What You Need To Know About Titles And Mortgages

There’s numerous reasons why the name on a title to a home may not be the same as the name that’s on the mortgage loan. These reasons include:

  • Only one buyer had stable credit
  • Only one person was on the loan application
  • One person was released from the mortgage

No matter why this is the case, having your name on the mortgage but not on the title to a home can affect you and people residing in the home in different ways. 

Why Would Only One Name Be On The Mortgage?

If people are looking to get a home or refinance a home, but only one person has good credit a decision must be made. For the best possible mortgage rates, you’ll want to person with the best credit to be the primary loan holder. This may mean that you need additional legal documents in the process.  

The person with lower credit may still be able to have their name placed on the title to the home. Anyone who plans to contribute financially to a home, even if not on the mortgage, should place their name on the title. This would be one instance when a name would be on the title to a home and not on the mortgage loan. In this case, a person has property rights, but no legal-financial responsibility to the home. It’s important to agree on the home arrangement that you’re considering. This would be done through a will or a legal contract. This way, all parties are protected in regards to the ownership of the home should something happen to the individual whose name is on the mortgage.

Legal Things To Consider

Those who are listed on the mortgage are the people who are responsible for house payments. If a person’s name isn’t on the mortgage, it doesn’t release them from complete responsibility from the home. If your name is on the title to the home but not on the mortgage, the bank generally has first dibs on the home if there’s a lapse in payments. If you want to keep living in the house, you’ll have to keep making payments on the home. If you can’t make the mortgage payments, you’ll risk going into foreclosure. 

Taxes

An issue that can come up if your name is not on the mortgage is that you cannot use the home you’re living in as a tax deduction. Even if you make payments on the home, in order for you to get tax benefits, your name must be on the mortgage stating that you’re legally responsible for the home. If you are paying for the mortgage because your name appears on the title to the home, you aren’t legally entitled to pay, giving away your rights to tax benefits. If you’re married, filing jointly, and only one name appears on the mortgage, however, you can use this as a tax deduction. This becomes an issue if two unmarried people buy a home together.  

Ask For Legal Assistance

Whenever you have an issue with the title of your home or with names on the mortgage, it’s good to consult legal counsel. The attorney can assist you in determining who is legally responsible for the home and if the people listed on the title of the home are correct. This can help save you from trouble at a future date.

Since credit scores and loans can get messy at times during the home buying process, it’s good to understand all the implications of home mortgages and titles.

All The Things That You Can Clean With Vinegar

Using harsh chemicals around your home isn’t always the best way to clean. There’s a natural substance that you probably have right in your kitchen that’s perfect to clean the kitchen and every other room of the house. This substance is vinegar. Here, we’ll give you all the ways that you can use vinegar to clean up even the toughest of dirt in and around your home.

Bathroom

You can pour a cup of vinegar right into the toilet. You can let the vinegar sit overnight. If the toilet is really in bad shape, you can add baking soda or borax to use as an abrasive scrubbing agent. Once you scrub, flush, and notice how clean your toilet is! Vinegar is also great for cleaning the drain in the tub. You can also use vinegar straight or diluted for general cleaning around your sink and shower, as vinegar works wonders on soap scum.
One great tip to get rid of hard water is to use vinegar on your shower head. Fill a plastic bag with vinegar and tie it around your shower head so that it is submerged. Let it sit overnight and remove the bag the next morning. Let the water run for a few seconds and you’ll have a much cleaner shower head!

Kitchen

When you’re working with food, why would you want to use toxic chemicals around the kitchen? You can wipe up spills in your fridge with a mix of water and vinegar. You can also use vinegar to clean countertops, cutting boards, your microwave and plastic containers. Just be sure to rinse everything after you use the vinegar for a cleaning job well done.

Bedroom

You can actually use vinegar to disinfect your mattress. Create a mix of rubbing alcohol, vinegar and some tea tree oil. Place in a spray bottle and spray on your mattress to help rid your mattress of dust mites, mildew and other odor causing bacteria. Once it dries, vacuum your mattress and it will be like new.

Wood Furniture and Hardwood Floors

Mix vinegar with olive oil to clean wood. You can add lemon or orange if you’d like a fresh scent. This will help to clean and maintain your wood furniture and floors.

Carpets

While you need to test your carpet for colorfastness, vinegar is a great substance to condition your carpets. You can mix vinegar with an essential oil for scent and spray on the carpet to get rid of dust mites.

Cleaner Laundry
Did you know that you can use vinegar as a fabric softener? By adding a cup of vinegar to the last rinse cycle, your clothes will come out soft and clean.

These green ideas are perfect for your green home. Who knew that something as inexpensive as vinegar could be so versatile?

.

