How to Buy Your First Multi-Family Property in Massachusetts

For some of our first-time buyers, purchasing a multi-family home can create opportunities that traditional single-family ownership cannot.

Not only can multi-family properties provide housing, but they may also help offset monthly expenses through rental income — which is why more buyers throughout Central Massachusetts are exploring house hacking and owner-occupied investing.

What Counts as a Multi-Family Property?

A multi-family property contains more than one living unit within the same building.

Common examples include:

  • Duplexes (2 units)

  • Triplexes/Three-family/”Triple decker” (3 units)

  • Four-family buildings

  • Five or more units is not considered “residential” and is considered a “commercial” transaction

Many first-time buyers choose to live in one unit while renting the others.

Why First-Time Buyers Consider Multi-Family Homes

Multi-family ownership can offer:

  • Rental income to offset the mortgage

  • Long-term equity growth

  • Future investment potential

  • Flexibility for changing life stages

  • Experience as a landlord

For some buyers, a multi-family property creates a more financially manageable path into homeownership.

Financing Options for Owner-Occupied Multi-Family Homes

One of the biggest misconceptions is that buyers need large down payments to purchase investment-style properties.

In reality, owner-occupied financing programs may allow qualified buyers to purchase multi-family homes with significantly lower down payments than many expect.

Common financing options include:

  • FHA loans

  • Conventional owner-occupied loans

  • VA loans for eligible veterans

Because financing requirements vary, buyers should speak with a knowledgeable lender early in the process.

What Buyers Should Evaluate Carefully

Not every multi-family property is a good investment.

Buyers should carefully review:

  • Condition of major systems

  • Roof age

  • Heating systems

  • Separate utilities

  • Rental history

  • Current lease agreements

  • Maintenance needs

  • Parking availability

The numbers matter just as much as the property itself.

Understanding the Responsibilities

Owning a multi-family home also means becoming a landlord.

Responsibilities may include:

  • Repairs and maintenance

  • Tenant communication

  • Budgeting for vacancies

  • Understanding Massachusetts rental laws

  • Managing shared spaces

The most successful first-time investor-buyers approach the process realistically and conservatively.

Why Central Massachusetts Attracts Multi-Family Buyers

Central Massachusetts continues to attract buyers because many communities offer:

  • Strong rental demand

  • Access to colleges and hospitals

  • Commuter-friendly locations

  • More affordability than Greater Boston

Cities like Worcester continue seeing interest from buyers looking to combine homeownership with long-term investing strategies.

Why Integrity Matters When Buying Investment Property

At The Jarboe Group, we believe buyers deserve honest conversations about both the opportunities and the challenges of multi-family ownership. (thejarboegroup.com)

Investment properties are major financial decisions, and buyers should fully understand:

  • Risks

  • Expenses

  • Market realities

  • Long-term responsibilities

Transparency matters just as much as excitement.

Final Thoughts

For first-time buyers willing to think creatively, multi-family ownership can become a powerful financial stepping stone.

With the right planning, financing, and guidance, buyers can create opportunities to reduce living expenses while building long-term equity and experience.

Best Central Massachusetts Towns for First-Time Home Buyers

For many first-time buyers, Central Massachusetts offers an appealing combination of affordability, community, commuter access, and long-term value.

While every buyer’s priorities are different, several towns continue attracting attention from buyers looking for a strong first home opportunity.

What First-Time Buyers Should Look For

Before choosing a town, buyers should consider:

  • Budget and taxes

  • Commute times

  • School systems

  • Future resale value

  • Access to highways

  • Community feel

  • Local amenities

The “best” town ultimately depends on your goals and lifestyle.

Worcester

Worcester continues to attract first-time buyers due to:

  • Diverse housing options

  • Growing restaurants and businesses

  • Access to major highways

  • Colleges and healthcare employers

  • Strong rental demand - hint: great for house hacking!

Buyers can often find opportunities ranging from condos to multi-family properties.

Auburn

Auburn appeals to buyers looking for:

  • Excellent highway access

  • Suburban feel

  • Shopping and convenience

  • Strong commuter location

Its proximity to Routes 20, 290, 395, and the Mass Pike I-90 makes it especially attractive for commuters.

Oxford

Oxford offers:

  • Relative affordability

  • Larger lot sizes

  • Easy highway access

  • A quieter residential atmosphere

Many buyers appreciate the balance between accessibility and space.

Charlton

Charlton has become increasingly popular for buyers seeking:

  • Rural charm

  • Newer housing developments

  • Convenient Mass Pike access

  • Strong community feel

It often appeals to buyers wanting more privacy while staying commuter-friendly.

Grafton

Grafton attracts buyers looking for:

  • MBTA commuter rail access

  • Walkable town areas

  • Strong school reputation

  • Convenient location between Worcester and Boston routes

Inventory can be competitive, but demand remains strong.

House Hacking Opportunities in Central MA

Many first-time buyers are also exploring multi-family properties throughout Central Massachusetts.

Areas near colleges, hospitals, and commuter routes (like Worcester) can offer opportunities for:

  • Duplex/multi-family property ownership

  • Rental income

  • Long-term investing

  • House hacking strategies

For buyers open to creative approaches, multi-family ownership can significantly offset living expenses.

Why Local Guidance Matters

Every town has unique:

  • Market conditions

  • Pricing trends

  • Inspection concerns

  • Zoning considerations

  • Neighborhood dynamics

At The Jarboe Group, we focus on helping buyers understand not just homes, but the communities surrounding them. (thejarboegroup.com)

Final Thoughts

Central Massachusetts continues to offer strong opportunities for first-time buyers willing to plan strategically and stay flexible.

The right town is not simply about price — it’s about finding a location that supports your lifestyle, financial goals, and long-term plans.

With preparation and the right guidance, buyers can still find excellent opportunities throughout the region.

How Integrity Changes the Home Buying Experience

Real estate is one of the largest, if not the largest financial decisions most people will ever make. That’s why integrity matters far more than flashy marketing or high-pressure sales tactics.

For first-time buyers especially, trust and transparency can completely change the experience.

What Integrity in Real Estate Actually Means

Integrity is more than being friendly or responsive.

In real estate, integrity means:

  • Giving honest advice even when it’s difficult

  • Prioritizing a client’s long-term goals

  • Setting realistic expectations

  • Communicating clearly

  • Protecting clients from unnecessary risk

Sometimes integrity means encouraging a client not to move forward with a property that isn’t the right fit.

Why First-Time Buyers Need Honest Guidance

First-time buyers often face:

  • Information overload

  • Emotional decision-making

  • Financial uncertainty

  • Competitive pressure

Without strong guidance, it becomes easy to:

  • Overextend financially

  • Ignore inspection concerns

  • Rush decisions

  • Focus only on aesthetics

An ethical real estate professional helps buyers slow down, evaluate risks, and make informed decisions.

Transparency Creates Confidence

The home buying process can feel stressful because buyers are constantly navigating unfamiliar territory.

Transparency helps reduce that stress by clearly explaining:

  • Market conditions

  • Offer strategies

  • Pricing realities

  • Potential repair issues

  • Financing expectations

  • Timelines and next steps

Clients should never feel confused about where they stand during a transaction.

