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Moving to the Suburbs

Thrive Realtors Discuss Trend of Moving from the City to the Suburbs

Thrive Realtors Maribeth Lynch, Kay Sears and Mark Azar discuss how the Covid-19 pandemic has had many city dwellers considering a move to the suburbs and why Boston residents are starting to explore buying homes in Central and Metrowest areas of Massachusetts.

More space for less money, excellent quality of life, great shopping and a commuter rail make this a easier decision for many….

Thrive Real Estate Specialists is a real estate firm in Shrewsbury Massachusetts specializing in quality, personalized service with a boutique-style philosophy rather than a “one-size-fits-all” approach to real estate. They represent both Buyers and Sellers of homes for sale in Shrewsbury, Northborough, Grafton, Westborough, Boylston, Holden, Worcester and Central/MetroWest areas of Massachusetts. Thrive was founded by long-time Shrewsbury resident and Realtor, Maribeth McCauley Lynch in 2014. After a successful 15+ year career with a large real estate franchise, Maribeth founded THRIVE Real Estate Specialists with the goal of providing a highly personalized and client centric experience for her clients. Her real estate agency has grown from a “one woman” shop to a team of eight Realtors from Shrewsbury and the surrounding area. She is actively involved in the Shrewsbury community and is proud to represent the Shrewsbury business community.

Read our 5 Star Reviews:
Google: http://bit.ly/ThriveRealEstateReviews
Zillow: https://www.zillow.com/profile/Maribeth-Lynch/
Realtor.com: http://bit.ly/ThriveRealtorReviews

Contact Information:

Thrive Real Estate Specialists
info@thriverealtors.com
Thrive Real Estate Specialists
26 Maple Avenue
Shrewsbury, MA 01545
508-641-9323
website: https://www.thriverealtors.com
Find us at: https://goo.gl/2kr9Z7

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Posted in: Blog, Homes for sale in Grafton MA, Homes for Sale in Northborough MA, Homes for sale in Shrewsbury MA, Homes for sale in West Boylston, Homes for sale in Westborough MA, Market Updates Tagged: moving to the MetroWest suburbs of Massachusetts

Reinvigorate Yourself and Your Home This Fall

by Maribeth Lynch, Owner/Broker Thrive Real Estate Specialists

Closeup of exterior door with decorative autumn wreath
 
Most people think of springtime as a season for renewal, but I find that every season brings its share of unique ways to refresh myself and my home. And although my kids are grown, the start to the school year each September feels like a shift … sometimes bringing immediate relief from relentless heat, other times melting into the beautiful days of Indian Summer. As the leaves change to the fiery, vibrant colors of autumn, we change as well, turning our minds toward the coziness of home in the fall and winter.
 
Last winter I wrote about one of my new favorite concepts: the Danish lifestyle mindset called hygge. While this notion of appreciating and savoring life’s simple pleasures can be practiced at any time of year, I find it particularly suited to a season of holidays and family, food and friends, and the warmth of hearth and home.
 
I’ve found myself thinking recently about ways to infuse my home with the magic of fall while also recharging and renewing myself after a busy summer, and I’ve identified  several ways to pursue an infusion of warmth and energy in my surroundings and outlook:
 
 

Activity and Routine

 
Whether or not we have kids returning to school or college in the fall, we can consider the end of summer as a fresh start to the “work year” – a time for a mid-year review of work/life goals and an opportunity to refresh our focus. It’s a good time to establish new routines at work or in daily life – perhaps a regular break at a favorite coffee shop or a weekly lunch with a friend.
 
Calming the chaos is especially important for families with school-aged children. The return to school can feel hectic with back-to-school expectations and the inevitable paperwork pileup. Creating a master family calendar with everyone’s weekly schedules can help a family busy feel more in control of all the expectations. Color-coding activities by family member can help everyone stay on top of obligations.
 
