger kitchens as they provide ample light without taking up too much space. 2. Install Task Lighting Task lighting is another great way to increase light in a dark kitchen. Task lighting provides focused light on specific areas, such as the countertop, stove, or sink. Under cabinet lighting is an excellent option for task lighting as it illuminates the work area without shining in your eyes. You can also install a light fixture above the stove to provide additional light while cooking. 3. Use LED Strips or Pucks LED strips or pucks are a budget-friendly way to brighten up your kitchen. These small lights can be installed under cabinets or on walls, providing a soft glow to the space. LED lights are energy-efficient and last longer than traditional light bulbs, making them an excellent investment for any homeowner. 4. Reflective Surfaces Lastly, you can increase light in a dark kitchen by incorporating reflective surfaces. Mirrors, glass tiles, and shiny countertops can help bounce light around the space, making it feel brighter and more open. You can also choose light-colored cabinets and walls to reflect more light. In conclusion, a dark kitchen can be unattractive and inefficient. By following these four tips, you can increase light in a dark kitchen, creating a more appealing and comfortable space. Brightening up your kitchen can also increase the value of your home, making it a worthwhile investment for homeowners. Thinking of Selling? Reach out and we'll be happy to share our team's expertise to help you lighten up your kitchen to help your home be more appealing to buyers. tcarroll@remax.net

Is a messy house getting to you? Do you need to get clutter under control before a summertime celebration or milestone event hosted in your home? Here are a few things you can do to reduce the chaos in your home and your life caused by too much clutter! A Place for Everything The best way to tame clutter is to avoid it in the first place. When planning to organize your home, make sure you have a place for everything - and put everything back in its place when you're finished using it. You can sort things with whatever method works for you, but make sure when you’re done working with something, it returns to its designated spot. Closed Storage To further facilitate the taming of clutter, choose closed storage. Use bins with lids, cabinets with doors, and furniture with drawers to keep items neatly organized. You can maintain the storage area within a closed space with additional containers and organizers. Storage solutions are readily available on Amazon, department stores like Target, and specialty stores like The Container Store and IKEA. You'll be amazed at the number of options, and how well they will work for you. Keep, Toss, Donate A 3-step process that works. A vital step in reducing clutter is determining what stays and what goes. Make three piles when cleaning out any space: keep, toss and donate. For the things you use regularly, add them to the keep pile. If you haven’t used an item in over a year, it may no longer be necessary, so consider letting it go and add it to the donate pile. With things you definitely no longer need or want, immediately put them in the donate pile. There are many local and national organizations that will be more than happy to take your donated items, and some organizations will even pick those items up. We can provide you with a list of such organizations. Make Organizing Fun The problem with organizing is that it’s rarely fun. But it doesn’t have to be a chore. You can make organizing fun for yourself or your family by creating rituals. You can use color coding or other fun tools to make the experience visually stimulating. Share stories of where the items came from - and why you thought it was a good idea to buy them. Have kids dress up in the items and perform a show.  Thinking of Selling Are you thinking of selling and need help decluttering? Let us know. Our team of listing specialists can help! An organized home shows better and will result in a quicker sale at a higher price.

Pools are wonderful for relaxing sun and fun, right at home, but the energy costs that come along with your backyard oasis can really add up. Luckily, there are steps you can take to help lower those summertime energy bills. Here are some cool pool tips for saving energy. Pool Pumps: Inefficient, single-speed pool pumps account for a lot of a home’s total annual energy usage. Consider switching to a variable-speed pool pump, which uses less energy and can save you a good amount a year on energy bills). These efficient models make less noise, last longer, and actually filter your water better. Plus, the energy bill savings will help cancel out the cost of the upgrade in just a couple of years. Pool Covers: Pool covers help lower the rate of evaporation, so your pump system doesn’t have to work so hard to filter new water to replace what’s lost. Less work means less energy used.  Pool Heaters: Your pool’s heating system uses a lot of energy during the filtration and cleaning process. Install an energy-efficient model and keep your water temperature a few degrees lower than you currently do to help cut back on the amount of energy the system needs. To save even more, try lowering your pool’s temperature after you’re done swimming, or switch it off completely on hot, sunny days. Lighting: Ahhh, nothing says relaxation like mood lighting around the pool. For extra efficiency, make sure you’ve installed LED bulbs in the fixtures. They use less energy, require less maintenance, and can last 10 times longer than standard incandescent bulbs. Pack a Cooler: Like your parents always said, “Close the door! We’re not trying to cool the whole neighborhood!” Pretend a day by the pool is a day at the beach. Plan ahead by bringing along a cooler full of snacks and drinks, rather than making repeat trips in and out of the house all day long. This will help keep the cool air indoors and save your air conditioning from working overtime to maintain its setting. Another idea is to set your indoor thermostat to the highest comfortable temperature since you’ll be out back in the pool all day.  You don't have a pool but want one? Let's connect and we'll find you your dream home - with your dream pool!  

