Today’s homebuyers are awash in information that can sway what is probably the biggest purchase of their lives. Especially to those new to the home search, it can be difficult to wade through sometimes-conflicting advice on home mortgages, particularly when guidelines that were generally accepted in the past may no longer apply in today’s home-buying environment. Here are four mortgage myths today’s homebuyers might encounter during their home search. You need 20 percent down to secure a loan
Following the recent mortgage crisis in the late 2000s, many housing lenders began to require at least a 20 percent down payment from buyers in order to reduce their own loan risk. Twenty percent down is still a good practice, but in expensive markets like Greater Boston, it can be extremely difficult to amass a down payment in the tens or even hundreds of thousands of dollars -- especially for first-time homebuyers who do not have the ability to leverage the proceeds of a previous house sale.
Jamaica Plain real estate wasn't always the hottest neighborhood in Boston, but well-preserved (and sometimes not-so-well preserved) Victorian single-family homes could sell for more than $1 million. Lately, some condominiums are joining the million-dollar club. Take, for example, the very visible yellow house at the corner of Pond Street and the Jamaicaway. Two of the condos are currently listed for $1.875 million each, reports the Boston Herald. Statistically speaking, condo prices are rising faster than single-family home prices in the Boston area, with condo prices jumping 12.2% in JP in the first half of 2016, according to Boston.com.
Ellen, Janis and Josh Real Estate, located at Remax Destiny on Centre St, is part of the #1 pie selling team, Pie it Forward. They sold 1856 pies and raised over $52,000 for Community Servings Pie in the Sky fundraiser. Their team consists of other realtors, attorneys, and other passionate business people who are committed to giving back. Community Servings feeds those who are critically ill and unable to feed themselves. Pie in the Sky is their largest fundraiser.
Renters began moving into Olmsted Place, $84 million, 196-unit apartment building on 161A S. Huntington Ave., this past week. The Boston Globe reports that rents in the luxury building, which boasts a doorman and a pool deck, among other amenities, start at $2,600 a month for studio apartments and top $5,000 for three-bedroom units. The story also provides a South Huntington lay of the land:
"[T]he five-story complex is a big change from the Victorians and small brick multifamily buildings that make up much of Jamaica Plain’s rental stock. And it won’t be the last. Down the street at 105A South Huntington, a 195-unit building known as Serenity is set to begin construction around the end of the year.
Martin Laird of West Roxbury, a sales associate affiliated with the Coldwell Banker Residential Brokerage office in Jamaica Plain, has been recognized with the Coldwell Banker® International Diamond Society award. This distinguished honor is awarded to the top 11 percent of approximately 87,000 sales associates worldwide in the Coldwell Banker® system. Laird will be honored during a special celebration and reception on April 30 at the State Room in Boston. Invited guests will enjoy food, music and dancing, as well as spectacular views of Boston’s skyline. Each year, Coldwell Banker Residential Brokerage recognizes the work of exceptional sales associates and sales teams through its distinguished awards program.