Lynda Giarrusso, Associate Broker

03/06/2024

Yesterday, the State Bond Agency abruptly eliminated the Rhode Island First Time Homebuyer Grant of $17500.00. Registration for the grant is no longer available, despite the grant only being in play for two weeks.

To make funds available to more potential homeowners, they put in its place, a $15000.00 interest free and payment free loan. The terms of the loan are such that the $15000.00 will be paid back upon the sale of the home, the refinance of the loan or after the 30-year maturity date of the loan. Regardless of when the loan is paid back, the payoff will be $15,000.00. Again, the interest rate is zero and there is not a monthly payment.

Please see the qualification guidelines attached.

ALSO, the regular $15000.00 loan is still in place. For individuals who do not meet the interest/payment free requirements, the $15,000.00 down payment assistance loan may be available. With this type of assistance, there will be an interest rate, and a monthly payment.

Courtesy of Total Mortgage, Cranston

02/19/2024

https://stwmls.mlsmatrix.com/matrix/shared/1pXytTdvjw/91MeadowRoad

MLS # 1353050 – Rare opportunity to own this well maintained, one owner ranch tucked away in the Gillen Plat neighborhood. Beautiful hardwood flooring, fully applianced kitchen, custom built family...

08/29/2023

Great opportunity to live in Dean Estates! Check out the link below.

MLS #: 1342761. Classic 7 room ranch located in the heart of Dean Estates. Freshly painted exterior, newer heating system, air conditioning, hardwood flooring, fireplace, and more. Solid home, just needs some cosmetic updates. Well worth the effort! (Estate Sale)

08/13/2023

The Big Family Landscaping just did an excellent job on a property I'll be listing in the Dean Estates section of Cranston.

05/08/2023

05/05/2023

Should you pay your mortgage off early? Read the article below sent to me from Chartered Course Financial Group, LLC and John McCarthy:

When Early Mortgage Repayment Might Be Beneficial

If you have a good emergency fund.
The most common recommendation is to have an emergency fund that covers 3-6 months of living expenses. If you have this covered, you might be ready to focus on your mortgage.

If you don’t have other large expenses planned.
If you have emergency funds saved up and you’re not expecting any additional large expenses, this could be a good time to work on early repayment.

If you’ve funded your passions and dreams.
If you’ve already funded your dreams for travel, goals for a grandchild’s education, or other passions, early repayment might be a good strategy for you.

When Making Minimum Monthly Payments Makes Sense

If you have other long-term debt to worry about.
Credit card debt, car loans, student loans, etc. tend to have higher interest rates. In most cases, it’s more beneficial to pay off other debts first, then focus on your mortgage.

If you have a prepayment penalty.
This probably goes without saying, but it’s generally ideal not to incur penalty fees when you can avoid them.

4 Strategies for Paying Off Your Mortgage Early

In case you decide that early repayment could be beneficial for you, here are a few possible strategies for paying off your mortgage early.

Switch to a biweekly half payment schedule. Splitting your regular monthly payment into biweekly half payments will bring your total number of mortgage payments to 13 instead of the standard 12 per year.
Commit to making one extra payment a year. A single extra payment a year can help you pay off your mortgage up to 4 years early.
Make lump-sum payments when you can. Lump-sum payments are typically made possible when you get an influx of cash. Remember to check with your loan servicer on how this is done.
Refinance to a shorter loan. This can help you save money on interest without worrying about penalties or scheduling extra payments.
While paying off a mortgage early may not be the ideal option for everyone, it’s a strong strategy to consider if it fits your unique circumstances. Call the office to discuss your mortgage repayment options or other long-term financial strategies.

This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information.

04/29/2023

Here’s some great tips from Angi!

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