As homeowners, we are always looking for ways to save money. One way to do this is by reducing our energy costs. Many of us are unaware of the amount of energy our household appliances consume. One of the things you can do to save on energy costs is to use energy-efficient light bulbs. LED light bulbs use 75% less energy than traditional incandescent bulbs. They also last longer, so you won't need to replace them as often. You can also install dimmer switches to control the amount of light you use. Another way to save on energy costs is to use a programmable thermostat. This allows you to set your heating and cooling system to turn on and off at specific times. You can program it to turn off when you're not at home or when you're sleeping. This will save you money on your energy bill. Common household appliances such as refrigerators, washing machines, and dishwashers use a lot of energy. When purchasing these appliances, look for the Energy Star label. This indicates that the appliance meets energy efficiency standards and will save you money in the long run. You can also save money by using your appliances efficiently. For example, when using your dishwasher, make sure it's full before running it. Also, try to use the energy-saving mode on your washing machine. Another way to save on energy costs is by sealing air leaks in your home. Air leaks can cause your heating and cooling system to work harder, which will increase your energy bill. You can use weatherstripping around doors and windows to seal air leaks. You can also use caulk to seal any gaps around pipes, wires, or other openings. Insulating your home is also a good way to save on energy costs. Proper insulation will keep your home warm in the winter and cool in the summer. This will reduce the amount of energy your heating and cooling system needs to use. Consider your household appliances. When it comes to saving on energy, here are a few ways:    Oven/Range - Choose the right size burner for your pot. Using a small pot on a large burner wastes energy and adds unnecessary heat to the kitchen. - Open the oven door as little as possible. Your oven loses 25 to 50 degrees Fahrenheit each time you open the door. This makes it work harder to maintain its temperature. - Cover pans for faster cooking. This can reduce cooking times, as well as the amount of heat needed. - Turn off the stove or burner a few minutes early. Electric stovetops and ovens — as well as many newer gas burners — stay hot for many minutes after you turn them off. - Use smaller appliances for smaller portions. Crockpots, toaster ovens and electric skillets can cook food just as fast but require one-third less energy. - Use a microwave. A microwave oven cooks food up to six times faster and draws one-third the electricity. It can also help keep your kitchen cool on hot summer days. - Bake in glass or ceramic dishes. You can lower your oven temperature by 25 degrees Fahrenheit and your food will cook just as quickly - Cook with aluminum or copper bottom pans for even heat conduction. Pans with straight sides and flat bottoms reduce cooking time and heat loss. - Preheat ovens only when necessary. Unless you’re baking breads or pastries, you may not need to preheat the oven at all. - Keep range-top burners and reflectors clean. They will reflect the heat better and save energy. Refrigerator/Freezer: - Set your thermostats. The recommended temperatures are 37 to 40 degrees Fahrenheit for your refrigerator and zero degrees for the freezer section. - Keep it cool. Position your refrigerator away from a heat source such as an oven, a dishwasher or direct sunlight from a window. - Defrost regularly. Manual and partial automatic defrost refrigerators and freezers should be defrosted at least twice a year or when the ice is more than a quarter of an inch. - Check your door seals. Make sure the refrigerator and freezer doors close tightly. - Pack it up. A full freezer performs better than a nearly empty freezer. - Cover liquids and wrap foods. Uncovered foods release moisture and force your appliance's compressor to work harder. - Avoid putting hot foods directly into the refrigerator or freezer. Let them cool to room temperature first. Dishwasher: - Whenever possible, choose an energy-saving cycle. Use the air dry or overnight dry setting. - Run the dishwasher only when it is full. In the summer, run the dishwasher during cool parts of the day, such as early morning and late evening. - Do not pre-rinse dirty dishes. Soak or pre-wash dishes only in situations that involve burned or dried-on food. - Do not use the rinse hold setting for just a few soiled dishes. This feature uses 3 to 7 gallons of water each time. Washer/Dryer: - Wash your clothes in cold water using cold-water detergents. Laundry detergent — not the water temperature — whitens your clothes. - Clean the lint filter after every dryer load. Clothes will dry faster and you will save energy. - Wash full laundry loads rather than multiple small loads. You'll save water, detergent and energy. - Don't add wet items to a load that is partially dry. It will require more energy to properly dry everything. - Don't over-dry clothes. Removing clothes from the dryer before they begin to wrinkle can eliminate ironing and save energy. - Make sure the dryer is properly vented. Inspect the outside vent opening to be sure it is clear of lint and that the damper will close when the dryer is off. - Have a professional inspect your dryer vent pipe. Lint can accumulate in these pipes and reduce airflow. Water Heater: - Repair leaky faucets. A faucet that leaks a single drop of hot water each second can waste up to 200 gallons of hot water per month — as well as the energy used to heat it. - Insulate your water heater and pipes. Non-insulated hot water pipes reduce water heat by 2 to 4 degrees, causing your hot water heater to work harder and use more energy. - Install a low-flow showerhead. Low-flow showerheads typically use 0.8 to 1.5 gallons per minute. At 1.5 gallons per minute, a 10-minute shower uses 15 gallons. On average, a bath uses 15 to 25 gallons of water. - Turn the faucet off. Don't let hot or warm water run continuously when performing activities such as washing dishes or shaving your face. In conclusion, there are many ways to save on home energy costs. You can use energy-efficient light bulbs, a programmable thermostat, and Energy Star appliances. You can also use your appliances efficiently, seal air leaks, and insulate your home. By taking these steps, you can save money on your energy bill and reduce your carbon footprint. Remember, a little effort can go a long way in improving your home's energy efficiency. So start implementing these tips today and see the difference in your energy bills!