Finally, I like to make sure to add in a little something for my physical and mental health. Physical exercise can be more difficult to do indoors as the weather gets colder, but long walks in the crisp fall air are invigorating. Meditation provides perspective and a much-needed break from the day’s worries. Journaling is also a way to clear the mind and focus priorities.
 

Simplicity and Balance

 
Minimalism is liberating. It can feel claustrophobic to be indoors with a lot of pileup. And as entertaining moves from outside to indoors, creating indoor space is imperative when hosting a big holiday bash or even an intimate dinner. Fall is as good a time as spring to de-clutter a home. Sifting through all of the summer accumulation and purging unneeded belongings lifts a burden both physically and emotionally. Rent a Dumpster and fill it with anything broken and cumbersome that can’t be repurposed. And with the holidays on the way, it’s also a great time for charitable giving of gently-used items that we no longer need.
 
I also think the change of seasons brings a renewed opportunity to look at my home with an eye toward balance. Evaluate each room in terms of lighting, color, and the placement of furniture and accessories. Try to achieve a look that is both practical and pleasing to the eye.
 

Warmth and Comfort

 
Fall offers opportunities to connect with roots and family as well as to create a holiday home. As we begin the slow journey to winter, the nights get longer and the days get darker, making home lighting a priority. With less natural light streaming through the windows, it becomes important to choose warm lighting options that brighten rooms while lending a sense of coziness. I also suggest bringing the best of the outdoors inside in the form of fall colors, which are traditionally warm and inviting. Use vibrant reds and oranges or softer earth tones to accentuate your existing palette. Using texture and ambiance like patterned throw pillows and scented candles will lend a home a more gracious feel than filling it with kitschy holiday decorations or seasonal knickknacks. My rule of thumb is to keep it understated.
 
As we find ourselves spending more time indoors, I urge you to think of how to make your home into a sanctuary. If you’re a cook, perhaps this means planting an indoor herb garden for fresh flavors throughout the winter. In the bedroom, consider using sounds and scents to complement soothing colors; sound machines and scent infusers help create a peaceful atmosphere. What is your passion? Create a reading nook with a cozy blanket or stock up on scented bath products. You know what you like best, so surround yourself with your favorite things, like photos, books, and candles.
 
Meanwhile, outdoor activities do not need to come to a total halt. While we may need to bundle up a bit when the temperature starts to drop, there are still plenty of opportunities to create curb appeal and indulge in fall landscaping. A passion for gardening need not end; many plants thrive when planted during the fall. And don’t forget to plant spring bulbs like daffodils and snowdrops so they’ll be ready to dispel the gloom of winter when the seasons change again. For those without a green thumb, a tasteful seasonal wreath or a few cheerful pots of mums can spruce up a yard.
 
 
All of my suggestions for a hygge-filled home this fall translate well if you happen to be staging your house for sale before the holidays. Prospective buyers will see your house as a home, which will help make that sale. And in the meantime, you can enjoy a lifestyle that lends itself to renewal.

Posted in: Blog, Featured Blog Posts, Homes for sale in Grafton MA, Homes for Sale in Northborough MA, Homes for sale in Shrewsbury MA, Homes for sale in West Boylston, Homes for sale in Westborough MA, selling real estate in Shrewsbury MA, Selling your Massachusetts Home Tagged: home staging to sell, hygge, Selling your Massachusetts Home, Shrewsbury Real Estate, Shrewsbury Real Estate Agent

Improving Home Energy Efficiency

photo of a home vector saving money on energy bills

How to Improve Your Home’s Energy Efficiency


 
These days, there’s a lot of talk about “living green.” As a matter of course, we recycle everything from cardboard to plastic to metal and glass. Our communities regularly hold recycling events for items such as electronics. And more towns are adopting the same type of plastic bag ban that Shrewsbury has recently enacted to encourage reusable bags and less waste.
 
Green living also addresses the size of the carbon footprint we each create. One way to reduce our environmental impact is to adopt energy-efficient practices in our homes. Many of us already drive energy-efficient cars. Why not implement some energy-saving conventions at home as well? It isn’t as difficult as you might think and it can save you a lot of money in the long term.
 
