Tim Garvey | Winchester Real Estate, Medford Real Estate, Woburn Real Estate, Stoneham Real Estate


Out of the ordinary ! - expanded with first floor family room leading to covered porch and fenced rear yard. Kitchen has granite tops and upgraded cabinets with stainless steel appliances. First and second floors are genuine hardwood floors, basement is a tile floor. Windows and systems are energy efficient. Lots of value for the price!! Newly vacated - easy to see by appointment - just call!

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55 George Road, Winchester, MA 01890

Rental

$3,075
Price

9
Rooms
3
Beds
2/1
Full/Half Baths
Out of the ordinary ! - expanded with first floor family room leading to covered porch and fenced rear yard. Kitchen has granite tops and upgraded cabinets with stainless steel appliances. First and second floors are genuine hardwood floors, basement is a tile floor. Windows and systems are energy efficient. Lots of value for the price!! Newly vacated - easy to see by appointment - just call!
Open House
No scheduled Open Houses

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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).




This Multi-Family in Boston, MA recently sold for $955,000. This style home was sold by Tim Garvey - Berkshire Hathaway HomeServices Commonwealth Real Estate.


64 Trenton Street, Boston, MA 02128

East Boston's Eagle Hill

Multi-Family

$1,049,900
Price
$955,000
Sale Price

3
Units
2,973
Approx. GLA
Attention investors! Brick 3-family on beautiful Trenton Street in Eagle Hill, East Boston which was fully renovated in 2003. This property boasts strong cash flow from 100% occupancy, separate utilities paid by tenants, solid open floor plans with coin operated laundry in the basement. Every unit comes with charming hardwood floors, central air, large exterior decks, spacious bedrooms and lead paint certificates. Each apartment's lease expires on July 31, 2020. First floor HVAC unit was replaced in October 2018. The property is walking distance to shops, restaurants, Maverick or Airport Subway Stations, buses, Suffolk Downs and Logan International airport. Lead Paint Certificates for each apartment are attached hereto.

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First floor two bedroom apartment renovated approximately two years ago - as close as you can get to the Muraco School. Bright light filled rooms with high ceilings and oversized windows in the living and dining rooms. Of special note is a beautiful stained glass "piano window". Gleaming wood and ceramic floors. Enjoy your meals at the breakfast bar in the attractively updated kitchen. Bring your own washer and dryer for the in-unit laundry room. Exit from the mudroom at the rear of the home directly to off-street parking, a separate patio, and oversized yard. A pet (excepting cats) could be negotiable.

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