If you're in the market for a new home in Andover, Massachusetts, you won't want to miss out on this listing at 305 S Main St. This turnkey colonial has been fully renovated and is in pristine condition, making it the perfect place for you and your family to call home. Located near the Pike School and Philips Academy, this home is in a sought-after location that's sure to impress. With six bedrooms, there is plenty of room for everyone to have their own space. And because the home was fully renovated in 2015, you won't have to worry about any major updates or repairs for years to come. As you step inside, you'll immediately notice the formal living/dining room combination. With recessed lighting and a wood-burning fireplace, this space is cozy and inviting. The eat-in kitchen is a chef's dream, complete with granite countertops, stainless steel appliances, and a breakfast bar for casual meals. Plus, there's an attached family room with a gas fireplace and access to a rear deck overlooking a private backyard. Upstairs, you'll find six bedrooms on two levels. The new main bath and separate laundry area make it easy to keep everyone clean and comfortable. And the primary ensuite bath is the perfect place to relax after a long day. The two-car garage, central air, front farmer's porch, and South/Doherty School district are just a few of the features that make this a wise purchase. And because the home is in such great condition, you can move in right away and start enjoying all that Andover has to offer. If you're ready to make your dream of owning a beautiful home in Andover a reality, don't hesitate to schedule a viewing of 305 S Main St. With its sought-after location, numerous updates, and luxurious features, this home is sure to impress. Tom CarrollThe Carroll Group978.502.8347tcarroll@remax.net

Here are some simple ways to lower your computer energy costs by making a few adjustments - Choose "sleep" over "screen save." While effective in preserving your computer monitor, screen savers require the same amount of energy as when you use the computer. - Let it hibernate. Set up your computer to go into "standby" mode after 15 minutes of nonuse and let it hibernate or sleep after 45 minutes of nonuse. These energy-saving modes reduce your computer's electric usage down to just a few watts. - Switch it off. The monitor consumes over half of the energy used by a computer. Turn off your monitor when it is not in use. - Trim down and downsize. Laptops use 10% or less of the electricity consumed by typical desktop computers. Flat panel monitors use less energy than standard monitors. - Think before you print. Printing can be very energy-intensive. Edit documents on-screen and use print preview to reduce the number of drafts you actually print. - Recycle and reuse. It takes approximately seven times more energy to produce a piece of paper than to print on it. Reduce the energy consumed in paper manufacturing by choosing recycled paper options, printing on both sides and reusing paper printed on one side. - Press "send" instead of stamping it. When possible, opt for emails and digital files over regular mail, fax machines or copiers. - Don't take cover. Avoid using cover sheets when faxing. Instead, use stick-on fax labels to send transmission details.

