Rachel Hillman Foy - Hillman Homes



Posted by Rachel Hillman Foy on 2/21/2018

Everyone knows that their credit score will affect the mortgage they qualify for and the interest rate they receive. The details of how exactly those numbers are arrived at, however, are a bit hazy for the average prospective homeowner.

This confusion is due to a number of reasons. Chief among them is the fact that your average person isnít well-versed in credit terminology or the variables that go into determining their credit scores.

In this article, Iím going to break down credit scores and credit bureaus, then discuss how each of them affects the mortgage rate you could receive. Then, weíll talk about some ways you can boost your score to qualify for a better rate.

Anatomy of a credit score

Credit scores are determined by five main variables. In order of importance, they are:

  • 35%: your payment history on loans, bills, credit cards, etc.

  • 30%: your total debt amount for all of your accounts

  • 15%: length of your credit history (how long youíve had open accounts for loans, credit cards, etc.)

  • 10%: types of credit you have used (auto loan, student loan, credit cardÖ diversity of loans matters)

  • 10%: recent credit inquiries (such as taking out new loans or opening new credit cards)

To have a ďgoodĒ (over 700) or ďexcellentĒ (over 750) credit score, youíll need to focus on each of these factors. For most people, paying their bills on time over a long enough timeline is enough to get them into the excellent range.

But things happen in life. People forget to pay an important bill, they have financial emergencies, or they have to take out a loan for an unforeseeable expense.

The credit bureaus

So, who are the people that determine your credit score?

There are three main credit bureaus: Experian, TransUnion, and Equifax. Lenders will look at reports from all three bureaus to determine your rate. Due to the Fair and Accurate Credit Transactions Act of 2003, consumers are able to receive a free copy of their credit report from each bureau once per year.

Since then, companies like Credit Karma have made credit reports even more accessible. Users are able to check in on their credit as often as they want free of charge.

Since much of your credit score is out of your hands, at least in the short-term, what can you do to help boost your score over the next few months to increase your chances of getting a good interest rate on your loan? Two things.

Credit and mortgages

So, just how much of an impact does your credit score have on your mortgage rate? Having an excellent score can give you a full percentage point lower on your monthly interest rate.

One percent doesnít seem like much, but over the period of a 30-year loan that can amount to tens of thousands of dollars that you could have saved if you had a better credit score. As you can imagine, having an extra $2,000 per year can be quite helpful to a new homeowner.

So, what can you do to boost your score?

Make corrections

Since you have access to free credit reports be sure to go through your detailed report a few months before you plan to apply for a mortgage. Report any harmful errors to help you increase your score.

Donít apply for new credit

The period from now until you apply for a mortgage is an important one. If you make new credit inquiries (i.e., open up new credit cards, take out new loans, etc.), your score will temporarily decrease. Wait until after you sign on your mortgage to take out other loans.




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Posted by Rachel Hillman Foy on 2/15/2018

This Single-Family in Newton, MA recently sold for $1,938,000. This Tudor style home was sold by Rachel Hillman Foy - Hillman Homes.


69 Farlow Rd, Newton, MA 02458

Single-Family

$1,950,000
Price
$1,938,000
Sale Price

14
Rooms
4
Beds
3/3
Full/Half Baths
OPEN HOUSE SUNDAY December 17th, 12-12pm. Get your perfect slice of Newton in Farlow Hill! Gorgeous Tudor with slate roof that has been meticulously renovated in the 1970s and loved by one family for almost 50 years. Enjoy over 5400 sq ft of living space with exceptional craftsmanship and design. Enter the home into an elegant foyer with stunning hardwood floors and grand staircase. The first floor showcases distinctive details in the many rooms: dining room, living room, sitting room, sun room, den and updated kitchen, which includes granite counters, dining area, beautiful custom cabinets and new fridge, washer and dryer. Additional features: 4 bedrooms, 3 full baths, 3 half baths, central air, new heating system, several fireplaces and many unique nooks of living space. 3rd floor bonus space. Huge finished lower level with billiard room, office, and family room with walk-out to terraced and private fenced back yard situated on almost 1/2 acre. Fabulous oversized 3 car garage.