I’m not suggesting that you rush out and replace dated appliances that are perfectly functional. If you’re not sure where to start your energy savings, begin by thinking small. Start by swapping burned-out incandescent light bulbs with LEDs and compact fluorescent options. Take some time to evaluate your home heating systems. How out-of-date is your thermostat? Smart thermostats are not terribly difficult to install and their programmable features allow you to control your furnace even when you are asleep or away from home. Some heating and lighting systems can even be controlled remotely by a smartphone or a tablet.
 
When one of your appliances does give out, shop for an ENERGY STAR certified replacement. ENERGY STAR certifies everything from furnaces to kitchen appliances to washers and dryers to television sets. Visit www.energystar.gov/ for more information. In addition to energy-efficient product listings, the website also provides useful energy-saving tips for homeowners that are easy to incorporate into daily routines.
 
If you’re willing to tackle a slightly more involved project in pursuit of energy savings, have a contractor or energy auditor conduct a review of the insulation in your attic and basement and the sealants around your windows and doors. Windows that are original to older houses are particularly prone to energy loss. Replacing weather stripping, adding sealants, and installing additional insulation can cut down on drafts and energy leaks. As a rule of thumb, if your home was built before 1980 and hasn’t been updated, it’s likely that your insulation is inadequate.
 
Massachusetts has many incentives in place to promote the use of renewable energy. Residential use of solar panels is increasing in popularity and their installation can dramatically reduce a household’s energy costs. For more information on available programs, visit www.mass.gov/solar-information-programs.
 

Energy efficiency isn’t the only way to make your home more environmentally friendly. You can also save money and diminish waste by reducing your water usage. If your water heater needs to be replaced, you should consider a tankless water heater, which eliminates the cost associated with keeping large amounts of hot water in a storage tank. Low-flow faucets, toilets, and showerheads can also cut down on the amount of water you use each day.
 
I am always looking for ways to streamline my life and eliminate waste at home. With renewable energy programs becoming increasingly affordable and advanced technologies growing ever more pervasive in our daily lives, reducing our environmental impact at home is easier than you might think. A little research can set you on a path toward shrinking that carbon footprint and leaving behind a cleaner, greener planet for future generations.
 
For a complete listing of available financing programs and tax credits available to Massachusetts homeowners, check out www.mass.gov/solar-information-programs.

Posted in: Blog, Featured Blog Posts, Home Buyers, Homes for sale in Grafton MA, Homes for Sale in Northborough MA, Homes for sale in Shrewsbury MA, Homes for sale in West Boylston, Homes for sale in Westborough MA, homes for sale West Boylston, Real Estate Grafton MA, Real Estate Northborough MA, Real Estate West Boylston MA, Selling your Massachusetts Home, Shrewsbury MA Real Estate, Shrewsbury MA Rentals, Shrewsbury Real Estate, worcester ma homes for sale Tagged: energy savings for your Massachusetts home, energy savings fro your Shrewsbury MA home, home savings

What Home Inspectors Wish You Knew

photo of a home inspectors checklist

Home Inspection Tips

Maribeth Lynch, Owner/Broker
Thrive Real Estate Specialists

Lately, a strong sellers’ market has meant that available homes are selling fast! But if you’re a prospective homebuyer, you should make sure that you’re balancing your expectations about your dream home’s apparent perfection with the reality of its behind-the-scenes condition. From the floorboards to the chimney and everything in between, an inspection can reveal the pitfalls of rushing to make an offer on a home that you haven’t examined closely during your showing.
 
In recent months, home inspectors have noticed a disparity between buyers’ expectations of a home’s soundness and the property’s true condition. Part of this is due to poor preparation on the part of sellers because houses are selling so fast; in fact, some contracts are falling through once inspection reveals expensive repairs or upkeep because sellers are so eager to get their houses on the market.
 