An adjustable-rate mortgage (ARM) provides an alternative option to the traditional fixed-rate mortgage. In an adjustable-rate mortgage, your initial interest rate will be fixed for a set number of years. After the fixed-rate period has ended, your rate and monthly mortgage payment can fluctuate. ARM loans are typically structured in one of the following formats: 3/1 5/1 7/1 10/1 The first number of each ARM format represents your fixed interest period. For instance, if you chose a 3/1 adjustable-rate mortgage, your interest rate would be locked in for three years. The “1” indicates how often your rate can change after the fixed period ends. In all the aforementioned ARM types, your rate would be adjusted annually for the remaining life of the loan. Some of the most notable advantages of adjustable-rate mortgages are: Lower Payments and Initial Interest Rate By opting for an ARM, you can access great interest rates. ARMs become especially appealing when general interest rates rise. This is because ARMs generally have interest rates significantly lower than those available for fixed-rate loans. Lower interest rates mean lower monthly payments for you. When your fixed-rate period ends, your rates will be adjusted. However, that does not necessarily mean the rates will go up. If interest rates fall, your rate will be dropped to make it more competitive with current offers. Keep in mind that your rates can go up as well. If you are reaching the end of your fixed rate period and current rates are higher than your existing ARM rate, your lender will likely increase the interest on your mortgage. If you plan to move, it might be a good idea to sell your home before your rate lock is over. On the other hand, if you want to stay put, consider refinancing to get a better rate. Pay House Principal Down Faster If your interest rate is lower, a higher percentage of every payment will be going toward the principal of your loan. This means that you can pay down your principal faster and build equity in your home. Remember, the monthly mortgage payment on your ARM loan is already lower than a traditional fixed-rate mortgage would have been. Therefore, you can roll some of those savings back into your home. You could pay extra on your ARM loan to reduce your principal balance even faster. ARM loans carry no prepayment penalty, which means that you will not incur any hidden fees if you pay off your loan altogether. Buy More House Like most buyers, you probably set your home purchasing budget based on the monthly payment amount, not the total price of the property. If you have been exploring ways to buy more houses, an ARM may be the ideal solution. With an ARM loan, you can waste less money on initial interest charges and invest more into your principal mortgage payment. Even a single percentage point of interest can influence your monthly payment by $200-$300. Potential for a Lower Payment After the Fixed Period After your fixed rate period has ended, your lender will reevaluate your ARM loan and adjust your rate. If the rates are higher than your current rate, they will raise it. The good news is that if interest rates fall, your rate can drop with it. This means that your monthly payment will drop, too. For instance, let’s say that you buy a home with a 3/1 ARM, and your initial rate is 4%. When you bought your home, rates for traditional mortgages were 6%. Therefore, you saved about 2% of interest per year during the 3-year fixed period.  At the end of your 3-year fixed-rate period, interest rates fell to 3%. In this scenario, your lender would drop your rate to be more competitive with current rates, which means you would save even more money. How to Pick the Right ARM? When choosing an ARM, the two factors you should consider are the initial interest rate and the fixed rate period. The shorter the fixed rate period you choose, the better your overall rate will be. For instance, your rate for a 3/1 ARM will likely be better than the initial rate for a 7/1 ARM. However, if you are not sure if you plan to stay in the home, opting for a longer fixed rate period might be the better move for you. This gives you more time to decide whether the house is still your dream home or if you are due for an upgrade.

