Lioce Properties, Inc.



Posted by Lioce Properties, Inc. on 7/17/2018

If you’re planning on buying a home in the near future and are confused about many of the terms associated with mortgages, you’re not alone. Real estate is its own industry with its own set of processes, terms, and acronyms. If you’re new to the home buying process, there can be somewhat of a learning curve to understand what each of these terms means.

Since buying a home is such a huge investment and life decision, there’s a lot of pressure on home buyers to make sure they get everything right. This makes for a stressful situation for buyers who don’t feel like they understand the terminology of things like mortgages, appraisals, credit reports, and other factors that contribute to the home buying process.

To alleviate some of those concerns and to make the home buying process run more smoothly, we’ve compiled a list of the most common, and most commonly confused, real estate words, terms, and acronyms. That way, when you’re talking things over with your real estate agent or your mortgage lender, you’ll be confident that you understand exactly what’s being considered.


Read on for our real estate terminology glossary.

  • Adjustable rate mortgage (ARM) - This is one type of home loan. Mortgage rates with this type of loan fluctuate throughout the repayment term of the loan. The fluctuation is based on a market indicator.

  • Fixed rate mortgage (FRM) - Another type of home loan, a fixed rate mortgage has a rate which does not fluctuate, remaining constant for the life of the term, most commonly 15 or 30 years.

  • Appraisal - An appraisal is the determination of the value of a property. Appraisals are used when purchasing and selling a home, as well as when refinancing a home loan. Appraisers are required to be licensed or certified in each state and are usually paid for by the lender.

  • Appreciation - An increase in a property’s value, most commonly due to market inflation, or the general increase in home prices over time.

  • Depreciation - A decrease in a property’s value, due to either market deflation (uncommon) or the wear and tear on a home that comes with age.

  • Closing costs - The costs and fees that a buyer is responsible for when purchasing a home or taking out a mortgage. These include underwriting fees, inspections, appraisals, transfer taxes, and more. Closing costs typically range from 2% to 5% of the total loan amount.

  • Contingency - Home purchases have contracts to protect the interest of the buyer, seller, and lender. Contingencies are provisions designed to protect the buyer or lender should something occur in the time leading up to closing on (or purchasing) the home. One common contingency is the buyer’s right to have a final inspection of the home before closing to ensure no new issues with the home have occurred.

  • Private mortgage insurance (PMI) - Buyers who cannot afford a down payment of %20 typically are required to take out a private mortgage insurance policy. This policy protects the lender should the borrower default (fail to repay or meet the conditions of their loan).






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Posted by Lioce Properties, Inc. on 7/10/2018

There are a lot of advantages to living in a low-crime neighborhood, such as family safety, peace of mind, and a minimal risk of getting your personal property stolen.

Perhaps the only downside of living in a relatively secure, desirable part of town is that you might let your guard down completely. When that happens, especially on a regular basis, you're creating a vulnerability that could eventually be taken advantage of. That's why is pays to be consistent when it comes to locking doors, teaching your kids good security practices, and always making your home appear as if someone's home.

Your home IS your castle and -- short of building a moat -- there are a variety of practical measures you can take to keep it safe and secure.

