Wilson Wolfe Real Estate



Posted by Wilson Wolfe Real Estate on 5/19/2019

Buying a home is a big financial endeavor that takes planning and saving. Aside from a down payment, hopeful homeowners will also need to save for closing costs and moving expenses.

When it comes to the down payment amount you’ll need to save, many of us have often heard 20%, the magic number. However, there are a number of different types of mortgages that have different down payment requirements.

To complicate matters, mortgages vary somewhat between lenders and can change over time, with the ebb and flow of the housing market.

So, the best way to approach the process of saving for a down payment is to think about your needs in a home, and reach out to lenders to start comparing rates.

However, there are a few constants when it comes to down payments that are worth considering when shopping for a mortgage.

In today’s post, we’re going to talk about some characteristics of down payments, discuss where the 20% number comes from, and give you some tips on finding the best mortgage for you.

Do I need 20% saved for a down payment?

With the median home prices in America sitting around $200,000 and many areas averaging much higher, it may seem like 20% is an unattainable savings goal.

The good news is that many Americans hoping to buy their first home have several options that don’t involve savings $40,000 or more.

So, where does that number come from?

Most mortgage lenders will want to be sure that lending to would be a smart investment. In other words, they want to know that they’ll earn back the amount they lend you plus interest. They determine how risky it is to lend to you by considering a number of factors.

First and foremost is your credit score. Lenders want to see that you’re paying your bills on time and aren’t overwhelmed by debt. Second, they will ask you for verification of your income to determine how much you can realistically hope to pay each month. And, finally, they’ll consider the amount you’re putting down.

If you have less than 20% of the mortgage amount saved for your down payment, you’ll have to pay for private mortgage insurance (PMI). This is an extra fee must be paid in addition to your interest each month.

First-time buyers rarely put 20% or more down

Thanks to FHA loans guaranteed by the federal government, as well as other loan assistance programs like USDA loans and mortgages insured by the Department of Veterans Affairs, buying a home is usually within reach even if you don’t have several thousands saved.

On average, first-time buyers put closer to 6% down on their mortgage. However, they will have to pay PMI until they’ve paid off 20% of their home.


So, if you’re hoping to buy a home in the near future, saving should be a priority. But, don’t worry too much if you don’t think you can save the full 20% in advance.




Categories: Uncategorized  


Posted by Wilson Wolfe Real Estate on 5/18/2019


356 Middlesex Avenue, Wilmington, MA 01887

Single-Family

$395,000
Price

5
Rooms
3
Beds
1
Baths
~ OPEN HOUSE SATURDAY & SUNDAY 11:00- 1:00 ~ Commuters Dream! Welcome home to this 3 bedroom Ranch located just a few short steps away from the commuter rail. This home features an updated kitchen, large living room w/ hardwood floors, 3 bedrooms, and a full bath. Situated on a fenced, corner lot convenient to shopping and less than one mile from Route 93.
Open House
Saturday
May 18 at 11:00 AM to 1:00 PM
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Location: 356 Middlesex Avenue, Wilmington, MA 01887    Get Directions






Categories: Price Change  


Posted by Wilson Wolfe Real Estate on 5/16/2019


93 Fairway Drive, Tewksbury, MA 01876

Condo

$389,900
Price

5
Rooms
2
Beds
1/1
Full/Half Baths
**OPEN HOUSE 5/18 SAT 12-1:30**Active 55+ community in sought after Eagles Landing. Feel of single family living without all the upkeep. Townhome has been completely remodeled nothing to do but unpack & move in. For added convenience the garage leads directly into the kitchen area. Fully applianced step saver Kitchen w/ stainless steel, glass tile back splash & granite counters. Brand new half bath, laundry & entertainment space round off first floor. Off the kitchen from the sliders is your patio area w/ tall tree lined boarder providing privacy. Two generous sized bedrooms, bonus room that can be finished or used for storage & a brand new full bath on the second level. Community indoor pool, jacuzzi & club house. Short stroll to the Tewksbury Country Club where you'll enjoy a 10% discount. Dine in the cold season near the fireplace in the tavern or in the summer Al Fresco. Convenient to highways, shops, golf and restaurants. LOW CONDO FEES,CENTRAL AC & NATURAL GAS.
Open House
Saturday
May 18 at 12:00 PM to 1:30 PM
Don't miss seeing this completely renovated TOWN HOME in desirable Eagles Landing. Private patio area, garage only a step away from kitchen, first floor laundry, good sized bedrooms, step saver kitchen fully applianced including refrigerator. Quick close available just pack your bags and move in.
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Location: 93 Fairway Drive, Tewksbury, MA 01876    Get Directions






Tags: Tewksbury   Real Estate   Condo   Open House   01876  
Categories: Open House  


Posted by Wilson Wolfe Real Estate on 5/15/2019

This Single-Family in Wilmington, MA recently sold for $305,000. This Bungalow style home was sold by - Wilson Wolfe Real Estate.


68 Cunningham St, Wilmington, MA 01887

Single-Family

$299,000
Price
$305,000
Sale Price

5
Rooms
2
Beds
1
Baths
Great opportunity for investors, or for those want to bring their own ideas and handy-work to this cute bungalow. Situated on a generously proportioned lot, this home could offer many possibilities. Quiet side street within close proximity to Silver Lake. Price to sell. This home won't last! Sold as-is.






Categories: Sold Homes  


Posted by Wilson Wolfe Real Estate on 5/15/2019


5 Shady Lane Drive, Wilmington, MA 01887

North Wilmington

Commercial

$579,900
Price

1
Buildings
Commercial
Type of Comm.
10,890.00
Lot Size
Building has three finished levels and is currently being used as a real estate office. The first floor has three offices and a half bath. The second floor has three offices and a full bath. The lower level has two rooms, a kitchen and a full bath. This building abuts 356 Middlesex Ave which has 100 ft. frontage on Route 62. It is also currently being offered for sale - preferred to sell as a package.
Open House
Sunday
May 19 at 11:00 AM to 1:00 PM
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Location: 5 Shady Lane Drive, Wilmington, MA 01887    Get Directions






Categories: Open House  




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