All Forum Posts by: Elena C.
Elena C. has started 11 posts and replied 42 times.
Post: Current lowest mortgage interest rate in MA? VA/FHA/Conventional
- Investor
- Boston, MA
- Posts 42
- Votes 13
Originally posted by @Melvin List:
@Elena C. I would get at least one quote from an independent mortgage broker. You can have the best price and best experience if you find the right person.
Yeah, I am asking around now. Thanks!
Post: Current lowest mortgage interest rate in MA? VA/FHA/Conventional
- Investor
- Boston, MA
- Posts 42
- Votes 13
Originally posted by @David Nutakor:
@Elena C. Go through Costco if you are a member. You can also check www.penfed.org. They may have some good deals for veterans.
Thanks for your service.
Will do. Thanks!
Post: Current lowest mortgage interest rate in MA? VA/FHA/Conventional
- Investor
- Boston, MA
- Posts 42
- Votes 13
Got it. Thanks for the info @Zack Karp!!
Post: Current lowest mortgage interest rate in MA? VA/FHA/Conventional
- Investor
- Boston, MA
- Posts 42
- Votes 13
Originally posted by @Russell Brazil:
I guarantee whoever has the absolute lowest rate, screws up your transaction.
Would love to hear more about what you mean by that.
Post: Current lowest mortgage interest rate in MA? VA/FHA/Conventional
- Investor
- Boston, MA
- Posts 42
- Votes 13
What should I look for when shopping for a mortgage loan? I am aware that it is way harder to get an offer accepted with VA loan since we arent putting any money down, but I dont think we can afford to put $100k+ as down payment. What are our options? What should I read/learn about? I can barely understand all the fees in the pre-approval estimate. Not sure which one can be negotiated and which one is flat.
Post: Current lowest mortgage interest rate in MA? VA/FHA/Conventional
- Investor
- Boston, MA
- Posts 42
- Votes 13
Hi all,
We are currently shopping around for the lowest interest rate to purchase our first primary residence, multi-family in MA. We are currently looking at Everett, Reverse, Malden, and Melrose. My husband is active duty, and we qualify for VA loan. 30-year fixed.
Currently, the lowest rate we have received for pre-approval is 3.5% interest rate with 3.743% APR. Has anyone seen lower in either VA, FHA, or Conventional loans?
We are new to all this. Any advice will be appreciated.
Thanks, Elena
Post: First SFH for long term investment in MA (Middlesex County)?
- Investor
- Boston, MA
- Posts 42
- Votes 13
Thank you for the advice, @Jonathan R McLaughlin, @Lior Rozhansky, and @Son D.
I am currently looking at the multis in the Malden, Everett, and Revere area. Will probably house hack, but there are so many things about fixing a house up that I do not know. Not even sure how to estimate the cost for repairing and breaking down walls. I will try to do some math on the basic big items for now.
Post: Boston area meet ups???
- Investor
- Boston, MA
- Posts 42
- Votes 13
Would love to join a beginner friendly meetup too.
Post: First SFH for long term investment in MA (Middlesex County)?
- Investor
- Boston, MA
- Posts 42
- Votes 13
Originally posted by @Lien Vuong:
Hi Elena,
Thanks for sharing your story! I think there's a lot of different strategies where you can rent your SFR and still make good income from it. In Cambridge for example, you can rent the rooms for university professionals looking to stay in the area. It's not quite Airbnb but it is short term 3-6 month rentals. Alternatively, moving to the outskirts of the city, areas such as Revere for example, have a lot of ranches which have in law basement units that would be great for your investing strategy.
Let me know if you have any questions about the areas, would love to share with you on some successful strategies my clients and I have used in the past.
I don't think I can invest in Cambridge. It is way too expensive. I am looking at something less than $650k. I have been trying to find multi family in the areas but only found sfh. If you don't mind sharing, I would love to learn more on what strategies they did. I want this first one to enable me to go buy a second unit a few years later.
Thanks!
Post: First SFH for long term investment in MA (Middlesex County)?
- Investor
- Boston, MA
- Posts 42
- Votes 13
Originally posted by @David Ripplinger:
@Elena C. I used to live in the area. I'm still pretty new to REI, but I think I can provide some useful input. I strongly recommend house hacking. Buy something with a mother in law apartment or buy a duplex, and then your mortgage payment will be significantly offset by the tenant's rent. And you're building equity. Waltham is decent, but I'm not familiar with the other places you mentioned. Have you considered Bedford? Genetti Street and that whole neighborhood used to be base housing once upon a time. It's mostly a bunch of duplexes, and it's really close to base.
Hi David. Thanks for the comment. I have been trying to find multifamily but it is so difficult with our budget. I will take a look at Bedford.
Thanks!