M. Celata Real Estate
268A Broadway, Revere, MA 02151
781-289-7500 | reveremoe@comcast.net



Posted by M. Celata Real Estate on 7/16/2018

Since home values are continually on the rise, it makes more sense for many Americans to tap into their home equity for financial security. The home equity line of credit is a great resource that has come back with many benefits. You can finance so many things from home improvement projects to the vacation you have always wanted with a reverse mortgage. There are consequences if you donít turn to home equity with careful thought. You could end up owing more than your home is even worth at a certain point. Thatís not giving you any value. 

Smart Financial Moves

Tapping into a home equity line of credit could be a smart financial move. If you use little to none of the money it can be wise to have extra cash on hand for emergencies, considering rates are so low for home loans. It can help you to be prepared for unexpected financial setbacks. The key is to not use the money unless itís absolutely necessary.

Good Ideas For Home Equity

  • Emergency fund
  • Home renovations
  • Education funds (if youíll be able to pay it back in a timely manner)

Bad Ideas For Home Equity

  • Vacations
  • Car purchase
  • Random spending


If youíre expecting an increase in income and need some extra cash on hand for a purpose, using a home equity line of credit can be a good resource. Also, if youíre selling your home soon, tapping into home equity for improvement projects can help to give you a better return on the sale. 


Home Equity Is Not An Unlimited Source Of Funds


Home values can change drastically with the market and the amount of demand. The amount of equity you may have can change as well, and your repayment amounts can vary drastically based on the state of the housing market. While tapping into home equity will most likely put you in the positive, you could end up in the negative if youíre not carefully prepared.


The Ways To Draw On Your Home Equity


There are 3 main ways to draw on your homeís equity. In any of these cases, you cannot borrow more than 80% of your homeís value from any lender. 


Cash-out Refinance

This loan is exactly as it sounds; you take a set mount of cash out from your home and refinance it at the same time. 

 

Home Equity Loan

This is a loan that is sometimes referred to a second mortgage. This usually has a fixed rate. 


Home Equity Line Of Credit

This loan is like using a credit card. Thereís a maximum that you can borrow, and you use money as you need it. After a certain amount of time, you can no longer draw on the money.  


Refinancing your home will extend the life of your mortgage. Youíll have higher costs but end up with lower rates most often.


Questions To Consider When Thinking Of A Home Equity Line Of Credit

  • Does your home need renovations?
  • Is the loan rate lower than other types of loans like car loans?
  • Do you need to consolidate your debt?
  • Are you facing large bills like medical bills or college tuition? 
  • Are you starting a business?

Used in smart ways, home equity can be a great financial resource for you. Consider your options and plan your finances wisely. Your home is in fact your biggest asset! 





Posted by M. Celata Real Estate on 7/14/2018


123 Pizza Place, Medford, MA 02155

Wellington

Business Opportunity

$150,000
Price

0
Parking Spaces
550
Building SQFT
EXCELLENT LOCATION in WELLINGTON AREA !!!! Minutes away from Somerville, Malden, Medford ! Famous Pizza Restaurant, full operation service from 9 am - 11 pm (permit to be open until 2 am if necessary) 7 days a week. Dine in, take out, catering and delivering. Great exposure, sidewalk seating. Inventory list available. Don't miss the opportunity to own your dream business !!!!
Open House
No scheduled Open Houses






Categories: Price Change  


Posted by M. Celata Real Estate on 7/13/2018


41-A Lake Street, Wilmington, MA 01887

Silver Lake

Single-Family

$649,900
Price

11
Rooms
7
Beds
3/1
Full/Half Baths
Beautiful home with a bonus second unit*. This home is set back from the street, private and located across the street from scenic Silver Lake. Plenty of parking and plenty of yard on this large level lot. Plenty of room for the in-laws or extended family. *In order to rent out one of the units, the home must be owner-occupied. All appliances are included with newer washers and dryers in both units located on the main level. One unit offers the master bedroom on the first floor with the other unit having an open space concept and newly installed central air. Separate full basements. No showings prior to the "open house".
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by M. Celata Real Estate on 7/13/2018


143 Revere Beach Parkway, Chelsea, MA 02151

Rental

$2,400
Price

4
Rooms
2
Beds
1
Baths
Beautiful luxury building, unit offers 2 spacious bedrooms with double closets, open floor plan, hardwood floors throughout, in unit laundry, stainless steel appliances, central heat/ac. Building features, elevator, garage parking, individual water and sewer meters for each unit. Near Beachmont T Station, within walking distance to beach and shops, easy highway access to Boston.
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Tags: Chelsea   Real Estate   Rental   02151  
Categories: New Homes  


Posted by M. Celata Real Estate on 7/13/2018


139 Princeton, Boston, MA 02128

East Boston

Multi-Family

$629,900
Price

2
Units
1,740
Approx. GLA
Incredible opportunity to own in hottest East Boston market !!! Easy access to downtown, close to MBTA stations (Blue Line). Nice layout, both tenants at will, some updates have been done by seller, newer hot water tanks and furnaces. Unit 1 offers 2 bedrooms, living room kitchen and laundry. Unit 2 offers living room, kitchen, 2 bedrooms and a nice deck. Don't miss this great investment opportunity !!
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No scheduled Open Houses

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Tags: Real Estate   Multi-Family   Boston   02128  
Categories: New Homes  




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