  1. Install a burglar alarm or home security system. There are a lot of options for making your home more burglar-proof, such as installing video surveillance cameras, window and door alarms, or a whole-house alarm system that alerts the local police department or alarm monitoring service of a break-in or other security breach. Virtually any security steps you take will help "tip the scales" in your favor, but a professional advisor from a reputable home security company can assist you in identifying potential vulnerabilities and choosing the options best suited for your budget, your degree of risk, and your comfort level.
  2. Plan ahead when going on vacation. Allowing your mail or newspaper deliveries to pile up on your front steps or driveway is like extending an open invitation to burglars who might be scoping out the area. Temporarily suspending your deliveries while you're away is a good starting point for keeping your house looking occupied in your absence, but you might also ask a trusted neighbor to keep an eye out for unexpected deliveries. If you really trust them, you could even give them a key to your house, in case they're inclined to water your plants and take care of your pets! (That would eliminate the need and expense of sending your dogs and cats to a pet-boarding facility.) One tactic that a lot of homeowners forget about when they're going away for a few days (or even just overnight) is to hook up an automatic timer to a few of their lights. That simple step will help ensure that their house isn't pitch black at night. There's also the more expensive strategy of having a home security system that can be activated and monitored from your mobile device. Do-it-yourself installation kits are available, but some homeowners prefer the technical support features that come with a professional home security service.
  3. Outside lights can be a deterrent. A few motion-activated outdoor floodlights placed in strategic locations around your home can significantly reduce the risk of night-time prowlers staying on your property for very long. Since one of their primary objectives is to remain undetected and low profile, bright spotlights that turn on when they approach the house will often be enough to send them on their way.
Other home security strategies may include changing all the door locks when you first move into a home, adopting a good watch dog to help scare away potential intruders, and keeping bushes and trees pruned so they don't provide convenient hiding places for would-be burglars.





Posted by Lioce Properties, Inc. on 7/4/2018


54 HOPEDALE STREET, Hopedale, MA 01747

Commercial

$78,000
Price

1
Buildings
Commercial Condo
Type of Comm.
52,272.00
Lot Size
GREAT NEW PRICE - DOCTOR RELOCATING! Desirable medical suite in this attractive, contemporary medical office building. The suite itself has its own Reception Area, 3 Exam Rooms and Office. This is a perfect location for patients, visitors & clinicians; less than 2 miles to Milford Regional Medical Center and 1 mile to Route 16. Easily utilized for any office needs. Ideal for a practice or company seeking a prime location at an affordable price!
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Tags: Hopedale   Real estate   Commercial   01747  
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Posted by Lioce Properties, Inc. on 7/4/2018


54 GREEN STREET, Leominster, MA 01453

Condo

$147,200
Price

4
Rooms
2
Beds
1
Baths
PRICE JUST REDUCED! Welcome to the Wellington. This sought after condo is on the 3rd floor of the beautiful historic Wellington Piano Case Company Building. Exposed brick, high ceilings, exposed beams and huge windows, it is easy to envision what a beautiful home this can be with a little sweat equity. HUD Home. Sold “AS-IS” by electronic bid only. Property available 7-3-2018. Bids due daily by 11:59 PM (CT) until sold. FHA Case #251-338928. Insured. Eligible for FHA 203K / Cash. BLB Resources makes no warranty as to the condition of the property. Buyer to verify all info. An individual condominium unit located on the third floor of a 5 story building, HOA: Association: Monthly Maintenance: $274.43. The Wellington, HOA: Association: Monthly: Special Assessment: $49.88. The Wellington Special Assessment ends on 7/31/2018. Property is NOT located in FEMA Special Flood Hazard Area but is listed as a moderate to low flood risk. LBP.
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Tags: Real estate   Condo   Leominster   01453  
Categories: Price Change  


Posted by Lioce Properties, Inc. on 7/4/2018


251 HIGH STREET, Webster, MA 01570

Single-Family

$125,856
Price

8
Rooms
4
Beds
1/1
Full/Half Baths
PRICE JUST REDUCED!! This once beautiful home sits on a large corner lot, with off-street parking and what once was a detached garage at the end of the driveway. Enter through a bright enclosed front porch into the rest of the first floor you'll find a kitchen in the back of the house along with a second entrance and mudroom. The dining room off the kitchen with original built-ins, fireplace in the living room and a separate family room, all with hardwood floors & 1st floor half bath. Upstairs has 4 bedrooms all with hardwoods, and high ceilings, along with the full bath. Walk up attic with some potential. HUD Home. Sold "AS IS" by electronic bid only. Property available 7-3-2018. Bids due 11:59PM CT daily until sold. FHA Case #251-424625. Insured w/ Escrow Repair. Eligible for FHA 203K / Cash. BLB Resources makes no warranty as to condition of property. Treat and paint defective paint, Repair ceiling and plumbing over near entrance. Buyer to verify all info. LBP.
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