James Conforti and Domingo Medina - Coldwell Banker Residential Brokerage



Posted by James Conforti and Domingo Medina on 7/18/2019

Home renovations can increase the value of your home and make it better suited to your preferences. In 2018, the survey polled by LightStream Home Improvement showed that 58 percent of homeowners admit that they had the intention of spending money to improve their homes.

The survey also showed that 30 percent of those homeowners planned to pay for those renovation projects with credit cards. 

So, is this a good idea?

The truth is that it is almost a requirement for most home shoppers to take advantage of the convenience credit offers, especially those who cannot pay upfront.

However, even for those home buyers who have the cash at hand, there is a lot of flexibility with credit cards. Credit cards are usually protected against contractor fraud or botched projects, and there are many advantages offered by some credit card companies such as cash back and points. 

So, the increasing number of homeowners using credit cards to pay for the renovation of their property is not a surprise, and this trend will continue to increase in the future. Remember that you should not use a credit card unless you can pay the renovation off when the month comes to an end due to significant interest charges.

Funding your home renovation through credit card, is it wise?

The following three factors are essential when making this kind of decision:

- The amount of credit you have. 

- Your ability to carry a balance on your card.

- How quickly you will pay off the expense

If you already have debt and an issue with the interest rate you are paying, then this might be a responsibility you should not shoulder. If not, using a credit card for such a significant expense is an excellent way to receive credit card benefits.

What are the Advantages of Putting Home Renovations on a Credit Card?

The two most significant advantages of using a credit card are convenience and immediacy. Furthermore, if house values are increasing fast, it would be ideal to move quickly. However, this would rely on real estate market ups and downs as well as how long you plan to live in your home.

The Disadvantages?

One of the drawbacks is that if you don't make your credit card payments, you could be dealing with an interest rate of 21.99-26.99 percent or more, which will eventually negatively impact your credit score. 

Final Thought

Using a credit card can be beneficial if you have the money to quickly take care of the renovation and explore certain advantages such as rewards or doubled warranties.





Posted by James Conforti and Domingo Medina on 7/15/2019

This Single-Family in Winchester, MA recently sold for $2,060,000. This Colonial style home was sold by James Conforti and Domingo Medina - Coldwell Banker Residential Brokerage.


35 Wildwood Street, Winchester, MA 01890

Single-Family

$2,100,000
Price
$2,060,000
Sale Price

11
Rooms
6
Beds
4/1
Full/Half Baths
Classic Stucco Colonial located in the FLATS just a short walk to Packer tennis courts, downtown and schools. The home was built in 1901, tastefully upgraded in 2005/06 significantly modernizing of the kitchen and family areas. All systems have been upgraded including plumbing, heating and air conditioning. 35 Wildwood Street offers amazing flow for entertaining small and large gatherings inside and outside. Notice the woodwork/built-ins, quarter sawn hardwood flooring throughout and large modern windows consistent with the character of the home. The butler's pantry beautifully appointed between the kitchen and dining room. A full sound system has been installed throughout the house and patio, outdoor lighting throughout the yard and a full irrigation system for back and front yard. The yard at 35 Wildwood is massive by Winchester norms, the owner has thoroughly enjoyed outdoor entertaining, fielding soccer tournaments and annually a large outdoor skating rink.

Similar Properties





Categories: Sold Homes  


Posted by James Conforti and Domingo Medina on 7/11/2019

Your credit score is a fundamental component of a mortgage lenderís decision to approve you for a loan. It can also affect the interest rate and loan amount you can secure.

Along with your income history and down payment, a solid credit score is one of the three most important things youíll need when it comes to buying a home.

Credit scores themselves, however, can be a complicated business. And finding out what score you need to buy a home and how to achieve that score can also be a complex topic.

So, in this post weíre going to break down some credit score basics as they relate to buying a home.

Types of credit scores

You may have heard of the three main credit bureaus, TransUnion, Experian, and Equifax. Each of these bureaus keeps a detailed credit history for everyone in America (except for those who have yet to open a line of credit or take out a loan).

Since each credit bureau may have slightly different information available data to draw from, your credit scores from each company may vary.

However, when it comes to buying a home, most lenders use a standard scoring model called a FICO score to ensure that all mortgage applicants are treated fairly when they seek a loan.