Integrity Is Especially Important in Competitive Markets

In competitive Central Massachusetts markets, buyers may feel pressure to:

  • Waive inspections (thankfully, this is a thing of the past!)

  • Stretch budgets

  • Make rushed decisions

  • Compromise on major concerns

Strong representation means balancing competitiveness with protection.

Winning a house should never come at the expense of making a financially responsible decision.

Long-Term Relationships Matter More Than Transactions

At The Jarboe Group, our mission centers around building relationships through honesty, communication, and advocacy. (thejarboegroup.com)

A real estate transaction may last a few weeks or months, but the financial impact lasts for years.

The best client relationships are built on:

  • Trust

  • Consistency

  • Education

  • Accountability

  • Long-term support

Red Flags Buyers Should Watch For

Buyers should be cautious if they feel:

  • Pressured into decisions

  • Discouraged from inspections

  • Unclear about risks

  • Ignored after signing paperwork

  • Rushed beyond their comfort level

Good representation should create clarity — not confusion.

Final Thoughts

Integrity may not be the loudest part of real estate marketing, but it is often the most important.

Buying a home is emotional, financial, and deeply personal. Working with professionals who prioritize honesty and client advocacy creates a smoother, more confident experience from start to finish.

4 Things First-Time Buyers Wish They Knew Before Buying in Central Massachusetts

Buying your first home is exciting — but it also comes with a steep learning curve. Many first-time buyers enter the process focused entirely on finding “the perfect house,” only to realize later that preparation and strategy matter just as much.

If you’re planning to buy in Central Massachusetts, here are five things many buyers wish they understood earlier.

1. The Monthly Payment Matters More Than the Purchase Price

Many buyers focus on the list price (or their offer price), but your actual monthly comfort level is what truly impacts your day-to-day life.

Your monthly payment includes:

  • Principal and interest

  • Property taxes

  • Homeowners insurance

  • Utilities

  • Maintenance

  • Potential HOA fees

Just because you’re approved for a certain amount doesn’t mean you should spend it. Buying below your maximum budget often creates far less stress after closing.

2. The “Perfect” First Home Usually Doesn’t Exist

Social media and home renovation shows can create unrealistic expectations for first-time buyers.

Your first home may not have:

  • Your dream kitchen

  • A perfect layout

  • The exact location you imagined

  • Every cosmetic upgrade

What matters most is whether the property supports your financial goals and lifestyle. Many successful homeowners build equity over time by starting with a solid first step — not a forever home.

3. Competition Can Move Fast in Central Massachusetts

Well-priced homes in desirable Central Massachusetts communities can receive strong interest quickly.

That’s why preparation matters:

  • Get pre-approved early

  • Understand your budget

  • Know your priorities

  • Be ready to act decisively

Having a clear strategy reduces stress when the right property becomes available.

4. The Right Real Estate Agent Makes a Huge Difference

First-time buyers need education, honesty, and guidance — not pressure.

At The Jarboe Group, integrity and transparency are central to how we serve clients. Our approach focuses on helping buyers understand the process, navigate challenges, and make decisions confidently. (thejarboegroup.com)

A strong agent should help you:

  • Understand market conditions

  • Negotiate strategically

  • Set realistic expectations

  • Avoid costly mistakes

  • Feel supported throughout the process

Final Thoughts

Buying your first home is a major milestone, and preparation can make the experience dramatically smoother.

The buyers who feel most confident are usually the ones who:

  • Educate themselves early

  • Understand their finances

  • Stay realistic

  • Work with trusted professionals

The process may feel overwhelming at times, but the right guidance makes all the difference.

What Is House Hacking? A Beginner’s Guide for First-Time Buyers

For many first-time buyers, today’s housing market feels intimidating. Rising rents, increasing home prices, and uncertainty around affordability can make homeownership feel out of reach.

That’s one reason more buyers in Central Massachusetts are exploring a strategy called house hacking.

House hacking allows first-time buyers to reduce housing expenses while building long-term wealth through real estate.

What Is House Hacking?

House hacking is when you purchase a property and use part of it to generate income while living there yourself.

Common examples include:

  • Buying a duplex and renting one unit

  • Purchasing a multi-family property

  • Adding an accessory dwelling unit (ADU)

  • Renting finished basement space where legally permitted

The goal is simple:
Offset your mortgage payment with rental income.

Why First-Time Buyers Are Interested in House Hacking

House hacking can help buyers:

  • Lower monthly living costs

  • Qualify for larger properties

  • Build equity sooner

  • Gain landlord experience

  • Create long-term investment opportunities

Instead of paying rent to someone else, buyers begin building ownership and financial leverage.

Why Central Massachusetts Can Be a Great Market for House Hacking

Areas throughout Worcester and surrounding towns offer:

  • Multi-family housing inventory

  • Strong rental demand

  • Colleges and hospitals supporting tenant demand

  • Commuter-friendly locations

  • More affordability compared to Greater Boston

For buyers open to creative strategies, Central Massachusetts can provide strong opportunities to enter the market.

Financing Options for House Hackers

Many first-time buyers are surprised to learn they may qualify for owner-occupied financing on multi-family homes.

Depending on qualifications, buyers may use:

  • FHA loans

  • Conventional low-down-payment loans

  • VA loans (for eligible veterans)

Some programs allow buyers to purchase with significantly lower down payments than many people expect.

Things Buyers Should Consider Before House Hacking

House hacking is not passive income overnight. Buyers should prepare for:

  • Maintenance responsibilities

  • Tenant communication

  • Repairs and vacancies

  • Budgeting for unexpected expenses

  • Local zoning and rental regulations

The best house hackers approach the process strategically and conservatively.

A property does not need to be perfect — it simply needs to make financial sense.

Integrity Matters in Investment Guidance

At The Jarboe Group, we believe buyers deserve honest guidance, especially when investment properties are involved. Our mission focuses on helping clients make informed decisions that support their long-term goals — not simply encouraging purchases for the sake of a transaction.

Final Thoughts

For first-time buyers looking to reduce living expenses while building equity, house hacking can create opportunities that traditional homeownership sometimes cannot.

The right property, financing strategy, and guidance can help buyers turn their first purchase into a powerful financial stepping stone.

If you’re curious whether house hacking could work for you in Central Massachusetts, starting with education and planning is the best first step.

The Complete Guide for First-Time Home Buyers in Central Massachusetts

Buying your first home is exciting, emotional, and sometimes overwhelming — especially in a competitive market like Central Massachusetts. The good news? With the right guidance, preparation, and strategy, homeownership is absolutely achievable.

At The Jarboe Group, integrity, transparency, and education are at the center of everything we do. Our goal is not just to help clients buy houses — it’s to help them make confident financial decisions that support their long-term future.

Why Central Massachusetts Appeals to First-Time Buyers

Many buyers are discovering that Central Massachusetts offers a balance of affordability, community, and accessibility that can be difficult to find closer to Boston.