But as a prospective buyer, it is equally important to temper the emotional expectations of the home on which you are bidding with a healthy dose of consideration about the home’s true state. One inspector I spoke to recently encouraged buyers to use a showing not just to fall in love with a home’s aesthetics, but to also take an “unsexy” tour of the property to make sure that there are no noticeable flaws.

Here are a few suggestions for getting a true feel for a home’s potential defects:

  • Head to the basement and take a deep whiff of the air. Notice a dank or moldy smell? This could indicate water intrusion and/or the presence of mold. Also check out the furnace, especially if it is older. A dusty furnace is a telltale sign of a poorly-maintained heating system.
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  • Bathrooms are another place to look for the presence of mold. Examine the bathtub and shower, the windows, and even corners between the walls and ceiling or floor for evidence of mold.
  •  

  • Go outside and walk the perimeter of the home. Look under the deck for rotten wood or sagging supports. Check all the joints between different building materials for signs of cracks, holes, or other damage. Also note whether there are a lot of branches or shrubs touching the roof or siding, as these can serve as access points for pests.
  •  

  • Survey the yard. Is the central air conditioning unit buried under branches and shrubbery? If it is, it’s a good bet that it hasn’t seen much recent maintenance.

In addition to heeding this sound advice, it’s wise to do a little research into the most common problems that are uncovered in a home inspection. Inform yourself as much as possible about these prevalent issues:

  • Water intrusion. Whether the basement floods, the roof leaks, or windows are poorly sealed, nothing spells doom for the structural integrity of a house quite like water damage. Seeping water or water vapor can also lead to the presence of mold – which can be bad for your health and a headache to remediate.
  •  

  • Furnace issues. Replacing a furnace can be an enormous financial burden for a new homeowner. Proper maintenance is key to the longevity and effectiveness of a furnace, so a thorough heating system examination during inspection is vital.
  •  

  • Plumbing defects. Even something as seemingly mundane as a leaky faucet can lead to greater utility costs, and replacing pipes can be a large-scale project depending on their location.
  •  

  • A compromised foundation. Cracked foundations are immensely expensive to fix and should be a point of concern if turned up during an inspection.
  •  

  • Faulty or inadequate wiring. Historic homes are particularly susceptible to this problem, but another contributing factor can be modifications made by a previous owner. It’s best to ensure that electrical wiring is both sound and sufficient.
  •  

  • Roof wear and tear. Even a home that shows no exterior evidence of roof damage may turn up deterioration on the inside. An inspection of the attic is crucial, as replacing or repairing a roof is an expensive undertaking.
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  • Pests. The presence of pests in a home varies in severity. Mice can be dealt with through traps, but termites are another issue altogether, as they must be eradicated and the damage they have caused must be remediated.

So … someone will have to fix any of these problems if they turn up in an inspection. The buyer, the seller, or both must agree on who will be responsible for repairs. The bottom line is that inspectors advise that a home inspection be taken seriously by any buyer. Attend the inspection! Ask plenty of questions! The more informed you are about the condition of the home you plan to buy, the more money you will save once you become its owner.

For more home buying tips click here

Posted in: Blog, Featured Blog Posts, Home Buyers, Homes for Sale in Northborough MA, Homes for sale in Shrewsbury MA, Homes for sale in West Boylston, Homes for sale in Westborough MA, homes for sale West Boylston, Uncategorized Tagged: buying a home in MA, buying homes for sale in Northboro, homes for sale in Boyston MA, homes for sale in Grafton MA, Homes for sale in Westborough MA, hopes for sale in Shrewsbury MA

Landscaping Tips and Tricks

Northborough Ma homes for sale

Landscaping Tips and Tricks from the Experts

Maribeth Lynch, Thrive Real Estate Specialists

It’s a very exciting time for THRIVE! With the advent of springtime here in Central Massachusetts – finally! – I am also pleased to introduce two new agents who will be joining us at THRIVE, Michael Aurelio and Tyler Lajoie. In addition to the real estate expertise Michael and Tyler are bringing to our team, both come from a background in landscaping. So I thought that in this blog, I would share some of their insights on landscaping, which is something that most homeowners tend to be thinking about as we cast off winter and head into another beautiful spring.