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Categories: Sold Homes  


Posted by Rachel Hillman Foy on 2/14/2018

Buying a vacation home is something that many dream of, but for some itís not just a dream. And itís certainly not something that is only for the rich and the famous. Maybe you have been saving for one your whole life, got a large bonus at work that you want to use as a down payment, or are just going out on a limb; there are several things to consider before taking the plunge and buying a vacation home. Cost: First and foremost, what kind of financial position are you in? Are you able to put down 20% and if not will you be able to afford the potential higher interest rate that goes along with less money done? If you are planning to buy farther away, can you afford the airfare cost for as often as youíd like to spend there? Can you afford the inevitable maintenance that will be necessary? You certainly do not have to be a millionaire to purchase a vacation home, but itís important to know what you can afford and cannot afford. Location: Do you want to buy a vacation home that is within a couple of hours from your home? Or would you rather buy one a plane ride away that may be in a location thatís warm year round? Or do you want to buy a home in another country? This is certainly something that should be determined before beginning your search. Condo vs. Single-Family: Do you want the privacy of a single-family home or do you want the amenities that come along with living in a condo? There is a level of privacy that comes with owning a single-family home versus a condo, as well as there are condo fees to consider. This decision may not matter much to you, but itís important that everyone involved agrees on the type of home they would like to buy. Rent It: Do you plan on renting out your vacation home when you are not there? Are you looking at homes in locations where renting is possible? Can you afford the home if you do not rent it out? If you canít afford the home without renting, how often do you need to rent to be able to afford it? Do you want the hassle of renting it? Itís important to consider this possibility even before you begin your house hunt. Buying a vacation home is extremely exciting, but itís a large investment. It should be well thought out and planned out. But, once you have those details worked outó go out and buy the vacation home of your dreams!





Posted by Rachel Hillman Foy on 2/7/2018

If youíre hunting for a new home and have come across one that fits all of your requirements and more, it can seem like the only thing you can do is make an offer and wait.

However, your first choice could also be another buyerís dream home. And, if a higher bid isnít feasible, you have to find other ways to win over the seller. One way this can be achieved is through writing a letter to the owner of the home.

If youíre bidding on your dream home, writing a letter the the owner can be anxiety inducing. Choosing what to reveal and finding the right words can be scary, even for the most seasoned writer.

So, in this article weíre going to walk you through writing a letter to a seller to give you the best possible chance of winning the bid for a new home.

Tell them why you love their home

If youíve fallen in love with certain aspects of the home, thereís a good chance the sellers did too. Be personal in your explanations. Rather than just say you love the location, mention that it is a perfect distance to walk to the playground with your children or pets. This will help buyers better understand you and your story.

If you have family who lives nearby, or if the home has features that can greatly improve the life of you, your family, or your pets, be sure to mention this in the letter as well.

Donít press or plead, just be polite

It can seem desperate and off-putting to receive a letter pleading with you to sell your home to someone. So, when youíre writing your letter and you come to the end, simply thank the buyer for their time and for reading, compliment them once more, and wish them luck in their new home.

Revise and review

It can be tempting to send your letter immediately after writing it, especially if writing is you donít like writing in general. However, itís always a good idea to revise. I suggest writing your letter one night, then reading it again the next evening to give yourself time and distance from it--this way youíll be reading it with fresh eyes and will be able to find any wording that sounds strange or confusing.

Itís also a good idea to run your writing through a free proofreader like Grammarly. And, finally, there is no substitute for having an editor. Ask one of your friends or family members to read the letter and give you feedback.

Stand out from the crowd

There are a few things you can include in your letter to set you apart from other potential buyers. Including a family photo will help the sellers put a face to the names you mention in the letter.

It can also be helpful to print and mail the letter, rather than sending it electronically. Since we so rarely receive a physical copy of a letter these days (unless itís from a bill collector), it can be nice to receive something positive in the mail for a change.




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Posted by Rachel Hillman Foy on 1/31/2018

This Single-Family in Dedham, MA recently sold for $740,000. This Colonial style home was sold by Rachel Hillman Foy - Hillman Homes.


245 Riverside Dr, Dedham, MA 02026

Single-Family

$700,000
Price
$740,000
Sale Price

9
Rooms
4
Beds
2/2
Full/Half Baths
SURPRISE...SURPRISE...DISCOVER THE PEACE AND TRANQUILTIY OF THIS LOVELY SPOT. YOU'LL HAVE SEASONS' TICKETS TO MOTHER NATURE'S SPECTACULAR SHOW featuring world class sunsets with fantastic views, curious wildlife canvassing the river, and flowering gardens in your backyard and beyond. All priceless... and all yours. Smart owner bought the location first and then created a custom Colonial with today's open concept floor plan. Carefully designed layout with Anderson Bay & large Palladium Windows, plus glass sliders let you receive daily pleasure from surrounding views--no matter what floor you're on. Look closely at the owner's selections in custom cabinets, wood flooring, solid doors, stone countertops, appliance choices & overall craftsmanship and I'm sure you'll be delighted with this high quality home. Versatile layout for easy gathering inside or out. Location to area amenities, schools, downtown, & commuter access makes this an easy "yes."OPEN SUN 12/3 FROM 11-1,STOP BY&TAKE A LOOK

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Categories: Sold Homes  




Rachel Hillman Foy