Communities throughout Worcester County continue attracting first-time buyers looking for:

  • More space for their budget (You’ll find prices typically increase as you go East of Worcester)

  • Access to highways and commuter routes

  • Growing downtown areas and restaurants

  • Outdoor recreation and family-friendly neighborhoods

  • Long-term appreciation potential

Whether you’re considering Worcester, Charlton, Oxford, Grafton, or other surrounding towns, each area has unique opportunities for first-time buyers.

Step 1: Understand What You Can Comfortably Afford

One of the biggest mistakes first-time buyers make is shopping based on the maximum approval amount rather than their actual comfort level. We often find that buyers feel more comfortable with their search parameters set to a payment they’re comfortable with, as opposed to top purchase price the lender says they can afford.

Your monthly housing budget should account for:

  • Mortgage payment

  • Property taxes

  • Homeowners insurance

  • Utilities

  • Maintenance

  • Emergency repairs

  • HOA fees (if applicable)

Step 2: Get Pre-Approved Before Looking at Homes

A pre-approval helps you:

  • Understand your price range and payment amount

  • Identify potential financing issues early

  • Move quickly in a competitive market

In Massachusetts, homes can move fast. Being prepared before touring homes gives you a major advantage.

Step 3: Learn the Real Costs of Buying

Many first-time buyers focus only on the down payment, but there are several additional costs to prepare for:

Common upfront costs:

  • Down payment

  • Closing costs

  • Inspection fees

  • Appraisal fees

  • Moving expenses

  • Initial repairs or furniture

Contrary to popular belief, many buyers do not need 20% down to purchase a home. Several loan programs allow qualified buyers to purchase with significantly less.

Step 4: Work With an Agent Who Prioritizes Integrity

Buying your first home is too important to feel pressured.

At The Jarboe Group, our mission emphasizes helping clients regardless of the outcome — even when that means advising against a purchase that may not be the best fit.

A strong buyer-agent relationship should include:

  • Honest conversations

  • Clear expectations

  • Education throughout the process

  • Strategic negotiation

  • Long-term support

Step 5: Think Long-Term, Not Perfect

Your first home does not need to be your forever home.

Many first-time buyers build wealth by:

  • Starting with a smaller home

  • Purchasing a condo or townhouse

  • Buying a multi-family property

  • House hacking by renting extra space or other apartment units

The goal is not perfection. The goal is getting started responsibly.

Final Thoughts

The home buying process can feel intimidating at first, but preparation changes everything. With the right team, realistic expectations, and a strategy built around your goals, buying your first home in Central Massachusetts can become an exciting and empowering experience.

If you’re considering buying your first home, start with education first — the rest becomes much easier from there.

Quick Reference Guide to Mortgages

Quick Reference Guide to Mortgages

Quick Reference Guide to Mortgages

Getting a mortgage is an essential step toward homeownership. Most people need to take out a mortgage to finance their new home. The main purpose of a mortgage is to help you purchase a home that you may not be able to afford upfront. By spreading out the cost of the home over time, you can make manageable monthly payments that fit within your budget. This means that if you can't make your home loan payments, the lender can seize your property and sell it to recover the money you owe them.

In this article, we will go over some of the most common types of home loans, including the VA loan, FHA loan, and Conventional loan

VA LOAN

VA loans are a type of mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). They're designed to make homeownership more accessible to veterans and service members. The VA will pay the lender back if the borrower defaults on their loan, decreasing the risk for lenders

Qualifications:

More specific qualifications can be discussed with a lender or at https://www.va.gov/housing-assistance/home-loans/eligibility/. As a start, the borrower has to be a retired veteran or active military veteran

Conditions:

The home conditions are relatively similar to most other mortgage programs

  • The home is habitable as is, without extensive work necessary to make it habitable

  • An appraisal is done to estimate the price range and look at health and safety hazards

  • Overall, the health and safety of the home matter the most, which is why appraisers look for visible damage and livability

BENEFITS:

  • More forgiving of low credit scores

  • No PMI

  • No down payment

  • very competitive rates for veterans

Drawbacks:

  • Can only have one VA loan at a time to purchase a primary residence

  • Cannot buy strictly investment properties

    • must plan on living in the house bought with a VA loan

FHA LOAN

FHA loans are a type of mortgage loan that is backed by the Federal Housing Administration (FHA). This means that if you default on your loan, the FHA will pay the lender back, reducing the lender's risk and making it easier for them to lend to you. They're designed to make homeownership more accessible to people who may not be able to afford a conventional mortgage, which will be discussed later in the article.

FHA-approved lenders typically have to follow a set of rules or guidelines to see who qualifies, but as long as the buyer profile meets the criteria, they can get approved.

conditions:

  • Single-family or multi-family homes

  • Most stringent home conditions

  • One common pet peeve: peeling paint

  • The overall condition of the home is habitable

BENEFITS:

  • minimum down payment of 3.5%

  • monthly PMI has lowered to be competitive with other mortgage programs

  • debt-to-income of 55% or lower

    • allows people to qualify for more money to buy more homes

  • Interest rates are better than most other mortgage programs

  • Not as concerned about credit scores

    • 660-700 still has good rates

Drawbacks:

  • Have PMI for the life of the loan

    • Most people refinance once a home reaches 20% in equity to a conventional loan

  • Can only have one FHA loan at a time to purchase a primary residence

CONVENTIONAL LOAN

These are the most common type of mortgage loans and are not backed by the government. Instead, they are funded by private lenders like banks, credit unions, or mortgage companies. Lenders take more risks, but there is more flexibility with the eligibility requirements and interest rates. Conventional loans are typically backed by Freddie May or Freddie Mac, which help provide safety for lenders.

Qualifications:

  • 5% or greater down payment on the home

  • debt-to-income of 45% or lower

  • Higher credit score, where lower scores hurt you

    • Over 700 or better

BENEFITS:

  • PMI is lower than FHA and will go away at 20% equity

  • Can get more than one conventional loan for any home

First-time Buyers Program

Within conventional loans, there are many different programs with varying qualifications. There are a few first-time buyers programs, and some examples are Home Ready and Home Possible. This has a 3% loan down payment and can have income restrictions based on the county that you are buying in.

DISCLOSURE:

There are various loan products and programs that this article is not able to cover. This is meant to cover some of the most common loan programs available. We are not mortgage professionals, but if you would like to talk to one, we are happy to recommend someone who best fits your needs.

The blog was written by: Erika Lam

4 Tips & Tricks to Boost your Credit Score

4 Tips & Tricks to Boost your Credit Score

4 Tips & Tricks to Boost your Credit Score

When it comes to buying a house, your credit score can play a big role in making your dream a reality. Your credit score is like your financial reputation, and it shows lenders how responsible you are with your money. Lenders look at your credit score to decide whether or not to give you a mortgage. If you have a high credit score, they'll be more likely to give you a mortgage and a lower interest rate. But if your score is lower, they might think you're too much of a wild card and make it harder for you to get a loan.

Before finding ways to boost your credit score, take a moment to understand where your credit score currently stands.

