Kathy Foran - REALTY EXECUTIVES Boston West



Posted by Kathy Foran on 4/16/2017

When you get pre-approved for a mortgage, you may be excited to find out that you can afford a lot more house than you thought you could. Don’t be so fast, this is just what you can get a loan for. The bank doesn’t know a lot of factors about your finances. While you most likely had to provide a ton of income verification statements and information in order to get this ballpark figure, relying solely on the pre-approval number can put you in a bind when it comes to your finances. Your lender doesn’t know certain things like how much you spend on groceries or how much your cell phone bill is each month. 


What Lenders Consider


Lenders look at the health of your credit history, how much income you have and how much debt you have. These are the big factors that tell your lender about how much house you can afford. Yet, your home lender is not your financial advisor and can’t help you with household expenses and the like. When thinking about what price range of home you really can afford, consider these factors beyond the bank:


Your Monthly Budget


Your spending habits will ultimately affect your ability to pay the monthly mortgage bill. If you’re spending all of your disposable income, then you may not be able to afford much at all beyond what you’re already paying for rent. You don’t want to stretch your finances so thin that you won’t be able to afford food! 


Owning A Home Requires Additional Costs


Lenders do factor into their number the cost of homeowner’s insurance and property taxes, but don’t consider other things like utility bills, trash pickup and home repairs. All this can certainly add up when you’re a homeowner! 


Your Savings Is Nonexistent


If you’re unable to save any money at all if you’re a homeowner, then you’ll be in trouble. You need money stashed away in case of unemployment or an emergency. You also may be planning for things like retirement and future costs like children’s education. For the initial purchase of a home, you’ll need upfront payments available for the down payment and closing costs. However, you’ll need some more savings beyond that for everything that life brings your way!  


You Have Big Plans


Are you thinking of quitting your job and heading out to start your own business? Now may not be the best time to buy a new house. These changes could have a huge impact on your finances and leave you unable to pay your mortgage. Your lender won’t be asking about these plans, so you’ll need to know what the future holds (for the most part ) in order to keep your own finances secure. 


The bottom line is that anything that could leave you financially stressed is not a good idea. Considering that buying a home is one of the biggest purchases you'll ever make, you want to be sure that you keep your finances in check during the purchase process.  




Tags: mortgage   budgeting   loans  
Categories: Uncategorized  


Posted by Kathy Foran on 4/6/2014

Buying a house can be one of the most exciting moments of anyone’s life. You have just moved in and now you have a whole new set of tasks. Making your house a home can be a huge job. Here are some tips on how to get your house feeling like a home in no time without breaking the bank.   Space out your purchases Many first-time home buyers are coming into home-ownership without all the things they need to fill their new home. Many new homeowners feel the pressure to buy everything at once. It is important to focus on the most necessary items first. According to a study from the National Association of Home Builders, furnishings represent a substantial investment, with home buyers spending about $5,300 on furnishings during the first year after buying a home. Space out your home furnishing purchases and focus on the most necessary pieces first, such as a bed, living room sofa and dining room table. Windows can also present a problem for new homeowners. Don’t feel pressured to choose window treatments for every window all at once. Make a priority list starting with the areas where privacy is a must and go from there. You will also need to prioritize appliances. You may want to rush out and buy that huge flat screen TV but consider what other appliances need to take priority, such as a refrigerator, stove, or washer/dryer. New Responsibilities A new home comes with new responsibilities. This may be the first time you have to take care of a yard. Don't go crazy, invest in a few key garden tools, such as hedge trimmers, a sprinkler, and a lawn mower. No need to invest big money in expensive landscaping services at first. Just focus on keeping your yard uncluttered and neat. Another new responsibility is home maintenance. There is no landlord to call when an issue arises. You will want to make sure you are equipped to handle minor issues on your own. Many home improvement stores have tool sets you can purchase, but make sure it includes a hammer, screw drivers, pliers, wrenches, a tape measure and a staple gun.




