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Old 06-12-2013, 12:09 PM
 
Location: Massachusetts
6,301 posts, read 9,579,348 times
Reputation: 4797

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There are a few townhouse communities you might want to check out in Maynard, Apple Ridge and Deer Path. One in Deer Path recently sold below 200k. I checked these out myself at one point. They are nice. Maynard, for a burb, has a youthful vibe, with some nice hangouts, including live music and open mic. Key for you and your guitar is end unit. There are townhouses in your range possibly in Ayer, Marlborough and Northborough itself. Along with Maynard these are all doable commutes to Northborough. The Framingham condo scene tends to be more retired people and the Natick one more families and Boston commuters, who won't appreciate your xBox and amp so much.
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Old 06-12-2013, 03:33 PM
 
Location: Boston
62 posts, read 134,822 times
Reputation: 65
15 year mortgage if you can swing it.

I agree with Maynard. Maynard is so cute! And the Town has a lot to offer and many Town homes from what I have seen. Great downtown and farmers market! Plus you are close to route 2 and Boston if that is your thing. But if not lots of nature and still close to Framingham for movies and stores.

Maynard has a "cute" cash only cinema with three screens!
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Old 06-12-2013, 07:35 PM
 
Location: Needham, MA
8,523 posts, read 13,894,869 times
Reputation: 7908
Quote:
Originally Posted by Louisville Slugger View Post
Did they like living there? The condo fee is kind of high at $432 for a 915 sq-ft unit. But that includes:
Since it basically includes all your utilities it's really not that high. Personally, I don't like living in buildings where the fee includes all the utilities because if I keep my heat at 70* and my neighbor keeps his at 80* then I'm essentially suplementing my neighbor's heating bill. I also feel like it encourages people to be wasteful. Who's going to bother installing a low flow toilet if they don't see a water bill every quarter?

My grandparents seemed to like living there fine. It's not the most luxurious building in the world but it's clean and kept up well.

Quote:
Originally Posted by Louisville Slugger View Post
A homeowner has a responsibility to purchase home owner's insurance so I'd assume I'd need to do the same for a condo right? "Master insurance" is covered in the condo fee, but I am not sure if that is the same thing as homeowner's insurance.
Master insurance policies vary from association to association in terms of what they cover but generally you can think of them like this as it's the most typical setup . . . the master policy covers the building up to the face of the studs. You'll need to get an owner's policy to cover your personal belongings and also elements of the unit not covered by the master policy (ex. kitchen cabinets, toilet, appliances, etc). Likely it will be less than $1K a year but check with your insurance agent.

Quote:
Originally Posted by Louisville Slugger View Post
Another thing, 5/1 ARM or 30 year fixed? I can get about 1% less interest rate if I go for the ARM. It's around $100 less per month.
The type of financing you choose is a very personal decision. When I lived in a condo I absolutely knew 110% that there was no way I was living there more than 5 years. So, I financed with a 5/1 ARM. The rate was significantly lower than a 30 year mortgage and that saved me a lot of money while I lived there. Most people who are buying a home they'll be in for a while finance with a 30 year mortgage but if you can swing it a 15 year mortgage is great as you'll pay less interest and more principal so you'll have a lot more equity when you go to sell. However, payments with a 15 year note will be higher than a 30 year note as the loan is ammortized over a period half as long.

Bottom line is . . . find a reputable lender (go with a local lender avoid big banks like Bank of America which is HORRIBLE to deal with) and work with them to figure out what type of financing best fits your needs and budget.
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Old 06-13-2013, 01:40 AM
 
23,063 posts, read 18,187,880 times
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Quote:
Originally Posted by MikePRU View Post
Bottom line is . . . find a reputable lender (go with a local lender avoid big banks like Bank of America which is HORRIBLE to deal with) and work with them to figure out what type of financing best fits your needs and budget.
^This.

I would stick with the local banks and credit unions rather than outside mortgage brokers. DCU is very competitive (they have a branch in Marlborough).
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Old 06-13-2013, 07:43 AM
 
1,768 posts, read 3,217,127 times
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Take longer loan. If for some reason you get stuck or your financial situation changes and you can not refinance, interest rates go much higher... Better safe than sorry. Many people did exotic/short term loans in epic housing collapse, it did not help anyone save much in the end.
Play it safe. You might be out in three years but you might stay ten. 15 year term would be ideal if you can swing it. It accelerates your pay off, but doesn't make you very vulnerable to market and interest changes.
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Old 06-13-2013, 08:50 AM
 
Location: Needham, MA
8,523 posts, read 13,894,869 times
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Quote:
Originally Posted by massnative71 View Post
^This.

I would stick with the local banks and credit unions rather than outside mortgage brokers. DCU is very competitive (they have a branch in Marlborough).
I've had a lot of good luck with mortgage originators (not brokers that something very different but most of the public has no idea). There are plenty of solid companies out there like Mortgage Master and Guaranteed Rate but I find the loan officers are quite hit-and-miss in terms of the level of customer service you receive. If you can find a good loan officer though many of these originators can get you better rates than a bank/CU in my experience. Local banks and credit unions are more customer centric and it's nice to have multiple branches that you can visit in person and have your questions answered.

In the end though, the majority of loans are re-sold. So, it's unlikey you'll have your loan with the originator for any significant period of time. Just go with whoever offers the best combination of rates, low closing costs, and customer service.