Things are further complicated by the fact that there are several different FICO scoring models designed for different types of credit. So, if youíve seen your FICO score when applying for an auto loan, it may be a different score than you will see when applying for a mortgage.

Build credit; raise your credit score

All of the types of credit scores and scoring models can be confusing. But what you mostly need to worry about is how to boost your score.

Your credit score will be based on five main factors:

  1. Making on-time payments

  2. The percentage of available credit (not maxing out your cards)

  3. Having diverse types of credit (auto loans, student loans, credit cards, etc.)

  4. Not opening new lines of credit frequently (a red flag that youíre struggling financially)

  5. The length of your credit history, or how long youíve been consistently paying your bills

What score do you need to buy a home?

There are several different mortgage types available for buyers. First-time homeowners, veterans, people seeking to buy a home in a rural area, and any other number of circumstances can help you qualify for mortgages even if you have a low credit score.

A general rule, however, is that itís always better to apply for a mortgage with a high credit score to help you secure the best possible interest rate. 

Some programs do have minimum credit scores that they will accept for a mortgage. FHA loans are one common example. The Federal Housing Authority guarantees loans for people across the country who are hoping to buy their first home (or who havenít owned a home in the last three years). Their guarantee is what enables lenders to safely approve mortgages for borrowers with low credit scores. The current requirement for an FHA loan is a credit score of 580 or higher for a mortgage with a 3.5% down payment. You can secure an FHA loan with a lower credit score, but youíll have to make a larger down payment.


There are several other options available for hopeful homeowners when it comes to mortgages. But, if you arenít planning on moving in the next few months and your credit score could use some work, now is the time to start focusing on building credit.





Posted by James Conforti and Domingo Medina on 7/11/2019


17 Frothingham Rd, Burlington, MA 01803

Single-Family

$699,000
Price

10
Rooms
3
Beds
2/1
Full/Half Baths
Gorgeous 3 bed, 2.5 bath Colonial on a serene cul-de-sac, in one of Burlington's most desired neighborhoods. This beautifully renovated, sun drenched home offers a great floor plan for entertaining. The home features a large eat-n-kitchen w/lots of storage, stainless steel appliances, quartz counters & recessed lights. Gleaming hardwood floors throughout, stunning family room addition w/fireplace, over looking a 1/2 acre oasis w/gorgeous in ground pool, half a basketball court, mature plantings, lush lawn, a large deck & multiple areas for entertaining that will allow you to host all your family reunions & summer barbecues. Direct access to lower level media room w/full kitchenette & Man Cave. The Navien tankless hot water system, newer roof on main house, one car garage & plenty of off street parking is just the bonus. Near Town Center, Lahey, major highways and Burlington's 3rd Avenue Entertainment District w/the many shops, bars & restaurants it offers. Open House: Sat & Sun 12-2
Open House
Saturday
July 13 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 17 Frothingham Rd, Burlington, MA 01803    Get Directions

Similar Properties





Categories: Open House  


Posted by James Conforti and Domingo Medina on 7/11/2019


17 Frothingham Rd, Burlington, MA 01803

Single-Family

$699,000
Price

10
Rooms
3
Beds
2/1
Full/Half Baths
Gorgeous 3 bed, 2.5 bath Colonial on a serene cul-de-sac, in one of Burlington's most desired neighborhoods. This beautifully renovated, sun drenched home offers a great floor plan for entertaining. The home features a large eat-n-kitchen w/lots of storage, stainless steel appliances, quartz counters & recessed lights. Gleaming hardwood floors throughout, stunning family room addition w/fireplace, over looking a 1/2 acre oasis w/gorgeous in ground pool, half a basketball court, mature plantings, lush lawn, a large deck & multiple areas for entertaining that will allow you to host all your family reunions & summer barbecues. Direct access to lower level media room w/full kitchenette & Man Cave. The Navien tankless hot water system, newer roof on main house, one car garage & plenty of off street parking is just the bonus. Near Town Center, Lahey, major highways and Burlington's 3rd Avenue Entertainment District w/the many shops, bars & restaurants it offers. Open House: Sat & Sun 12-2
Open House
Saturday
July 13 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 17 Frothingham Rd, Burlington, MA 01803    Get Directions

Similar Properties





Categories: Open House  




Tags