You found your dream home. Now it's time to start the loan process. You're going to need to work with your loan originator (mortgage lender) to gather all sorts of paperwork to be able to submit your mortgage application. What kinds of paperwork? Here's a pretty comprehensive list! Identity & Income Information Your full legal name, Social Security number, and date of birth. A copy of your Social Security card may be required. Your phone number, email address, and residential mailing addresses for the past two years Your primary and secondary income and sources Your government-issued photo ID All employer names, addresses, and phone numbers for the past two years The values of your bank, investment, and retirement accounts, as well as any other asset accounts Your monthly debt obligations The address of the property being purchased, year built, estimated down payment amount, and purchase price Estimates of annual property taxes, homeowners insurance, and homeowner association dues (if any) Income Information for Self-Employed Borrowers Your personal and business federal tax returns for the past three years A year-to-date profit and loss statement A complete list of all business debts  Credit Information A letter of explanation for any late payments, judgments, collections, or other derogatory credit history items Source of funds documentation for any large deposits on asset or bank statements The judicial decree or court order of each obligation due to legal action Bankruptcy/discharge papers for all bankruptcies in your credit history Payment histories for utilities, cable TV, internet, phone, auto insurance, and any other expenses Income & Tax Documentation IRS Form 4506-T — this is a request for your tax transcript and it must be completed, signed, and dated Your W-2s for the past two years Pay stubs for the past 30 days Your federal tax returns (1040s) for the past two years Your most recent two months’ asset and bank statements for all accounts on your application (all pages, including blank pages) A written explanation if you have been employed less than two years or if employment gaps exist A purchase and sales contract signed by all parties Homeowners insurance information, including the agent’s name and phone number Submit your application Fill out and sign Form 1003 — the residential loan application — including the attached fair lending notice, loan info sheet, and credit authorization. Mistakes should be crossed out and initialed - don't use White Out! Review your Loan Estimate This document contains important details about the loan your are applying for including estimates of your interest rate, monthly payment, closing costs, taxes, insurance and any prepayment penalties. The lender must provide this to you within three business days of receiving your application. Review your Good Faith Estimate This is the list of the settlement charges that you must pay at closing. The lender must provide this to you within three business days of receiving the mortgage application. Clear any additional requests from underwriting Underwriting is the department that reviews all of your identification, paperwork, and credit history to determine if you will qualify for the loan. Underwriters determine the terms of the loan and will sometimes require extra documents to fully understand your background and make their decision. It is important to make yourself available during the underwriting process and to respond to any requests promptly and thoroughly. Review your Closing Disclosure The lender must provide this to you at least three business days before you close your loan. This document contains the final terms of your loan. Use this timeframe to review it thoroughly and compare it to your loan estimate. Don’t be afraid to ask your lender questions if you are unclear about the terms. Schedule your closing time and location and get the keys to your new home!

Buying a home is one of the largest financial transactions you’ll make in life. Any way you can lower your mortgage payment is worth looking at, including buying mortgage points to lower your interest rate. This could possibly save you thousands of dollars over the length of your home loan.  What are mortgage points? Points on a mortgage are an industry term referring to the lump sum you pay at closing in exchange for a reduced interest rate over the life of the loan. These points are typically included in the closing costs, and they reduce your rate, thus lowering your mortgage payment. Mortgage discount points are similar to getting prepaid interest for your home loan. Instead of paying for the interest over time, you incur an upfront cost to reduce the amount due. Because of this, the plan only makes sense if you plan to stay in the home over the long term. There are typically two types of mortgage points: Discount points  These are typically the prepaid interest. Each point you purchase will lower your mortgage loan by a pre-agreed percentage, normally 0.25% - but this percentage can vary based on the borrower and the market conditions. Origination points These are costs associated with mortgage processing. The lender can offer the points to shave off the principal amount. Origination points are less popular in today's real estate market as most lenders are offering no-fee or flat fee mortgages.If not, try to negotiate with your loan officer on the origination points. How do mortgage points work? The "discount" points you purchase go into paying off some of your future mortgage payments upfront, reducing what would otherwise be your monthly payment. Generally, one mortgage point will lower the interest rates by a quarter of a percentage. This value can vary depending on the lender, loan type, loan term, and the number of points you want to buy. For instance, if you want to take out a $200,000 mortgage at a fixed rate of 4.5% with a repayment period of 30 years, each point would cost $2,000. It would cut 0.25% off the interest rate, lowering it to 4.25% and reduce your monthly payments from $1,013.37 to $983.88. Purchasing multiple points can lower your interest rates even more.  How much do mortgage points cost? The price of discount points may differ from one mortgage lender to the other. Contact your lender directly and ask about their current options for discounting the interest rate on your loan based on how much money is paid upfront at closing.  How many mortgage points can I buy?  The number of discount points you can purchase when buying a home depends largely on the lender. Most lenders cap the number of points at 1% to 3% of the loan amount. They also allow fractional point calculation, such as half a discount point that reduces the interest rate by 0.125%. The choice of the number of mortgage points to lower your interest rate depends on your cash reserves, the type of loan you choose, and the lender's terms on the dropped percentage per discount point. Reasons to buy down the mortgage rate  Here are some reasons why you might want to buy mortgage points to lower your interest rate: - Less interest over the loan's life. Points are a percentage of the total loan amount, calculated as a one-time purchase rather than an ongoing payment. You can take advantage of the “prepaid interest” to make additional savings in your monthly payments. - Lower monthly payments by reducing interest. Mortgage points are an investment that you make in your home purchase. You're essentially paying a fee to lower the interest rate on your loan and save money over the life of your mortgage.The amount you'll save depends on how many points you purchase, how long it takes to pay off those points, and what type of interest rate reduction they yield. - You've got cash available to pay for points. Buying down the interest rate depends largely on the cash reserve you have to complete the transaction. You can use the additional funds from your savings for the down payment and closing costs to purchase mortgage points, consequently reducing the interest rates for the loan.You can use a mortgage calculator to find the exact costs of buying discount points. - Get tax deduction benefits. The Tax Cuts and Jobs Act, which applies for the tax years 2018-2025, allows for the inclusion of mortgage points as tax-deductible on Schedule A, Form 1040. The IRS stipulates borrowers deduct the points proportionally over the life of the mortgage loan. The deductions are also limited to the first $750,000 of the loan. Speak to a tax accountant about the implications of the discount points on your taxes. - Your credit score can't qualify for the lowest rate. If the available loan terms cannot lower your rate further, you can use mortgage discount points to reduce your monthly payments. The one-time lump sum amount guarantees a lower rate for your loan over the long term. If you want to see if buying points to lower your interest rate is right for you, contact a loan officer to explore your options. We are happy to refer you to some of the lenders we frequently work with and trust!

