T. Jay Johnson Jr. - Lamacchia Realty, Inc.



Posted by T. Jay Johnson Jr. on 5/29/2020

If buying a home is something youíre considering, you might be curious about the different types of mortgages that are available to you. After all, the interest rate on your loan could have a huge impact on your finances over time, saving you thousands of dollars.

In todayís post, Iím going to demystify the home loan by explaining the most common types of mortgages. That way, youíll be able to approach a lender with a bit of context and knowledge to help make the best mortgage decision for you and your family.

Fixed-rate mortgages

The most common types of home loans in the United States today are fixed-rate mortgages. A fixed-rate mortgage has the benefit of stability in terms of its interest rate--year after year, or the lifetime of your loan, you know exactly what percent of interest youíre going to pay.

Fixed-rate mortgages most frequently come with repayment terms of 15 or 30 years. However, some lenders offer different repayment periods.

As with any debt, paying off a mortgage in a shorter term typically amounts to paying less interest over the lifespan of the loan. For this reason, buyers who can afford higher monthly mortgage payments often opt for a 15-year fixed-rate mortgage.

If you canít afford higher monthly payments, a 30-year loan will typically have lower mortgage payments, but at the expense of paying more interest over the life of the loan.

The 30-year option is the most often in the United States, where first-time buyers typically have too many other monthly bills to afford a high mortgage payment.

Adjustable-rate mortgages

Adjustable-rate mortgages (ARMs) were once an ideal option for first-time buyers who could purchase a home at a very low interest rate and then refinancing once that rate was set to rise. However, after the housing crisis of 2007, trust in the housing market drastically declined.

In recent years, ARMs have begun to make a comeback. However, they currently still only account for around 5% of home loans.

Adjustable-rate mortgages come with one important advantage and one huge disadvantage over fixed-rate mortgages. The upside is the ability to borrow money for a home at a lower interest rate than other mortgage types. The down side? Your interest rate isnít locked in for the length of the loan, meaning your rate could, in theory, rise dramatically before you sell or pay off the home. This is exactly what happened to borrowers during the subprime mortgage crisis.

Guaranteed loans

There are a number of special loan programs that have been sponsored by the government over the years. Among them are USDA rural development loans, VA loans for veterans and their spouses, and FHA loans offered by the Federal Housing Authority.

All of these loans make it easier to buy a home with little or no down payment or a credit score thatís less than perfect. That makes these options great for first-time homeowners.




Tags: Mortgage   Buying a Home  
Categories: Uncategorized  


Posted by T. Jay Johnson Jr. on 5/23/2020

Easy One Level Living! This adorable 2 Bedroom, 1 Bath Ranch awaits new owner. The floor plan consists of a good sized Living Room with w2w carpet. Kitchen offers washer hookup and exterior access to Fenced yard. Bedrooms have w2w carpet. Full bathroom w/chair rail and wainscoting. Laundry/utility room. Entertain guests in the summer in your backyard! Above ground pool and deck! 3 storage sheds and 4 off street parking spaces. Close to public transportation, shopping, walking trails, Fitchburg State University, Applewild school, and more. Open house Sunday 11am-1pm 5/24/20. By appointment. Gloves and masks must be worn. Shoes removed or shoe covers please.

More Info on this Property | New Listing Alerts





Posted by T. Jay Johnson Jr. on 5/23/2020


21 Hazel St, Fitchburg, MA 01420

Single-Family

$179,900
Price

4
Rooms
2
Beds
1
Baths
Easy One Level Living! This adorable 2 Bedroom, 1 Bath Ranch awaits new owner. The floor plan consists of a good sized Living Room with w2w carpet. Kitchen offers washer hookup and exterior access to Fenced yard. Bedrooms have w2w carpet. Full bathroom w/chair rail and wainscoting. Laundry/utility room. Entertain guests in the summer in your backyard! Above ground pool and deck! 3 storage sheds and 4 off street parking spaces. Close to public transportation, shopping, walking trails, Fitchburg State University, Applewild school, and more. Open house Sunday 11am-1pm 5/24/20. By appointment. Gloves and masks must be worn. Shoes removed or shoe covers please.
Open House
Sunday
May 24 at 11:00 AM to 1:00 PM
Scheduled appointments. 15 minute showing appointments. Covid-19 safety protocols must be followed. Gloves and masks required. Shoes removed before entering or shoe covers please.
Cannot make the Open Houses?
Location: 21 Hazel St, Fitchburg, MA 01420    Get Directions

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Categories: New Homes  


Posted by T. Jay Johnson Jr. on 5/23/2020


21 Hazel St, Fitchburg, MA 01420

Single-Family

$179,900
Price

4
Rooms
2
Beds
1
Baths
Easy One Level Living! This adorable 2 Bedroom, 1 Bath Ranch awaits new owner. The floor plan consists of a good sized Living Room with w2w carpet. Kitchen offers washer hookup and exterior access to Fenced yard. Bedrooms have w2w carpet. Full bathroom w/chair rail and wainscoting. Laundry/utility room. Entertain guests in the summer in your backyard! Above ground pool and deck! 3 storage sheds and 4 off street parking spaces. Close to public transportation, shopping, walking trails, Fitchburg State University, Applewild school, and more. Open house Sunday 11am-1pm 5/24/20. By appointment. Gloves and masks must be worn. Shoes removed or shoe covers please.
Open House
Sunday
May 24 at 11:00 AM to 1:00 PM
Scheduled appointments. 15 minute showing appointments. Covid-19 safety protocols must be followed. Gloves and masks required. Shoes removed before entering or shoe covers please.
Cannot make the Open Houses?
Location: 21 Hazel St, Fitchburg, MA 01420    Get Directions

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Categories: Open House  


Posted by T. Jay Johnson Jr. on 5/22/2020

This Multi-Family in Fitchburg, MA recently sold for $320,000. This style home was sold by T. Jay Johnson Jr. - Lamacchia Realty, Inc..


548 Fairmount Street, Fitchburg, MA 01420

Multi-Family

$299,900
Price
$320,000
Sale Price

2
Units
2,625
Approx. GLA
Renovated HUGE 2 Unit on lovely end of street. 3-3 BR! All NEW Kitchens to include cabinets, granite counters, Stainless Steel appliances, backsplash,new flooring. Upgraded bathrooms/vanities, flooring etc. New flooring throughout to include tile & carpeting. Hardwood flooring refinished! 1st unit is single level living at its best.Step out the back doors to new cement patio! W/D hookup. 2nd unit is 2 levels with a 1st level bedroom! Large living room! Lots of storage!Pantry with washer/dryer hook up. All new windows & Vinyl cypress color siding! All freshly Painted inside and out! New lighting fixtures throughout!Upgraded plumbing and electric. This is perfect for owner occupied, first or add to your investment portfolio. Minutes to Route 2 & major roads, shopping, restaurants, The "T" & all in a University Town! Lovely yard on a wooded lot ready for your social gatherings. Vacant-rents estimated.See Scope of work for LOTS more! Per OH disclosure offer deadline Monday 2/17/2020 4pm

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Categories: Sold Homes