Carol-Ann Palmieri & Al Mussi - RE/MAX Executive Realty


The biggest area of your life that you need to understand before you buy a house is your own finances. Before you know what kind of house you can buy, you’ll need to understand your own buying power. While things like square footage, how many bedrooms you need, and finding the right neighborhood are important, you can’t go very far without some type of financing. While understanding how much you can spend on a property is one of the more serious parts of buying a home, it’s something that you’ll want to do. Knowing what you can spend on a home is a step to helping you land a home you love. If you understand your own numbers, you’ll know the chances that you have of an offer being accepted on a place you love.  


The Elements Of Your Buying Power


Your Credit Score


This little three digit number has a lot of meaning behind it. This is the most basic piece of information that lenders use to determine your loan worthiness. The factors that influence your credit score include:


  • Payment history
  • How much you owe
  • Length of your credit history
  • Mix of credit accounts
  • How much new credit you have opened


A low credit score is somewhere under 620. Having a score this low doesn't necessarily mean that you’ll be denied for a loan, but the type and amount of the loan you’re offered can be impacted. You’ll also face higher interest rates because of a low credit score. This means your mortgage could be considerably more expensive than if you had a higher credit score. 


Down Payment


The 20 percent down as a rule of thumb actually offers many benefits to your buying power. This means that you’ll need 20% down of the purchase price of the home in cash. If you put this amount of money (or even more) down on a home, it eliminates the need for you to have to buy PMI (Private Mortgage Insurance). You’ll even be able to negotiate a lower interest rate. A large down payment may be especially helpful in competitive markets where there is a lot of buyer competition.


How Your Financial Picture Appears


Your assets and your debt-to-income ratio are also important factors in your financial picture that you present to the lender. Basically, all of these numbers let both the lender and the seller see how committed you are to buying a home. It is one of the biggest financial undertakings of your entire life. If you can’t show financial responsibility, then it may be a bit difficult for lenders to see that you’ll actually pay your loan back in a timely manner.


The better all of your financial numbers are, the more buying power that you’ll have. If your numbers are good, you’ll be able to afford more house. While it may not be the most exciting thing to look over all of your financial numbers, it’s a vital step in the process of your journey to home ownership.


This Commercial in Bellingham, MA recently sold for $650,000. This style home was sold by Carol-Ann Palmieri & Al Mussi - RE/MAX Executive Realty.


334 Hartford Ave, Bellingham, MA 02019

Commercial

$699,900
Price
$650,000
Sale Price

1
Buildings
Office
Type of Comm.
32,668.00
Lot Size
For Sale a very unique property with a beautiful two bedroom "+" residential unit on the second floor and a commercial space on the first floor. The commercial space is ideal for any business hoping to take advantage of the great exposure on rte 126 with its high traffic volume. The property also has a large paved parking area AND being that part of the property is zoned INDUSTRIAL there are many possible uses available! 1st floor is 2,000 SF of vacant, handicap accessible, retail/office space. Separately metered utilities (Gas, Electric), HVAC throughout. 2 Bathrooms, 3 working sinks (previously a salon), Kitchenette, Washer/ Dryer, Gas Fireplace, Private entrance with reception area. 2nd floor is a 2,400 SF two-bedroom residential unit that is currently occupied by the Seller w/ 2 full bathrooms, Large deck off the back, beautiful finishes, and separate utilities. Sellers can stay and leaseback or vacate.

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14 Gay Ave, Walpole, MA 02081

Single-Family

$449,900
Price

7
Rooms
3
Beds
2
Baths
02081... North Walpole neighborhood is home to this solid 4 bedroom Cape. Located on a dead end street this home offers endless potential. You get the "real" hardwood in these spacious rooms and opportunity to pick your own paint color! The three season room was the sellers favorite to curl up with a good book and you will likely agree. This is the kind of home that you can actually live in while building sweat equity along the way. The oversize heated 2 car garage offers great ceiling height and space. Heated bonus room over garage is a perfect office or she/man cave, yoga or art studio. Possibilities endless. House zone GR but B zone for garage/loft area increases the value for small business or tradesperson.
Open House
Saturday
July 13 at 11:00 AM to 12:30 PM
Paint is cheap! Great opportunity for buyer looking for a North Walpole location and appreciates the idea of sweat equity!
Cannot make the Open Houses?
Location: 14 Gay Ave, Walpole, MA 02081    Get Directions

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413 Beverly Rd, Franklin, MA 02038

Single-Family

$525,000
Price

7
Rooms
4
Beds
2/1
Full/Half Baths
I promise that this is the home you have been waiting and wishing for. If you love entertaining whether it be inside or out, you will appreciate the finishing touches of this sweet, clearly loved, 4 bedroom home. The kitchen has been designed with custom to the ceiling cabinets for the serious cook. Smart, sleek, solid surface counters and plenty of them. Gas range, hood vented to the exterior. Cathedral ceiling family room opens to large patio that overlooks the private and spacious back yard. Front to back fireside family room with lots of light and charm. Finished bonus room is central heated and cooled; makes great office/play space with full bath. Replacement windows, upgraded electrical, freshly painted exterior, new driveway and shed. Generator hook up. This home is located in a sought after Franklin neighborhood and nicely situated on a dead end street. You have nothing to do but move yourselves in!
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75 Highbank Rd, Franklin, MA 02038

Condo

$369,900
Price

7
Rooms
2
Beds
2/1
Full/Half Baths
Light and airy townhome located at desirable Spruce Pond offers a timeless floor plan with a kitchen that hosts an abundance of cabinets and counter space which opens to sky lit dining/family rooms; cathedral ceiling and triple slider that overlooks your private deck. 1st floor den/office/playroom, large 2nd floor loft, 2 spacious bedrooms both with walk in closets. Master bath has double sinks. 2nd floor laundry, full basement, Central air, gas heat, 1 car garage. Spruce Pond is convenient to Highway, Boston commuter rail, restaurants and shopping.
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