Are you wondering if you should continue renting or if you should buy a home?  Buying a home most likely makes the most sense. Rental prices are increasing rapidly, and historically since 1988 rents have always trended up, so rental affordability is an increasing challenge. The median rent across the country was $1,732 and is almost 26% higher than it was in 2019. And in Massachusetts the median rent is $3,200. Yes, that's correct, a whopping $3,200 a month going to a landlord! Here are some of the benefits of owning vs. renting. Homeownership Can Be More Affordable if You Need More Space It’s typically more affordable to own than to rent if you need two or more bedrooms. Whether you need more bedrooms to accommodate your household, or just to give you more space to spread out or work from home, it might make sense to consider homeownership. Homeownership Allows You To Start Building Equity In addition to shielding you from rising rents and being more affordable when you need more space, owning your home also allows you to start building your own equity, which in turn grows your net worth. As home values rise and you pay off your mortgage, you can use the equity to move to an even larger home, to pay for education or to build retirement income. Homeownership Gives You Flexibility When you own your own home you can pretty much do what you want to it. Do you want to hang dozens on pictures on the walls? Paint the kitchen cabinets white? Put orange carpet in your bedroom? You can do those things when you own your own home. No need to get permission from the landlord (or get a resounding "no" to your requests). Homeownership Improves Mood Looking around your own home, feeling pride of ownership and doing DIY projects  can improve your outlook on life, give you more confidence and provide a sense of accomplishment and peace. Let's get in touch so we can discuss how you can purchase your own home and stop paying that landlord!  

Bathrooms have become our places of sanctuary, a respite at the end of a long day or stressful week. If you're contemplating remodeling your bathroom, be sure to avoid making some common mistakes. You want your new bathroom to be relaxing, not a source of anxiety. Here are things to think about when planning your bathroom renovation. Bad ventilation  Inadequate ventilation in a bathroom causes more than just steam buildup. It can lead to significant issues such as dangerous mold and air quality problems. Moist rooms like the bathroom need proper ventilation, so cutting corners in this area can lead to major issues in the future. Poor lighting Make sure you have enough light to ensure that you can take care of all your personal tasks like putting on makeup and shaving without straining your eyes. Overhead lights and task lights are the best options. Consider adding recessed lights or a chandelier on a dimmer, and not just relying on vanity lights over the sink. A cool new product is a bathroom mirror with an embedded LED light around the edge of the mirror, with multiple light settings to emulate different types of lighting.  Trying to put too much into a small bathroom Bathrooms are not always big rooms, and if you have a smaller one, you need to create storage space without jamming cabinetry or accessories into the space. If you attempt to add too many details or features to your bathroom, you'll run into issues because you're not being realistic about how much space is at your disposal. Think about sinks with drawers or a floor-to-ceiling cabinet next to the vanity.   Cutting corners Renovation costs can quickly add up, so be aware of your budget. Don't cut corners by spending less on details that could have long-term effects on your home's structure. Instead, save costs on details such as finishes and fixtures.  Wrong materials Some materials will work far better in a bathroom than others. Hardwood floors may be pretty but they aren't good for use in a bathroom due to potential water damage. Use durable and waterproof materials such as vinyl plank flooring, even in areas you don't think will be affected by water. 