Source: experian.com

1. Lower Your Credit Utilization

Credit Utilization rate, which is also referred to as credit utilization ratio, describes how much of your available credit is being used. Lower credit utilization ratios show lenders that you are managing your credit responsibly and are not relying too heavily on borrowed funds. Accounting for 30% of the total credit score, it is important to keep track of credit utilization. To find credit utilization, it can be calculated by dividing the available credit limit by the credit card debt. 

Keeping your credit utilization below 30% will boost your credit score. The best way to lower it is by paying off your credit card balance, but you can try requesting a credit limit increase from your credit card company.


2. Request a Goodwill Donation

This tip helps those that have a missed or late payment and a relatively good standing the most. If you believe that the missed or late payment is hurting your credit score, you can write a goodwill letter to that creditor, requesting the negative mark to be removed. 

For more information about goodwill letters, including how to write them, when to use them, and examples of goodwill letters, visit this website, https://www.creditkarma.com/advice/i/goodwill-letter, written by Emily Starbuck Gerson


3. Correct Credit Report Mistakes

Errors on your credit report, such as a falsely reported late payment or incorrect balance, can negatively impact your credit score. Even small errors, such as typos in your name or an outdated address can negatively affect your credit score because it makes it more difficult for lenders to verify your identity.


4. Use a Credit Boost service

Credit boost services are companies or organizations that help you build credit. When finding a credit boost service, it is important to carefully research the company or organization to ensure you do not fall into scams that hurt your credit score. Oftentimes, checking their reputation and track record of success help to verify legitimate credit boost services. 

There are many of different services. Some help to dispute negative information, such as requesting goodwill donations and disputing with negative information. Other services may add positive information to your report, such as Experian Boost. Experian Boost allows you to build credit based on your monthly subscription bills. This includes services, such as Netflix, internet and utilities.

Written with information from Buffini & Company

Ready to Sell? 3 Tips to Help Your Home Stand Out

Ready to Sell? 3 Tips to Help Your Home Stand Out

Ready to Sell? 3 Tips to Help Your Home Stand Out

Selling your home is an exciting yet stressful time. You're ready to move on to your next adventure, but first, you need to find the right buyer for your current home. In a competitive market, selling your home can be a stressful and overwhelming process. it's essential to make your home stand out to attract potential buyers. Here are three tips to help your home stand out when selling it:

1. Have your home inspected. 

This will help you isolate the repairs you need to address before you list your home. If you make the most important repairs, you’ll be ahead of the game and may be able to list your home for more than if you left the issues unresolved.

2. Declutter and start packing. 

Buyers want to see the details of the home, so be sure they have a great view. You’ll have to pack when you move anyway; starting the process now allows you to pack up anything you don’t use regularly, including valuable dishes, photos, and knick-knacks.

3. Stage your home. 

When you’re selling your home, it’s difficult to see it through the eyes of a potential buyer. A professional stager will present your home in the best possible light, making sure the focus is on the features that sell, such as a great view or notable architecture.

7 Qualities to Look for When Buying a House

7 Qualities to Look for When Buying a House

7 Qualities to Look for When Buying a House

Buying a new house is an exciting and life-changing decision, but it can also be a daunting task. There are many factors to consider when finding your ideal house, which is why it’s important to take your time and think about what matters most. The following are some qualities that people consider:

Year Built and Condition

The year built and condition of your house can be important factors in deciding what’s right for you. While newer homes tend to have modern amenities and require less maintenance, older homes can offer unique character and architectural features. But keep in mind that an older home may need more updates or repairs, and a newer home may come with a higher price tag

Size and Stories

Whether you need extra space for a growing family or want a cozy manageable living space, the size of your home matters. And let’s not forget the added charm and character that comes with different architectural styles and various stories. But keep in mind that larger homes can come with higher costs and more maintenance, while single-story homes can be more accessible and convenient. So, get ready to find the perfect fit for you and your lifestyle!

Architectural Style

The architecture of your house can be a big factor in creating a unique and eye-catching living space! Whether you’re drawn to the clean lines of modern design or the classic charm of a Victorian-style home, there’s an architectural style out there that is perfect for you. But keep in mind that different styles can come with different maintenance needs and costs. So, if you’re ready to make a statement with your home, it’s all about finding the perfect architectural style that reflects your personality and taste!

Floor Plan and Master Bedroom Preferences

The floor plan of a house is an important consideration and should be functional and meet your family’s needs. An open floor plan may be ideal for entertaining, while a more traditional layout may provide more privacy. Additionally, the master bedroom is an essential consideration when finding your ideal house, from a large bedroom with an ensuite bathroom to a walk-in closet.

Finishes

From bold and modern to classic and timeless, choosing the right finishes can set the tone for your entire home. Whether you prefer sleek stainless steel appliances or rustic wood floors, it’s all about finding finishes that reflect your personal style and taste. But keep in mind that certain finishes can be more durable, easy to maintain, or budget-friendly than others. So if you’re ready to add some personality and flair to your home, choosing the right finishes is a great place to start!

Fireplace

When it comes to coziness and comfort, there’s nothing quite like a fireplace in your home! A house with a fireplace can be the perfect spot to curl up with a good book or a loved one, especially on chilly evenings. Not to mention the added ambiance and safety concerns. So if you’re ready to add some warmth and style to your home, consider buying a home with a fireplace.

Pool

Whether you’re a serious swimmer or just looking to cool off on hot summer days, a pool can be the ultimate oasis in your backyard. Picture yourself lounging poolside, sipping a cold drink, and soaking up the sun. But keep in mind that a pool also means maintenance, safety concerns, and higher insurance costs.

In conclusion, finding your perfect house is a process that requires careful consideration and thought. It’s important to think about the year built, condition, size, stories, architectural styles, style, floor plan, master bedroom preferences, finishes, and fireplace. By being practical in your decision-making, you can find a home that meets your needs and provides a comfortable and inviting living space.

7 Features That May Sell Your Home Faster

7 Features That May Sell Your Home Faster

7 Features That May Sell Your Home Faster

If you’re thinking of putting your home on the market this spring, you may be wondering how to make your home more attractive to prospective buyers. The following are the most common features buyers want in a home.*

1. Laundry room

While many homes have a nook in the hallway or within a bathroom for a washer and dryer, most buyers (92%) of all ages want a separate laundry room with space for these appliances, plus room to sort and iron. If you want to add a laundry room, think of putting it in the basement or in an area where there are utility lines and plumbing is accessible. Since the utility lines are already there and many basements aren’t finished, it’ll be much cheaper to install than if you have to take out walls or move utility lines.

Cost to install: $1,000 to $10,000*

2. Exterior lighting

90% of buyers want a home with outdoor lighting, including spotlights, walkway lights, and pendant lights. Not only does this lighting highlight your home’s curb appeal, it’s also a safety measure. For example, motion lights will turn on whenever they sense movement.

Cost to install: $63 to $135 per fixture*

3. Energy-efficient windows and appliances

Energy Star-rated windows and appliances are a top choice of buyers–90% prefer energy-saving appliances and 87% prefer energy-saving windows. Energy-efficient windows can reduce heating and cooling costs by 12%. Additionally, homeowners may save up to $40 a year on their utility bills by including energy-efficient appliances in their homes.