Categories: Help Around the House  


Posted by Kathy Foran on 4/14/2013

What's for dinner? That is always a tough question when its 5:30, you have just walked in the door and all you can find is a box of cereal. Avoid ordering out or a dinner malfunction by keeping your pantry stocked with a list of staples that will help you make a variety of meals in a jiffy. 1. Canned chicken: At first it may not sound so appetizing but with a storage life of up to a year, canned or pouch chicken can be a lifesaver. Mix it in with casseroles, stir-fries, creamy salads, or even shredded as a topping to a baked potato. You won't know the difference. 2. Pasta: It doesn't matter what kind; spaghetti, linguini, rotini, penne, macaroni,–the list goes on. Pasta is best served to add bulk to a meal. Pasta can be an alternative to rice which can take longer to cook. Add pasta to soups, sauces, with cheese or vegetables and you will have a home-style meal in minutes. 3. Jarred Tomato Sauce: You have the pasta in the pantry so having a quick jar of sauce is a no-brainer. It's not your mother's homemade sauce but it will do in a pinch. Tomato sauce is actually very versatile and can also be used in soups, stews, and chili recipes. 4. Rice and Grains: Grains can be used as a quick side to any meal or bulk up any dinner. Stock up on quick-cooking rice, bulgur, and barley. Serve grains with a simple stir-fry or mixed with veggies and an egg for an easy fried rice dish. Mix flavored rice boxes with ground beef for an easy, one-meal dish. 5. Canned Beans: Beans are high in protein; they have a long shelf life and can be a part of lots of different dishes. Heat and mash them for a filling soup or drain and mix them with canned veggies for a light and flavorful dip or vegetable salad. Any kind of beans will do; Black, Pinto, Cannellini, Great Northern, or Garbanzo, just choose your favorite. 6. Canned Vegetables: It is so difficult to use fresh-bought produce before it wilts. Canned vegetables to the rescue, they last much longer. Combine an assortment with broth and seasonings for an easy vegetable soup or add them to pastas, dry soup mixes, casseroles, or rice. 7. Canned Salmon and Tuna: Protein is good for you and helps fill you up. Canned salmon and tuna can be used for easy meal ideas. Serve in salads, pitas, pasta dishes, burgers, loaded potatoes, croquettes, and even as light appetizers or snacks. 8. Canned Tomato Products: Canned tomato products can be turned into so many things. Stock up on paste, stewed, diced and whole tomatoes. Diced tomatoes make a great queso dip when added to melted cheese. Add to ground beef and taco seasoning for a zesty burrito supper, or to a skillet with seasoning for a homemade pasta sauce. Use stewed tomatoes in soups and stews. 9. Peanut Butter: Everyone loves a PB&J sandwich, but peanut butter can be used on the dinner table for Asian-inspired flavor in dips, sauces, and stir-fry. Try it for a snack spread on celery stalks or apple slices, or as a spread with multigrain crackers. 10. Canned Fruit: Fruit for dinner? Why not? Jarred cherries, canned fruit, including pineapple, mandarin oranges, and even fruit cocktail can be used as a healthy and lean side dish. Try serving grilled pineapple with chicken, add mandarin oranges to salads, and fruit always makes a great dessert.




Tags: budgeting   dinner help   pantry  
Categories: Help Around the House  


Posted by Kathy Foran on 9/30/2012

In today's economic climate protecting your financial health is more important than ever. From health insurance to your plans for retirement, there’s a lot to consider. Here are some tips from Family Wealth Management Group, LLC to help protect your assets and financial future. It is never too early to plan In order to plan, you need to know what you have. Review your pension plan, 401 (k), IRAs, Social Security benefits and other savings plans to assess whether they meet your long-term retirement goals and will generate an income stream to meet your projected expenses. Curb spending Time to take an inventory on how much you spend. Keep a log on trips to the market, afternoon lattes, dry cleaning and all of your miscellaneous spending. Try to eliminate a portion of these expenses. Once you track them you will realize you are spending more than you thought. Re-define your financial goals Ask yourself where you see yourself in five, 10 or 15 years. See if it is possible to redefine your goals. You may be able to retire earlier or pay for college. Set goals to achieve the things you want. Get help Professional advice about investment losses, financial products, insurance coverage and other important issues will help you make the right choices for your current financial situation.




Categories: Money Saving Tips  


Posted by Kathy Foran on 8/26/2012

Owning your own house or apartment is a gratifying experience, as you not only have a place you can call home, but you also have the freedom to live the way you choose once you enter your domain. However, to find a home that can truly make you happy, there are a few points that you should consider beforehand. The first point to think about is the neighborhood (where your home will be located). This is important, because you need to feel that the area you are living in will be safe from crime, and that it will also be easy to commute to work on a daily basis. In the end, you do not want to spend too much time traveling in the evenings or in the mornings, as this can only make life more difficult. The next point to think about is how much space you want, as well as how many responsibilities you are willing to put up with. In other words, you could either choose to find a home that has a huge garden and a swimming pool, which is perfect if you enjoy gardening and going out for a swim, or, you could decide to do away with these extra bells and whistles if you hate gardening and do not want to spend time cleaning the pool. In other words, you want a home that you can truly feel comfortable living in, as this in turn will ensure that you can keep your life as stress free as possible. Price is always important, and you want to make sure you look for a home that you can afford. There are a lot of other expenses you have to think about, cable TV, insurance, taxes, telephone, heat, electric, maintenance etc. So make sure you factor all of these into your monthly budget. You do not want to be house poor and buying a home that you may fall in love with can in the end be very stressful if you are struggling to pay for it every month. Look for a home at a good value and that may need some cosmetic fix ups and grow into the home with home improvements down the road. This will bring value to your home and in turn be a good invest when you go to sell the home.