It's a sure sign that winter is over when you see trees budding and flowers blooming. This magic of nature also means you must plan the next steps in your garden maintenance. What do you need to do to make your garden healthy this spring? Make necessary repairs to hardscaping Hardscaping refers to any of your landscape elements that aren't planted. It's a good time to inspect and repair retaining walls, walkways, fences and other parts of your landscaping that have shifted or been damaged by winter frost, ice and snow. Clean up thoroughly Do a spring cleanup to remove leaves and twigs that have made their home in your flower beds and among your trees, bushes and plantings. This winter debris can become more than just a visual nuisance when they start attracting rodents and other pests to your garden. It's also an excellent time to weed and remove dead plants before new flowers start to come up. Prune trees and shrubs Trees and shrubs may seem hardy and easy to grow, but they can use additional care. Before the leaves get heavy, prune away branches that could threaten your home or your neighbor's property. Prune back hedges so they're tidy. This also helps the healthy parts of the plants grow back stronger. Plant spring flowers Adding a pop of color with springtime flowers is always a fun part of gardening. Plant perennials in the ground or in pots to make your landscaping look bright, cheerful, welcoming and colorful for the season. Be prepared for frost When working on your garden in the early spring, keep in mind that chilly days and frosts can still occur. Watch the weather forecast to be prepared for frost so you can cover outdoor plants to protect them, and bring potted plants indoors for the night.  

Looking for ways to save energy and lower your energy bill? Here are five easy tips! Check for Air Leaks Unidentified air leaks in your home can waste energy and get costly. A common culprit is uninsulated switches and outlets. Athin metal or plastic switchplate isn't enough to prevent air from getting through the wall, so it takes more energy to cool your home, leading to higher energy bills. Try the tissue test to see if outside air is slipping inside.  Make sure the electricity is turned off Remove the switch/outlet plate and cover the opening with a tissue affixed to the wall at the top with painter's tape, like a curtain If the tissue billows, you've got a leak Dollar Bill Fridge Test Every fridge has a seal (the rubber gasket that goes all the way around the door). A fridge with a broken seal will have to work harder to keep the cool air from escaping the unit. Here’s a simple test to make sure your fridge is working. Open the refrigerator door and, starting at one edge, close a dollar bill in the door with enough sticking out so that you can grab it. Pull the bill. If there is a little resistance, you’re good to go. If the bill slides out with no effort, your seal is not as tight as it should be and needs to be replaced. A Dry Towel in the Dryer Sometimes it seems like drying a load of clothes takes forever. You can reduce drying time by tossing a dry towel into your dryer with damp clothes. The towel acts almost like a sponge absorbing the excess water, leading to a reduced drying time.  Toss in a clean, dry towel Set the drying time to about half what you normally would Begin checking the laundry when the dryer stops, increasing the time by 5 to 15 minutes, as needed Find Energy Wasters Get an energy checker such as "Kill-a-Watt. The detector will tell you how much energy an appliance or electronic device is using even when it’s turned off. You will be able to see how much “phantom energy” your devices are using. This will make it easier to make energy-saving adjustments such as unplugging devices when not in use so you can take charge of your electricity use. Call a Pro While you can do a basic check yourself, you may want to call in a professional, who can likely find home air leaks that you might miss. A good place to start is the free home energy audit program offered by Mass Save.