Open house on 4/21/2017 at 29 Northern Ave Beverly, MA 01915


Date: 04/21/2017 Time: 1:00 PM to 3:00 PM  
For Directions: feel free to contact me.  
For more information: click here for the full details  

***First Showings at Saturday’s and Sunday’s Open House from 11a.m. till 1pm*** Adorable and Gorgeous Cape Style Home that has been refurbished top to bottom. The light and bright kitchen is remodeled with brand new cabinets, granite counter tops, tile back splash, and stainless steel appliances. There is a new kitchen island that is movable for flexibility.The flooring in the entire home has been redone with gleaming hardwood floors, and new vinyl in the kitchen and bath. The lighting fixtures have been updated, along with wiring, plugs, switches and the circuit panel. Newer gas furnace and water heater in a clean and freshly painted basement. The exterior is very well maintained with a newer roof, repointed chimney. From the moment you walk in, you will know this is the one you’ve been looking for! ***Any and all offers due by Tuesday night 4/25 and will be presented on Wednesday 4/26.***

Open house on 4/23/2017 at 29 Northern Ave Beverly, MA 01915


Date: 04/23/2017 Time: 11:00 AM to 1:00 PM  
For Directions: feel free to contact me.  
For more information: click here for the full details  

***First Showings at Saturday’s and Sunday’s Open House from 11a.m. till 1pm*** Adorable and Gorgeous Cape Style Home that has been refurbished top to bottom. The light and bright kitchen is remodeled with brand new cabinets, granite counter tops, tile back splash, and stainless steel appliances. There is a new kitchen island that is movable for flexibility.The flooring in the entire home has been redone with gleaming hardwood floors, and new vinyl in the kitchen and bath. The lighting fixtures have been updated, along with wiring, plugs, switches and the circuit panel. Newer gas furnace and water heater in a clean and freshly painted basement. The exterior is very well maintained with a newer roof, repointed chimney. From the moment you walk in, you will know this is the one you’ve been looking for! ***Any and all offers due by Tuesday night 4/25 and will be presented on Wednesday 4/26.***

Open house on 4/22/2017 at 29 Northern Ave Beverly, MA 01915


Date: 04/22/2017 Time: 11:00 AM to 1:00 PM  
For Directions: feel free to contact me.  
For more information: click here for the full details  

***First Showings at Saturday’s and Sunday’s Open House from 11a.m. till 1pm*** Adorable and Gorgeous Cape Style Home that has been refurbished top to bottom. The light and bright kitchen is remodeled with brand new cabinets, granite counter tops, tile back splash, and stainless steel appliances. There is a new kitchen island that is movable for flexibility.The flooring in the entire home has been redone with gleaming hardwood floors, and new vinyl in the kitchen and bath. The lighting fixtures have been updated, along with wiring, plugs, switches and the circuit panel. Newer gas furnace and water heater in a clean and freshly painted basement. The exterior is very well maintained with a newer roof, repointed chimney. From the moment you walk in, you will know this is the one you’ve been looking for! ***Any and all offers due by Tuesday night 4/25 and will be presented on Wednesday 4/26.***

Single-Family – 29 Northern Ave Beverly, MA 01915 is now new to the market!

***First Showings at Saturday’s and Sunday’s Open House from 11a.m. till 1pm*** Adorable and Gorgeous Cape Style Home that has been refurbished top to bottom. The light and bright kitchen is remodeled with brand new cabinets, granite counter tops, tile back splash, and stainless steel appliances. There is a new kitchen island that is movable for flexibility.The flooring in the entire home has been redone with gleaming hardwood floors, and new vinyl in the kitchen and bath. The lighting fixtures have been updated, along with wiring, plugs, switches and the circuit panel. Newer gas furnace and water heater in a clean and freshly painted basement. The exterior is very well maintained with a newer roof, repointed chimney. From the moment you walk in, you will know this is the one you’ve been looking for! ***Any and all offers due by Tuesday night 4/25 and will be presented on Wednesday 4/26.***

This is a Cape style home and features 6 total rooms, 1 full bath, 3 bedrooms, 0.12 Acres, and is currently available for $339,900.

For complete details click here.

How To Prepare For Closing Costs

When you’re buying a home, there’s a lot to think about. Your finances probably have the biggest impact in the entire home search process. The amount of a down payment you have and the amount of loan you’re approved for help decide what you can buy. 

When you hear about closing costs, what do they entail? How much will you need to cover these costs? Many people get to the closing table for their home purchase and feel unprepared. You’ll need a certain amount of cash on hand when you finally close on a home. Learn more about closing costs, so that you understand everything that you need to know about your home purchase.    

Closing costs are spelled out pretty plainly in just about every kind of real estate contract. These costs are the fees associated with the title companies, attorney, banks, lenders and everyone else who is involved in the purchase of a home. The closing table is also the time when you provide your sizable down payment. The closing costs that are being referred to are considered a separate expense independent of the closing costs.

Closing Costs Vary

Closing costs can range from anywhere between 2 and 8 percent of the purchase price of the home. You can’t really “choose” what’s included in the closing, so you’ll need to have an idea of how much money you’ll need to write a check for. Lenders can give you an estimate of about how much closing costs will be. 

Negotiations 

Certain things like the realtor’s commission fees can be negotiated and can be paid for by the buyer or the seller. The good news is that you can roll your closing fees in with your mortgage in some cases. You may also be able to negotiate with your lender to pay the closing costs for you in exchange for a higher interest rate. 

