Single dude looking to move (Milford, Westborough: for rent, condos, mortgages)

[massnative71]

Originally Posted by MikePRU

Just go with whoever offers the best combination of rates, low closing costs, and customer service.

It seems that generally the banks and CUs will offer the lower closing costs. But yes if you can find a reputable loan officer who can offer a significantly lower rate, then it might make sense. Some of the deals offered these days by the local banks and CUs pretty amazing though (especially for a 15 or even 12 or 10 year), and I'd be surprised if anyone outside could do much better.

[MikePRU]

Originally Posted by massnative71

It seems that generally the banks and CUs will offer the lower closing costs. But yes if you can find a reputable loan officer who can offer a significantly lower rate, then it might make sense. Some of the deals offered these days by the local banks and CUs pretty amazing though (especially for a 15 or even 12 or 10 year), and I'd be surprised if anyone outside could do much better.

It's an EXTREMELY competitive industry especially since rates have stayed so low for so long. I know the local bank around here (Needham Bank) which was never competitive with residential loans has totally revamped the way they do things. They now have a special first time buyer loan that features 10% down, capped closing costs, a competitive rate, and no PMI. A pretty impressive package if you ask me. The only requirement as far as I know is that you have the loan payments direct debited from an account at the bank. I don't work for the bank though so please confirm these details with them.

The best advice I can give people looking for a mortgage is to shop around. As I said, don't just look at the rate but look at the whole package. Don't limit yourself to one type of lender. Instead talk to several. Just avoid at all costs Bank of America. They are unbelievably awful. In terms of larger banks I've had decent luck with Citizens and Sovereign.

[massnative71]

Originally Posted by MikePRU

Just avoid at all costs Bank of America. They are unbelievably awful. In terms of larger banks I've had decent luck with Citizens and Sovereign.

BOA absolutely. I would not use them for anything, whether it be home financing or to cash a check.

I have not had very good experience with Citizens. Sovereign OK, but their branch hours tend to be limited and not the greatest customer service (while not awful). Of the larger banks, I've been happiest with Eastern.

[Louisville Slugger]

What's it like to live in Northborough? I found an end unit townhouse that's within biking distance from my job,

[495neighbor]

Originally Posted by Louisville Slugger

What's it like to live in Northborough? I found an end unit townhouse that's within biking distance from my job,

Northborough is quiet, middle to upper middle class, fairly spread out, mostly a bedroom community of families.

[Louisville Slugger]

Bishop Drive in Framingham, specifically Bishop Garden Condominiums. How is that area of Framingham?

[495neighbor]

Originally Posted by Louisville Slugger

Bishop Drive in Framingham, specifically Bishop Garden Condominiums. How is that area of Framingham?

I believe many retirees live in that complex. Beyond the surrounding neighborhood of single family homes is a part of Framingham that is industrial.

[ZonaZoo]

AZ, CO, GA, NC, or TX.

[ckadams6775]

Why are you looking at condos!!! I am 25 and just purchased my first home in Weymouth, MA. I take the commuter rail into work every day. (25 minute ride). Purchased a 2 bedroom 1 bath 940 SQ in a very safe neighboorhood on the boarder of Hingham for 230K completely redone and I am SO happy I didnt buy a condo. I also looked at condos but you will probably end up paying more with the condo fees. There are awesome places to look around the south shore if you can stay under 1000 sq (which for 1 person and no animals should not be hard). Weymouth and Quincy are just a few. Congrats on saving 20% for your first home! No matter what people say, do NOT rent.

[Louisville Slugger]

I found a condo in Westborough with $163 a month condo fees (includes water). Seller accepted my offer and the inspection is tomorrow.

There's four units in a 6,000 sq-ft 1900s Colonial that was renovated in 1986. Windows have been replaced recently, roof was redone three years ago, new hot water heater in 2011 (includes a 6 year warranty), exterior was re-painted I believe. 950ish sq-ft, 2 bedrooms, 1.5 baths, 6 miles from my job, close to the center of Westborough (near the Bay State Commons area). Commuter rail is close.

Downsides, electric heat (baseboards), window AC, no garage. The positives outweigh the negatives I think. $80 electric bill in the summer, $225 in the winter.

All of the owners have lived in their respective units for almost ten years. I've seen the cash flows spreadsheet that tracks the total monthly budget and it looks reasonable. The condo fees are low, but when there is a big assessment it's split four ways. It's basically like sharing a huge house. However, most of the major assessments have been completed within the last three years. Anyways I have my reserve fund, no worries. I met one of the neighbors and talked with the listing agent who has lived in the neighborhood for over 20 years.

Everyone seems pretty friendly. The bedrooms are downstairs (I have two living levels in my unit). So there's no one on one side of me and if you're on the first floor you have to go through two floors before you get to the unit above me. I went to the town hall and found copies of the permits that were pulled to complete the restoration of the colonial in 1985. I'll mention this to the inspector on Saturday.

It's a good location.