Cost to install: $270 to $800 each for windows; cost varies for appliances*

*Source: Kiplinger, August 2016 © 2017 Buffini & Company. All Rights Reserved. Used by Permission. RMMK APRIL C

4. Patio

More than 84% of buyers feel a patio is an important home feature. Many people entertain outside during the warmer months of the year and a patio allows them to do so without having to modify their home.

Cost to install: $961 per 120 square feet for a concrete patio*

5. Hardwood floors

For 82% of buyers, hardwood floors are a desirable selling point in a home. Hardwood floors tend to be more durable and easier to maintain than carpet. They also offer a timeless aesthetic to a home. Homeowners can add rugs to improve the warmth of a space or tie the room together.

Cost to install: $1,473 per 120 square feet of unfinished hardwood; $1,353 per 120 square feet of prefinished hardwood*

6. Garage storage space

Storage is important to 81% of buyers, especially if they have growing families. Additional storage in the garage keeps the main living areas free of clutter and is more accessible than the attic or basement spaces. Improvement options include installing pegboards on the wall for tools, improving the lighting and electrical circuits, or adding cabinets.

Cost to install: $2,025 - $2,363 for a 380 square-foot space*

7. Eat-in kitchen

Many buyers (80%) like the appeal of eating their meals in the kitchen, especially if they have children. Creating space in the kitchen for a small table and chairs may be as simple as removing a wall. You will want to make sure the wall is non-load-bearing, with limited repair work involved, and without pipes or wires needing to be removed. If the wall contains any of these factors, your costs could increase dramatically.

Cost to install: $1,000 to $10,000*

Other Features that Make Your Home Stand Out:

While buyers may not have cited the following features as ones they specifically look for in a home, they are ones that are appreciated. Most buyers, especially first-timers, find added value in a home with the following:

An updated kitchen.

If your kitchen hasn’t been updated in years, a minor renovation may be in order. For a minor update, paint the walls and replace lighting and cabinet fixtures to present a fresh look. An updated bathroom. As with the kitchen, a dated bathroom is a drawback for many buyers. You don’t have to break the bank; updating the sink, toilet and shower or bathroom fixtures will go a long way in giving it a modern look.

An open floor plan.

Whether they intend to entertain guests or simply want to keep an eye on the kids while they cook, many buyers, especially millennials, are attracted to an open floor plan. If your home has an open floor plan, play it up. Otherwise, look into taking down non-load-bearing walls if you’d like to create a larger space.

A home office.

Americans are working from home now more than ever. Even if the buyers aren’t planning on working from home, a home office creates a space where buyers can pay bills or plan for work. It can also double as a guest bedroom.

A wireless security system.

Safety is important. A wireless home security system is one of the top technology features buyers would like to have in their new homes.

Worcester has grown a ton and we still have room left

Worcester has grown a ton and we still have room left

‘Still the best thing in Worcester’: A decade of growth transformed the Canal District; Plans for 2021, beyond build off that momentum

By Michael Bonner | mbonner@masslive.com

A decade isn’t long in a city like Worcester, which began its history under British rule.

But within a few square blocks of the Canal District, the last decade created a lifetime of change.

Turn back the clock to 2011 and the landscape of the city’s most bustling neighborhoods is unrecognizable.

Kelley Square - without a peanut - remains one of the state’s most dangerous intersections. A vacant dirt lot sits where the Worcester Public Market now welcomes hundreds of people daily. North, up Green Street, Crompton Collective, Birchtree Bread, Smokestack Urban Barbecue are yet calling the District home.

Worcester Canal District transformation

The transformation within the Canal District over the last decade included the addition of the Worcester Public Market.

The Pawtucket Red Sox remain happy in Rhode Island. A few blocks northeast, the Presmet/GKN Sinter Metals industrial complex is surrounded by a chain-linked fence and large tanks, years before the Fidelity Bank Ice Arena welcomed the youth hockey players.

Work had only started to transform a furniture store into the Canal Lofts.

A dental supply store occupies the space where igloos now light up outside Lock50.

Worcester Canal District transformation

The transformation within the Canal District included the addition of Lock50 on Harding Street.

Grease, oil and auto supplies filled the building now known for sweets and sprinkles at the Queen’s Cups. The examples are far from a comprehensive list documenting the evolution from an industrial neighborhood to one that rivals any in New England.

The development isn’t complete, though.

Plans in 2021 include small updates like new vendors in the Worcester Public Market to monumental moments like opening Polar Park in April.

The blueprints for the District already extend into 2022 with candlepin bowling and housing. A neighborhood that’s experienced an overhaul during the last decade is actually just getting started.

“I was drawn to this neighborhood because it had potential to be a walkable shopping neighborhood, which Worcester was lacking then unlike Northampton, Portsmouth New Hampshire, The South End.,” said Amy Lynn Chase, who opened Crompton Collective in 2012. “I remember one of my main goals in 2012 when we opened was to someday have enough businesses to do a holiday stroll, which The Canal District has done for a few years now.”

A global pandemic hasn’t hindered the momentum. Even when restaurants were restricted to 25% capacity, couples waited outside for seating as temperatures flirted with dipping below freezing.

Parked cars lined the streets and filled the parking lots.

“I think we’re still the best thing in Worcester,” said Allen Fletcher, who developed the Worcester Public Market.

The reputation is only expected to grow in 2021 and beyond.

The last decade brought shops and restaurants. Another phase in transformation of the area will bring housing. Construction is already underway for housing in the vacant building next to the Canal Lofts. South of Madison Street and across from Polar Park, the first of two housing developments is expected to break ground soon. Plans also call for a hotel near the ballpark.

Transformation of Canal District in Worcester

The transformation over the last decade within the Canal District included the development of Polar Park.

The largest parcel in the District, Table Talk Pies’ bakery, begins its transition to housing in early 2022. Boston Capital Development has plans for at least one six-story, 80-unit affordable housing building.

“I think the developers are so attracted to this area because they see all the hard work that we have put in and how quickly it added value,” Chase said. “As long as these brands have Worcester’s best interest at heart I think it will only grow our culture down here of being a welcoming and unique destination for New England.”

The development by the multifamily housing investment company is only the first of a multiphase project. For perspective, Fletcher said the Table Talk Pies site is six times larger than the Worcester Public Market, which raises some fears for the development.

“If it is literally a housing project, it doesn’t help,” Fletcher said. “It supplies us with some people. Mazel tov. But look at the area around any housing tower in Worcester. Look at the area around them, what do they accomplish? Usually not much.”

Fletcher hopes the housing conglomerate will activate the street-level space - much like the Worcester Public Market - with retail space.

Boston Capital won’t be able to start the project until Table Talk Pies moves into its new home in the Main South neighborhood by the end of 2021. Plans are still somewhat fluid for the first phase of the project beyond the 80 housing units.

Managing Director for Boston Capital Develop Rich Mazzocchi told Masslive last month that the four-acre lot contains more retail opportunities to complement the Worcester Public Market and the Crompton Building.