It's the perfect time to do your spring cleaning - the trees are budding and flowers are peeking out of the ground to brighten the landscape and your mood! It's time to refresh inside your home to match nature's spring reawakening. Here are some tips to get you going. 1. Freshen carpets, mats, and upholstery Indoor and outdoor mats and rugs can collect a lot of dirt tracked into the house by people and pets over the winter months. Vacuuming doesn't always get everything, so you might want to rent or buy a portable steam cleaner or call in a company that steam cleans rugs, carpets, mats, and furniture. Pay special attention to the doormats inside and out since those collect the most dirt. If your rugs and furniture aren't heavily soiled you can sprinkle deodorizer on the carpet and upholstery according to the package directions, and vacuum dirt away while freshening at the same time. 2. Clean windows and blinds Windows get dirty throughout the year, especially during the winter, so take some time to clean them. Start on an overcast day to make it easier to see streaks left behind by a cloth. Double-hung windows that tilt in for cleaning, can make it even easier. And don't forget to wash the blinds while doing this! Seeing the difference between a dirty window and a clean one will make you feel a great sense of accomplishment and make your mood sparkle like your windows! 3. Wipe down walls Mopping floors and cleaning counters is part of a usual cleaning routine, but we often don't think to wash the walls until it's time to repaint. But doing it once a year will prevent a lot of grime from building up, making the job more manageable in the future. Use a little all-purpose cleaner or vinegar and water on a clean microfiber cloth to freshen your walls quickly. Other Spring-Cleaning Tasks Toss any expired food from your refrigerator, freezer, or pantry Run your oven's self-cleaning cycle, wipe down the inside of your microwave Clean your curtains and blinds Replace your furnace filter Run the sanitizer cycle on your washing machine Change the batteries in your smoke alarms and carbon monoxide detectors   Thinking of listing your home this spring? Give us a call! The Carroll Group 978.502.8347 www.andover-topbroker.com tcarroll@remax.net

Have you applied for a mortgage and been told it would help if your credit score were higher? Ask your lender if it is possible to do a "credit rescore" for you. It shouldn't take long to improve your credit score, with advice from your lender on just what you can do. The most common ways to quickly improve a credit score are to pay down debt, add (or have removed) a dispute comment on your credit report, and although it sounds counterintuitive, add a credit card. Mortgage underwriters like to see that you don't use all your available credit, leaving you some wiggle room for emergencies or just for paying your mortgage! Paying down debt is generally the most important thing to do, though.  How does this rescore help you? A higher credit score means you may qualify to buy a home afterall, and it can also mean you may bet a better interest rate. If you're thinking of buying a home and are worried about your credit score, contact us. We have a number of lenders we've worked with for years and we are happy to share their contact information with you!        

The 30-year fixed mortgage rate has been bouncing around between 5 and 7 percent this year, creating anxiety for homebuyers and significantly impacting buyers' home affordability. It's good to know ahead of time exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power. You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky as no one knows for sure where rates will go from here, and trying to time them to your benefit is tough. Rate volatility can have a real impact on your monthly mortgage payments. Here's a look at how a .5% and a 1% shift changes your monthly affordability. It's critical to stay in touch with your lender to understand what impacts mortgage rates, and plan your homebuying budget around today’s prices. A good, experienced lender will also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision before you go out to look at homes.  If you're thinking of buying a home, let us know. Not only will we help you find the perfect home for your needs, we will also be happy to provide contact information for some great lenders we've worked with for many years!  

Do you love being outside, soaking up sunshine and nature's views, but can't use your deck or patio for half the year because of cold, rainy or snowy weather? There's an alternative you should consider if you want to spend time on your deck or patio regardless of the season or the climate where you live. Turn your deck into a sunroom! Utilize the space beneath a raised deck Do you have a raised deck that extends over your yard? The area beneath the deck can be the perfect place to enclose for the sake of creating an all-season room. Or close in the deck itself and create a perfect "tree house" overlooking nature. Either way, you already have a large part of the structure finished as it currently is. Plus, there's already easy access to the are, since a back wall and door are currently in place, making for a somewhat quick and easy building project. Evaluate the strength of the structure Have a professional contractor check the structural integrity of the deck to ensure you will not run into any significant issues. You'll probably also need to check with your town's building department to make sure your project won't be against any building codes or create a wetlands violation. Call in a professional For a more complex sunroom, consider calling a professional. Hiring someone to complete the work on your behalf can ensure all the details are taken care of, especially if you anticipate needing roofing, drywalling, flooring, electrical detailing or plumbing. Just keep in mind that the price of these services will vary depending on the square footage involved in the project. Or make use of a sunroom kit A sunroom kit can be an excellent way to create an enclosed space on a DIY budget. These kits usually range anywhere from $5,000 to $30,000 each, though the exact price will depend solely on the size of the kit as well as the materials included in it. Sunroom kits are prefabricated and relatively easy to install on your own. Do you want to a sunroom in your home so you can use the space all year long? Call us today if you don't want to take on the challenge of adding a sunroom, and we'll help you find a new home that comes complete with a finished sunroom!