Quote:
Originally Posted by kingeorge View Post
Take longer loan. If for some reason you get stuck or your financial situation changes and you can not refinance, interest rates go much higher... Better safe than sorry. Many people did exotic/short term loans in epic housing collapse, it did not help anyone save much in the end.
Play it safe. You might be out in three years but you might stay ten. 15 year term would be ideal if you can swing it. It accelerates your pay off, but doesn't make you very vulnerable to market and interest changes.
ARM's got a really bad reputation during the "bubble." It's really not the loan's fault that these people defaulted. If you've been out of work for a year does it really matter if the rate on your mortgage goes up? I doubt it. If you've stretched your budget to the max and the only way you can afford to buy the house is to get an ARM does that sound like a solid financial decision? Probably not.

I've personally had ARMs for the entire time I've been a homeowner. They've always kept my payment lower than a fixed rate mortgage and I often find myself refinancing them. Mostly I refinance to lower the rate but it also essentially extends the fixed period of the rate. If used responsibly ARMs are a great loan product.

My advice is . . . don't let anyone on here tell you what's right or wrong for you. None of us really know you at all. Find yourself a reputable lender who will guide you through the process and put you in the right loan product for you not what's right for me or what's right for George or anyone else on here. Educate yourself and fully understand what you're getting into before you commit to anything and you'll be fine.
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Old 06-13-2013, 10:40 AM
 
1,768 posts, read 3,217,127 times
Reputation: 1592
Quote:
Originally Posted by MikePRU View Post
I've had a lot of good luck with mortgage originators (not brokers that something very different but most of the public has no idea). There are plenty of solid companies out there like Mortgage Master and Guaranteed Rate but I find the loan officers are quite hit-and-miss in terms of the level of customer service you receive. If you can find a good loan officer though many of these originators can get you better rates than a bank/CU in my experience. Local banks and credit unions are more customer centric and it's nice to have multiple branches that you can visit in person and have your questions answered.

In the end though, the majority of loans are re-sold. So, it's unlikey you'll have your loan with the originator for any significant period of time. Just go with whoever offers the best combination of rates, low closing costs, and customer service.



ARM's got a really bad reputation during the "bubble." It's really not the loan's fault that these people defaulted. If you've been out of work for a year does it really matter if the rate on your mortgage goes up? I doubt it. If you've stretched your budget to the max and the only way you can afford to buy the house is to get an ARM does that sound like a solid financial decision? Probably not.

I've personally had ARMs for the entire time I've been a homeowner. They've always kept my payment lower than a fixed rate mortgage and I often find myself refinancing them. Mostly I refinance to lower the rate but it also essentially extends the fixed period of the rate. If used responsibly ARMs are a great loan product.

My advice is . . . don't let anyone on here tell you what's right or wrong for you. None of us really know you at all. Find yourself a reputable lender who will guide you through the process and put you in the right loan product for you not what's right for me or what's right for George or anyone else on here. Educate yourself and fully understand what you're getting into before you commit to anything and you'll be fine.
Very rarely there is such a specific situation that requires going against reason, and against mainstream. This is very young individual we are talking about. No real world experience. Appealing to his "individuality" is old sales trick that will get him in trouble.
Interests rates are so low, it is crazy to go anything but 15 or 30. Whats good for the goose is good for the gander. Keep it simple.
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Old 06-13-2013, 03:13 PM
 
Location: Needham, MA
8,523 posts, read 13,894,869 times
Reputation: 7908
Quote:
Originally Posted by kingeorge View Post
Very rarely there is such a specific situation that requires going against reason, and against mainstream. This is very young individual we are talking about. No real world experience. Appealing to his "individuality" is old sales trick that will get him in trouble.
Interests rates are so low, it is crazy to go anything but 15 or 30. Whats good for the goose is good for the gander. Keep it simple.
What on earth am I trying to sell him? Please tell me.

My mother always said . . . if everyone else was jumping off a bridge would you? Lemmings follow blindly. Human beings realize that they often need to find individualized solutions.

Regardless, I'm not talking about reinventing the wheel here. If there weren't a significant number of people using these loan products then they wouldn't exist. The reason there is more than one loan product is because different products work better for different people.
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Old 06-14-2013, 01:21 PM
 
1,768 posts, read 3,217,127 times
Reputation: 1592
Quote:
Originally Posted by MikePRU View Post
What on earth am I trying to sell him? Please tell me.

My mother always said . . . if everyone else was jumping off a bridge would you? Lemmings follow blindly. Human beings realize that they often need to find individualized solutions.

Regardless, I'm not talking about reinventing the wheel here. If there weren't a significant number of people using these loan products then they wouldn't exist. The reason there is more than one loan product is because different products work better for different people.

I did not mean you have something to sell! I was stating my thinking about this topic. I agree that we disagree on this one.
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Old 06-14-2013, 03:01 PM
 
786 posts, read 773,374 times
Reputation: 800
I've been with DCU for over 15 years. I went in a few months ago and got pre-approved. 3.625% was the rate at the time for a 30 year mortgage, no points. Of course they couldn't lock in the rate. I looked online and it seems every broker is around the same rate. Not sure if the closing costs are all the same though.

I looked at another unit at Chapel Hill this week. It was a little bigger at 915 sq-ft compared to 685 sq-ft, but I still couldn't see myself living there. I'll definitely check out Maynard. My dad actually worked there when he was with Digital Equipment Corporation in the 1980s.

Townhouse seems like a good compromise. No one above you, or below you, and if you have an end unit, only one person on one side of you.
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