What’s Included In Closing Costs?

Depending upon where and what type of home you’re buying, what the closing costs actually cover varies. Here’s just some of the things that closing costs cover:

  • Appraisal
  • Escrow fees
  • Credit reports
  • Title search
  • Title exam fee
  • Survey fee
  • Courier fee (Most transactions are done electronically, but in some cases this may be necessary)
  • Title insurance
  • Owner’s title insurance
  • Natural hazards disclosure
  • Homeowner’s insurance (Your first year of insurance is often paid at closing)
  • Buyer’s attorney fee
  • Lender’s attorney fee
  • Transfer taxes
  • Recording fees
  • Processing fees
  • Underwriting fee
  • Pre-paid interest
  • Pest inspections
  • Homeowner’s association transfer fees
  • Special assessments

These fees vary widely by state and the type of property that you’re purchasing. Not every fee is required, but the above is just a list of many of the possible fees that could be included in on the closing of the home you choose.

Condo – 60 Rantoul Street Unit 106N Beverly, MA 01915 is now back on the market!

~First Floor Unit at the Gateway Condominiums. This is an APPROVED short sale at $210,000. Will NOT qualify for traditional financing, looking for Cash Investors who are willing to by “As IS”. Buyer to be responsible for a premium in order to erase additional liens on title (approximately $10,000). The unit needs work, Seller and Seller’s Agent make no representations whatsoever about unit, or building. Buyers and Buyer’s Agent to own due diligence.

This is a Garden/Mid-Rise style home and features 4 total rooms, 2 full baths, 2 bedrooms, and is currently available for $210,000.

For complete details click here.

Don’t ruin your home sale

The longer you live in your home, generally the more repairs you’ll have to perform. Live in your home for 10 or more years and you could easily spend $2,000 a year on maintenance and repairs. That and the fact that your family dynamic has grown or shrunk significantly have inspired you to move. But, there’s this big catch.

Stop robbing yourself of the chance to move on

You keep pumping the brakes just as you near closing. This house that is costing you upwards of $2,000 a year has become your baby. You complain to friends about the leaks, worn roof and old kitchen cabinets. Yet, you also complain about every potential buyer who attends an open house or staging event at the very house that you put up for sale.

Make it easier on yourself and potential buyers. Set aside one to two days to discuss how you feel about your house, selling your house and moving into a new home.Talk it over with a family member or a friend. Think about the advantages of buying a new house. For example, buying a new house could lower your home repair costs. It could also shorten your commute to work or reduce your monthly mortgage payments.

After you are certain that you’re ready to move forward with the sale of your house, steer clear of clogging the house sale process by:

  • Talking with people who attend open houses that your real estate agent organizes without interviewing the potential home buyers
  • Removing family photos and personal decorative items out of staging rooms
  • Staying away from contradicting your real estate agent when she answers a potential home buyer’s question
  • Leaving your home during a home staging or open house
  • Spending personal money on furniture and other home staging products

If you’reselling your house through a real estate agent, ask the agent if there’s anything that she needs your help with regarding staging your home. Costs of staging your home might be included in your real estate agent’s fee.

Should you still find it difficult to step aside and let your agent interact with potential buyers, discuss your concerns with your real estate agent. She may have had similar experiences with previous home sellers and might be able to offer tips on how you can better transition through the home sale process.

Another action that you can take is to focus more on shopping for your new house. This way, you won’t feel as if you’re losing by letting go of your home. Visit neighborhoods that you’re interested in moving to. Check out videos of new houses online. Start talking to people who live in communities you want to become a part of.

If you’ve lived in your house for several years, it may be challenging at first. But, you can adjust to leaving your current home and moving into a new house. To enjoy a successful home sale, accept the idea that other people are going to live in your house, making it their home. You’ll do the same as well when you move into a new house that matches your family’s needs.

Single-Family – 121 Forest St Danvers, MA 01923 is now new to the market!

First Showings at the Open House this Saturday and Sunday 4/8 and 4/9 from 11 am. till 1 pm. Beautiful, well maintained and UPDATED Colonial in the desirable Endicott Park/Highlands area of Danvers. This home features an open concept on the first floor that connects the kitchen, dining room and family room. The first floor also offer a full bath, office, playroom and 2 bedrooms! On the second floor you will find an awesome master bedroom suite that could also be a potential in law or teenage suite. This suite has a bedroom, master bath, den, kitchenette, and dining area that opens onto the private balcony! Also on the second floor is a huge 24 x 11 bedroom. There is room for everyone in this home. The first floor bath has just been updated, the color palette in this home is amazing! Huge level back yard with attractive fence and shed. Gas Heat! This home is ALL YOU COULD WANT! All offers are due by Tuesday evening 4/11 and will be reviewed on Wednesday 4/12. Don’t miss this one!

This is a Colonial style home and features 9 total rooms, 2 full baths, 5 bedrooms, 0.33 Acres, and is currently available for $549,900.

For complete details click here.