Millennium Realty



Posted by Millennium Realty on 9/21/2017

Debt to income ratios have increased for some lenders. Tax liens and judgments related to personal mortgages are also changing. Both of these moves may make it easier for more people to qualify for a mortgage. More mortgages and rising interest rates could very well spell better business and larger profits for banks and other lenders. For consumers to gain advantages from these changes, consumers must start saving early.

New rules affecting mortgages and other loans could put consumers at risk

Consumers also need to money saving and disciplined, the earlier consumers start practicing these skills, the better. Why? Changes impacting home loans could put consumers at risk of defaulting on mortgages that they may have been better off being turned down for. For example, being allowed to buy a house even if it causes you to take on a 50% debt to income ratio could put you under water. Long range effects of being allowed to take on more debt and still get a mortgage approved include:

  • Poorer money management skills - Because consumers know that they can carry more debt and still qualify for a home loan, consumers might relax their spending habits. This could set consumers up for financial ruin should these same consumers get their work hours reduced, lose a job or experience a medical emergency that forces them to tap into their personal savings.
  • Higher interest rates - The more debt that consumers take on, the more interest they could end up paying. This alone could extend the life of a loan across two more years.
  • Lower home sale value - Should requests to take on more debt be approved by lenders, homeowners might have to stick with a house longer than they want. Should the housing market shift downward, these homeowners could end up living in a house that is valued below what is owed on the property.
  • Less capital to pass onto children - Greater debts could leave homeowners with less to will to their offspring. Avoiding this and other draw backs requires discipline and honesty.

Personal honesty and insightful review are the home buyer's responsibility

Qualifying for a home mortgage may be a sign that your finances are in order. On the other hand, it could also set you up for financial disaster. Rather than relying solely on the word of a lender to know whether your current finances are truly healthy, take an honest assessment of your personal finances.

After all, only borrowers fully know what their future spending plans are. Only borrowers know if they are giving a portion of their income to assist an adult child, a friend or another relative until that person gets out of a financial hole. More importantly, borrowers know how disciplined they are with money.

On paper it might look as if borrowers are solvent and disciplined. In actuality, these same borrowers could be partially relying on financial help from family, friends, and income generated from events like yard sales, flea markets and online ad hoc sales. The more honest borrowers are with themselves and lenders, the better chances they might have of not taking on too much debt, the better chances they might have of being patient and working their way into the home of the dreams absent regret. Starting on this path early can pay off hugely.





Posted by Millennium Realty on 9/19/2017


7 Goss Pond Rd, Upton, MA 01568

Single-Family

$679,900
Price

9
Rooms
4
Beds
2/1
Full/Half Baths
No showings until Tuesday 9/19. More pictures to come. Often admired Goss Pond residence is new to the market. A beautifully landscaped setting dotted w/granite benches & custom stone wall surrounds this lovely home w/features too numerous to list. Enter the two story foyer accented by Light-O-Lier Chandelier, French doors to Private Office and immediate access to the formal Living Areas. Dining Room is easily accessed by the nearby Kitchen with maximum storage & counter space. Skylit Family Room is entertainment sized and provides cozy pellet stove & access to rear lit Deck. A sweeping staircase leads to the 2nd floor providing Master Suite w/entertainment center including Projector and 7 Channel Surround system, custom designed California Closet Bedroom & two additional sun-filled bedrooms. In addition to an over-sized shed there is a 2 Story, 540 SF Accessory Building (with electric) with 1st floor space for recreational vehicles and 2nd story awaits your hobbies and ideas.
Open House
Sunday
September 24 at 11:00 AM to 1:00 PM
Cannot make the Open Houses?
Location: 7 Goss Pond Rd, Upton, MA 01568    Get Directions

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Categories: Open House  


Posted by Millennium Realty on 9/16/2017

This Single-Family in Oakham, MA recently sold for $315,900. This Colonial style home was sold by - Millennium Realty.


171 Farm Pond Rd, Oakham, MA 01068

Single-Family

$319,900
Price
$315,900
Sale Price

7
Rooms
3
Beds
2/1
Full/Half Baths
Something for everyone here…..boasting the perfect floor plan for entertaining or active lifestyle, the first floor of this sunfilled Colonial hosts a 33' Country Kitchen that is begging for an island surrounded by Family and Friends. From here, Immediate access is provided to rear deck or adjacent 26' Front-to-Back Family Room w/raised hearth Woodstove and the Formal Dining Room with custom mouldings is perfect for more intimate affairs – or would easily lend itself to office? Artist Studio? – sky's the limit! Upstairs is a very spacious Master Suite with Walk-In Closet and Jetted Tub, 2 additional bedrooms with Main Bath and Lower Level provides finished entertainment space. For the equestrian, this very private (for privacy seekers) 3 Acre setting provides a two Stall Barn with two paddocks and abuts town forest land. Newly installed Brazilian Cherry in FR & DR & New W/W 2nd floor. This property will require TLC and has been priced accordingly. Showings start Saturday 7/15

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Categories: Sold Homes  


Posted by Millennium Realty on 9/15/2017

This Single-Family in Rehoboth, MA recently sold for $605,000. This Ranch,Multi-Level style home was sold by - Millennium Realty.


55 Maple, Rehoboth, MA 02769

North Rehoboth

Single-Family

$634,900
Price
$605,000
Sale Price

8
Rooms
4
Beds
3
Baths
Idyllic setting for this exceptional home. Formal living room with beautiful stone fireplace & cathedral ceilings, which flows into the formal dining area. Master suite features stunning master bath and balcony. Walkout lower level offers family room with gas fireplace,a full bath & lovely bedroom, perfect as a guest suite. Leading out to private patio and in-ground pool. Four bedrooms, three full baths, gleaming hardwood and tastefully appointed just place your furniture and relax in your own private resort. The property boasts 8 plus tranquil & manicured acres with picturesque horse barn & paddock. Two parcels with a possibility for a buildable lot, so many possibilities...

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Categories: Sold Homes  


Posted by Millennium Realty on 9/14/2017


7 Goss Pond Rd, Upton, MA 01568

Single-Family

$679,900
Price

9
Rooms
4
Beds
2/1
Full/Half Baths
No showings until Tuesday 9/19. More pictures to come. Often admired Goss Pond residence is new to the market. A beautifully landscaped setting dotted w/granite benches & custom stone wall surrounds this lovely home w/features too numerous to list. Enter the two story foyer accented by Light-O-Lier Chandelier, French doors to Private Office and immediate access to the formal Living Areas. Dining Room is easily accessed by the nearby Kitchen with maximum storage & counter space. Skylit Family Room is entertainment sized and provides cozy pellet stove & access to rear lit Deck. A sweeping staircase leads to the 2nd floor providing Master Suite w/entertainment center including Projector and 7 Channel Surround system, custom designed California Closet Bedroom & two additional sun-filled bedrooms. In addition to an over-sized shed there is a 2 Story, 540 SF Accessory Building (with electric) with 1st floor space for recreational vehicles and 2nd story awaits your hobbies and ideas.
Open House
No scheduled Open Houses

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Tags: Real Estate   Single-Family   Upton   01568  
Categories: New Homes  




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