“We think the Green Street location particularly in the existing building sets up really well for any number of retail uses,” Mazzocchi said. “Once we all bounce back and the vaccine rolls out, I think that’s when we’ll really focus on specific uses and tenants.”

Table Talk Pies' rogue Twitter account remains a mystery

Table Talk Pies retail store manager Caitlin Enck and Worcester podcaster Ricky Nelson are trying to get to the bottom of who is running a rogue Twitter account under the company's name.

Despite appearing to be the new out-of-town kid on the block, Boston Capital has hired Dan Benoit, a Worcester native and architect, to design the $36 million first phase of the project.

Officials in Worcester connected Boston Capital with Table Talk Pies, City Manager Edward Augustus Jr. said.

“They’re big and they have a good reputation that precedes that. We knew that reputation,” Augustus said. “We knew we had a known entity that would listen to feedback from the city. We talked to them quite a bit that this can’t be a suburban kind of design building. This is going to be in one of the most conspicuous locations in the city and it needs to fit in with the area it’s in. It needs to be pleasing to the aesthetic sensibility of the Canal District.”

Augustus sees the Canal District further evolving into an urban hub where millions of people migrate to the neighborhood annually from other neighborhoods in the city but from surrounding towns as well.

Some of the population will be permanent with hundreds of units coming online within the next year or two.

Others will spend the day in the neighborhood grabbing a beer at Wachusett Brewing Co. or Bay State Brewing Co., taking in a ballgame at Polar Park or knocking down bowling pins. Visiting the neighborhood will be met with similar expectations as visits to Boston or other cities highlighting walkability rather than parking proximity.

“You go to Beacon Hill, you can’t just pull up to a townhouse and find a parking space,” Augustus said. “But there are other benefits to being there like there’s a lot to walk to. You don’t really need a car or need it as often.”

Worcester Canal District transformation

The transformation within the Canal District from 2011 to the current site of the Fidelity Bank Worcester Ice Arena.

Boston Capital has already announced, as part of its first-phase development, that it will resurrect Spruce Street as a connection from Green Street to Washington Street.

“That’s one thing we want to have happen at the Table Talk Pies site is to reestablish that walkability,” Fletcher said. “Instead of it being this big obtuse site that you can’t cross.”

The District’s proximity to downtown and Union Station breeds confidence within the city manager that cars will be seen as a luxury rather than a necessity within the neighborhood. The ecosystem from Green Street to Water Street allows for access to food, entertainment, transportation and work opportunities within a 10-minute walk

“I really do think if you’re talking two years or three years, you’re going to get people who don’t want cars or they’re going to use zip cars or shared cars,” Augustus said. “...That wouldn’t work in West Tatnuck. That wouldn’t work on James Street. It wouldn’t work everywhere in the city.”

The demand to live in the District has generated some of the highest rents in the city. According to Zumper, the median cost for rent of a one-bedroom apartment in Worcester in February is $1,300. The median cost of a two-bedroom is $1,450.

According to apartments.com, only a handful of units are available within the Canal District. Rent runs from about $1,600 for a one-bedroom to $2,000 for two bedrooms.

Those figures fall in line with median rent costs in Boston suburbs like Chelsea and Melrose, according to Zumper.

“When the city puts money into these projects, we are usually requiring an affordability component to it as a way to make sure that the market may be demanding $2,000, $2,200 in downtown Worcester, but we know there’s a lot of people who can’t afford that,” Augustus said.

Grass covers the outfield at Polar Park

The diamond at Polar Park looks like a baseball field with grass in the outfield, three bases, a pitchers mound and home plate.

A healthy community is not an exclusive community.

The future of the Canal District includes a candlepin bowling alley, housing, a professional baseball stadium, a hotel and more.

Unlike the previous 10 years, though, the growth over the next decade is meant to work with features already existing in the neighborhood from crepes to bubble tea, two breweries, a pair of arenas, a butcher’s shop and countless eateries.

Augustus, though, believes any growth should hinge on prospering diversity.

“You don’t want all people in one particular income group [in one section of the city]. You want that mix,” Augustus said. “That mix is really what makes that good, healthy, vibrant neighborhood. I think that’s what we’re trying to do.”

Don't buy a home until you read this!

Don't buy a home until you read this!

Real estate is fun to talk about and as real estate agents, we frequently get asked about the state of the market.  The best place to start is a deep dive into what the numbers are telling us about the current state of the market.  

The single-family market in Massachusetts has seen a 52% decrease year over year of homes being listed for sale.  For comparison purposes, last September 12,166 homes were listed for sale as compared to 5,827 today.  With the extreme tightening of inventory, there has been an 8% increase in the median list price and days on market have declined by 41%.  

The single-family market in Worcester County has seen a 55% decrease year over year of homes being listed for sale.  Again with low inventory, there has been a 6% increase in the median list price and days on market have declined by 41%. Worcester County still is one of the more affordable areas of the state to purchase a home.  The median list price in Worcester county is $349,900 as compared to the state-wide median list price of $483,500.  As a result, many buyers are flocking to Worcester county.  

So what do all these statistics mean for buyers?

First, when getting ready to purchase a home speak to a real estate agent.  Who you work with matters.  Treat your first meeting like an interview and ask them about their experience level, communication style, and if real estate is a full-time profession.  Online reviews also provide first-hand accounts and can help buyers narrow down who they want to work with.  

The second step in the process is reaching out to a loan officer.  Most real estate agents can provide recommendations.  Having a pre-approval loan in this market is a must-have.  It also serves to give you an understanding of your budget and how much home you can afford.

Now you are ready to start looking for your new home.  Buyers should be prepared for multiple offers, quick deadlines for offers, properties going over the asking price, larger down payments and possibly modifying some contingencies.  Your agent will help you draft the most competitive offer and present it to the sellers.  It may take several months and offers to get that perfect new home but if you follow the recommendations it is achievable.

If you are interested in learning more about the buying process please reach out to us today. Our agents have extensive experience and have successfully closed 35 transactions in the last three months alone.  Remember who you work with matters.

Written by Kathleen Kelly

HELP WHO DO YOU KNOW: Real Estate Administrative Assistant / Transaction Coordinator

HELP WHO DO YOU KNOW: Real Estate Administrative Assistant / Transaction Coordinator

Job Description: Experience in an administrator role required. We are looking for the best of the best. We will be very competitive on rate/salary as well as provide benefits.

Do you have a passion for being prepared, supporting a team by anticipating their needs, and working on many types of duties in a fast-paced environment? Are you glue? The right hand? The person who is behind the scenes making sure the trains run on time? Do you thrive in an environment where you are supportive, positive, and making a powerful difference in a team's productivity?

Busy real estate team seeks a Transaction Coordinator/Executive Assistant who wants to learn, grow, and execute! You must have the following abilities:

- Exceptional organizational skills, initiative, and a quick learning ability

- Strong computer skills (all Office software, database management, social media skills, familiarity with Google Apps)

- Strong written and verbal communication skills

- Ability to prioritize work in a time-sensitive environment

- Excellent attention to detail- Positive, friendly, and supportive attitude

- Ability to work independently in a team environment- Ability to maintain confidentiality

You must be:

- Personally accountable

- Positive, friendly, and supportive

- Adept at self-management

- Excellent at planning and organizing

- A continuous learner who is interested in growth

Some of your daily duties will include: being at a computer for multiple hours/day, managing client communication, managing multiple email boxes, team phone lines, and social media sites, working towards deadlines, entering client information into our database, preparing new client folders and paperwork, as well as managing leads and listings. Growth opportunity to take on listing management and other roles. This is not the position for someone who just wants to get their foot in the door for sales (contact us anyway and we can help with you that another way).

To learn more about the current team, check out our website:

https://www.thejarboegroup.com/about-us/

The 4 Steps towards getting your Real Estate License

The 4 Steps towards getting your Real Estate License

Step 1: Take a pre-licensing course

Cost: $200 to $300

States require people to take pre-licensing training from a certified institution before they can sit for the real estate licensing exam. The required number of training hours can vary significantly by location. In Massachusetts, for example, real estate agents must take 40 hours of pre-licensing training, but in other states classroom time can vary.

The course will teach you real estate principles, real estate practices, and the legal aspects of the business.  Go to https://www.mass.gov/service-details/authorized-real-estate-schools-in-massachusetts for information on authorized schools in Massachusetts.  

Pre-licensing courses can be taken in person or online. 

Step 2: Take the licensing exam

Cost: $100 to $300

Your real estate school will provide information on how to sign up to take the licensing exam.  You will have up to two years from the completion of the course to take the exam.  Exams are typically divided into two portions: one on federal real estate laws and general real estate principles, the second on state-specific laws. Both typically consist of 60 to 100 multiple-choice questions, including math questions that require you to use a calculator. Most pre-licensing courses provide students with sample tests, and there are many sample tests available online.

Step 3: Passed your test? What’s next?

  • Activate your license through your state real estate commission's website. Activation fees vary but typically cost around $200 to $400.

  • Pay for membership to the local multiple listing service. Membership in your local MLS is essential, since you must use the system to list properties, the service also enables you to easily pull a property's tax information, analyze market trends, and see listings before they go on the market.

Step 4: Join a brokerage

In order to become a real estate agent and legally practice real estate, you must work under a supervising broker. Brokers are licensed by the state to oversee real estate transactions and ensure that real estate salespeople are adhering to the required legal and ethical standards.  

Most brokerages pay their agents only by commission and you will be considered an independent contractor.  For newer agents, brokerages that provide training can be extremely helpful in launching a successful career.

Fail-Forward, with Justin Jarboe

Forgot to post this earlier. Justin was interviewed on a national podcast regarding his investing journey. Please click on the link to listen now.

https://www.myinvestmentservices.com/podcasts/justin-jarboe/

What You Will Learn:

  • Justin Jarboe’s journey into real estate investing

  • The challenges Justin has faced in real estate and how he overcame them

  • Why the fail-forward approach is the best approach to professional development

  • The importance of tying your real estate goals to emotional motivators

  • How Justin built a portfolio of twenty doors despite experiencing numerous setbacks

Looking for the perfect place to invest?

Looking for the perfect place to invest?

Looking to invest in real estate and having a hard time choosing between the different areas? Boston might be the way to go!

According to a recent report by home co-investment company Unison, Boston is likely to be the most resilient housing market during the coronavirus recession. According to the report, Boston’s resiliency is due to the concentration of IT and financial services jobs. Read the first article for the other cities on the resilient list, and also for a list of the most vulnerable cities.

To learn more about investing in Boston and central MA, please call us now. 508.322.1499

15 Tools Every Homeowner Should Own

15 Tools Every Homeowner Should Own

The following items are essential tools, but this list is by no means exhaustive. Feel free to ask the inspector during your next inspection about other tools that you might find useful.

1. Plunger A clogged sink or toilet is one of the most inconvenient household problems that you will face. With a plunger on hand, however, you can usually remedy these plumbing issues relatively quickly. It is best to have two plungers -- one for the sink and one for the toilet.

2. Combination Wrench Set One end of a combination wrench set is open and the other end is a closed loop. Nuts and bolts are manufactured in standard and metric sizes, and because both varieties are widely used, you’ll need both sets of wrenches. For the most control and leverage, always pull the wrench toward you, instead of pushing on it. Also, avoid over-tightening.

3. Slip-Joint Pliers Use slip-joint pliers to grab hold of a nail, a nut, a bolt, and much more. These types of pliers are versatile because of the jaws, which feature both flat and curved areas for gripping many types of objects. There is also a built-in slip-joint, which allows the user to quickly adjust the jaw size to suit most tasks.

4. Adjustable Wrench Adjustable wrenches are somewhat awkward to use and can damage a bolt or nut if they are not handled properly. However, adjustable wrenches are ideal for situations where you need two wrenches of the same size. Screw the jaws all the way closed to avoid damaging the bolt or nut.

5. Caulking Gun Caulking is the process of sealing up cracks and gaps in various structures and certain types of piping. Caulking can provide noise mitigation and thermal insulation, and control water penetration. Caulk should be applied only to areas that are clean and dry.

6. Flashlight None of the tools in this list is of any use if you cannot visually inspect the situation. The problem and solution are apparent only with a good flashlight. A traditional two-battery flashlight is usually sufficient, as larger flashlights may be too unwieldy.

7. Tape Measure Measuring house projects requires a tape measure -- not a ruler or a yardstick. Tape measures come in many lengths, although 25 feet is best. Measure everything at least twice to ensure accuracy.

8. Hacksaw A hacksaw is useful for cutting metal objects, such as pipes, bolts and brackets. Hacksaws look thin and flimsy, but they’ll easily cut through even the hardest of metals. Blades are replaceable, so focus your purchase on a quality hacksaw frame.

9. Torpedo Level Only a level can be used to determine if something, such as a shelf, appliance or picture, is correctly oriented. The torpedo-style level is unique because it not only shows when an object is perfectly horizontal or vertical, but it also has a gauge that shows when an object is at a 45-degree angle. The bubble in the viewfinder must be exactly in the middle -- not merely close.

10. Safety Glasses / Goggles For all tasks involving a hammer or a power tool, you should always wear safety glasses or goggles. They should also be worn while you mix chemicals.

11. Claw Hammer A good hammer is one of the most important tools you can own. Use it to drive and remove nails, to pry wood loose from the house, and in combination with other tools. They come in a variety of sizes, although a 16-ounce hammer is the best all-purpose choice.

12. Screwdriver Set It is best to have four screwdrivers: a small and large version of both a flathead and a Phillips-head screwdriver. Electrical screwdrivers are sometimes convenient, but they're no substitute. Manual screwdrivers can reach into more places and they are less likely to damage the screw.

13. Wire Cutters Wire cutters are pliers designed to cut wires and small nails. The side-cutting style (unlike the stronger end-cutting style) is handy, but not strong enough to cut small nails.

14. Respirator / Safety Mask While paints and other coatings are now manufactured to be less toxic (and lead-free) than in previous decades, most still contain dangerous chemicals, which is why you should wear a mask to avoid accidentally inhaling. A mask should also be worn when working in dusty and dirty environments. Disposable masks usually come in packs of 10 and should be thrown away after use. Full and half-face respirators can be used to prevent the inhalation of very fine particles that ordinary facemasks will not stop.

15. Duct Tape This tape is extremely strong and adaptable. Originally, it was widely used to make temporary repairs to many types of military equipment. Today, it’s one of the key items specified for home emergency kits because it is water-resistant and extremely sticky.

Walsh Home Inspections

4 Clover Court

Cumberland, RI 02864

(339) 298-1124

info@walshhi.com

www.walshhi.com 

You’re on a Forbearance Plan…Now What?

You’re on a Forbearance Plan…Now What?

Frequently Asked Questions
Here is a list of frequently asked questions about forbearance plans and your responsibilities:

Question: 
What is a forbearance plan? 

Answer: 
A forbearance plan allows you to temporarily stop making your monthly mortgage payments during the forbearance period. It is important to understand that forbearance is not forgiveness – it is temporary relief. Any unpaid payments will become due and payable at the end of the forbearance period, and any partial payments made during the forbearance period will reduce the amount you owe when the forbearance period ends.

During the forbearance term, late charges and other fees will be suspended. If your loan is current at the time of entering into a forbearance plan, then each month you are in the forbearance plan we will report the status of the account to the credit reporting agencies as current. If, however, your loan was delinquent prior to entering into a forbearance plan, we will maintain that delinquency status during the period of the forbearance. If you are able to bring the loan current during the forbearance plan, we will report the account as current.

If you are unable to repay all missed payments at the end of the forbearance period, we will need to evaluate a permanent payment solution, such as loan modification, repayment plan or other approved option to bring the loan to a current status and avoid negative credit reporting. We will contact you via email prior to the end of your forbearance with a questionnaire to help determine available options. You will receive additional correspondence reminding you of next steps approximately 6-8 weeks prior to the end of the forbearance period.

Question: 
If I don’t request help with my payments now, will assistance be available for me later if I need it?

Answer: 
Yes, you can apply for assistance anytime on our website. 
 

Question: 
What should I do now that I am on a forbearance plan?

Answer: 
It is important that you do the following:

  • Return any documents that require your signature within 14 days of receipt to ensure your plan does not get cancelled;

  • Make partial payments, when you are able. It will reduce the total amount you will owe at the end of the forbearance period;

  • Inform us if your financial circumstances change;

  • Check your email for updates from us. We will send you periodic email updates to keep you informed about your forbearance plan; and

  • Register your account online if you haven’t already done so to view your account, forbearance plan details and new information as it becomes available.
     

Question: 
Why aren’t my payments being deferred?

Answer: 
We understand that the difference between deferment and forbearance can be confusing. Deferment (or payment deferral) typically means that payments are forgiven or added to the balance of your loan. This option is currently unavailable. However, forbearance plans are available and allow you to temporarily stop making your monthly mortgage payments during the forbearance period. Any unpaid payments will become due and payable at the end of the forbearance period.
 

Question: 
When do I need to contact you about my forbearance plan?

Answer:  
You only need to contact us if you wish to cancel your forbearance plan or adjust the duration of the forbearance period. All other questions can be answered by reviewing your account online. We will continue to update the “Frequently Asked Questions” as new information becomes available.

Question: 
Will a forbearance plan negatively affect my credit?

Answer: 
If your loan is current at the time of entering into a forbearance plan, then each month you are in the forbearance plan we will report the status of the account to the credit reporting agencies as current. If, however, your loan was delinquent prior to entering into a forbearance plan, we will maintain that delinquency status during the period of the forbearance. If you are able to bring the loan current during the forbearance plan, we will report the account as current.

Question: 
If I did not make payments before the forbearance plan started, will those payments be reported as late? 

Answer: 
No new delinquencies will be reported.

Question: 
My forbearance doesn’t start until next month, but I have a payment due for this month. What should I do?

Answer: 
You don’t need to do anything right now. Even if the letter you received says the forbearance doesn’t begin for another month, no payment is required for this month.  However, you have the option to make a full or partial payment, if you are able. Any full or partial payments will reduce the amount owed at the end of the forbearance period.
 

Question: 
Will I be charged any fees while I’m on forbearance?

Answer: 
Late fees will not be charged for any payments during your forbearance period. Phone pay fees and other fees will also be suspended.
 

Question: 
I have auto-draft setup on my account. Will monthly payments still be drafted? Should I cancel my auto-draft?

Answer: 
We will suspend the auto-draft when we set up your forbearance. Auto-draft must be cancelled 3 days prior to the draft date. If you have payments scheduled prior to the setup of your forbearance, those drafts will need to be cancelled.

Question: 
Will I still receive letters about the account delinquency status while the account is in forbearance?

Answer: 
Yes, due to investor guidelines we must send certain letters which may include statements regarding the account delinquency. However, you will not be required to make payments during the forbearance period and we will not assess late fees or report the account negatively to credit reporting agencies.
 

Question: 
How long is the forbearance period?

Answer: 
The details of your forbearance plan may be viewed online once you log into your account. Depending on the type of loan you have, you may have the option to forbear, or “pause” your mortgage payments for up to 180 days. You may also be eligible to an extension of the initial term. We will contact you via email towards the end of the initial forbearance period with a questionnaire to determine next steps.

Question: 
What happens when the forbearance ends?

Answer: 
We will send you an email 6-8 weeks before the end of your forbearance plan to let you know what we need from you as you prepare to transition to regular monthly payments. We will include information about options that may be available to you if you are not ready to resume your regular payment schedule.
 

Question: 
What happens to the payments I didn’t make during the forbearance period?

Answer: 
All payments will become due at the end of the forbearance period; this includes any payments not made prior to the beginning of your forbearance. If you are able to make partial payments during the forbearance period, it will help reduce the amount due at the end of your forbearance period. If you are unable to pay the full amount to bring your loan current when your forbearance plan ends, we will work with you to determine what options are available to help you get back on track.
 

Question: 
What happens if I am unable to repay all the missed payments when my forbearance plan ends?

Answer: 
If you are unable to resolve your outstanding balance when your forbearance plan ends, we will work with you to determine which programs best fit your financial situation at that time. The options we may offer include a loan modification, repayment plan or other options approved by Investor, State and Federal agencies.
 

Question: 
How do repayment plans and loan modifications work?

Answer: 
Repayment Plan - 
A repayment plan allows you to pay the accumulated amount during the forbearance plan you owe over monthly installments which are added to your regular monthly payments until the accumulated amount is paid in full. 

Loan Modification If you are unable to resolve the outstanding amount with a repayment plan, you may be eligible for a loan modification. If you qualify, this option would permanently change the terms of your mortgage to bring you current. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a restructuring of the loan, or any combination of the three. When you are near the end of your forbearance, we will provide more information about these and other options approved by Investor, State and Federal agencies. 
 

Question: 
How do I cancel my forbearance plan?

Answer: 
Contact us if you wish to cancel your forbearance plan.

Information provided by Lakeview Loan Servicing, LLC subservicing by LoanCare