For many of us who enjoy doing our own gardening, heading out on weekends or after work to the local nursery is an exciting proposition. Michael and Tyler tend to deal with commercial nurseries, but recommend Bigelow Nursery and Garden Center in Northborough as an excellent supplier for residential landscaping materials and plantings. If you’re planning on embarking on any landscaping projects, you should be aware of the pitfalls that can thwart an amateur gardener. Here are a few tips to keep in mind if you’re planning to work on your lawn this spring and summer:

  1. Mowing. Lawns should be cut relatively tall – taller than many homeowners realize. Especially in the shade, a healthy height is about four inches. For proper mowing timing and technique, it’s a good idea to consult a professional for advice.
  2. Watering. The best time to water your lawn and plants is in the early hours of the morning. Watering later in the day can result in evaporation and watering at night can invite fungal diseases. Remember to water in accordance with your local water restrictions.
  3. Pruning. Proper pruning of trees and shrubbery will result in healthier plants. Advice for pruning specific types of trees and plants can be found online or by consulting an arborist or landscaper.
  4. Mulching. Many homeowners use bagged, untreated wood chips for mulch, and many of us tend to overmulch. A qualified landscape expert can help determine the quantity and type of mulch you will need in the different parts of your lawn.
  5. Lawn Treatment and Fertilizers. Fertilizers and chemicals require care! In addition to learning proper fertilizer spreading techniques, it’s crucial to the health and safety of people, pets, and wildlife that homeowners understand the chemicals they are using. Make sure to wear proper protection to reduce risk of dermal exposure and inhalation, and educate yourself about the specific hazards of the chemicals you are using.
  6. Driveways. Keep your driveway sealed. This should be done every few years for optimal results.
  7. Protecting Your Home. Anything organic that touches the outside of your home can be a pathway for pests to enter your house. Make sure that trees and shrubs are trimmed back from your siding and use treated products if you are placing anything directly against your foundation.
  8. Location. Buying a plant to put on your property without an idea of where you are going to put it is like buying a gallon of paint before you decide which room you are planning to paint. Pay attention to whether plants are annuals or perennials, how much sun or shade they need, and other important care instructions that will have an impact on their health.
  9. Maintenance. Your home is likely your greatest asset, and it’s important to remember that your lawn requires just as much maintenance and upkeep as your house to retain its value and aesthetics.
  10. If you aren’t the type of homeowner who likes hands-on lawn and garden care, our experts suggest you hire a professional to do the heavy lifting. Professional landscapers like Michael and Tyler use techniques that are safe, true, and based on experience. And they cannot stress enough how important it is to validate your landscaper just as you would any contractor who is working on your property! Landscaping companies should be fully licensed and insured.

    Homeowners who are thinking about selling a house in the future should realize that there are no “quick fixes” in landscaping. Planning is essential. And as Tyler points out, “Why would you set up your house beautifully for the next homeowner and not enjoy it yourself?” The same goes for your entire property. When it comes to landscaping, just as with home design and decorating, don’t wait until it’s time to sell to create comfort and aesthetic appeal.
    I look forward to working with Michael and Tyler and they will continue to share their insights and experience with all of us at THRIVE so that we can provide you with the best home buying experience possible.

Posted in: Blog, Featured Blog Posts, Homes for Sale and Just Sold, Homes for sale in Grafton MA, Homes for Sale in Northborough MA, Homes for sale in Shrewsbury MA, Homes for sale in West Boylston, Homes for sale in Westborough MA, homes for sale West Boylston, Selling your Massachusetts Home, Shrewsbury MA Real Estate Tagged: selling your Boylston Ma home, selling your Grafton Ma home, selling your MA home, selling your Northborough Ma home, selling your Shrewsbury Ma home, selling your Westborough Ma home

2015 Home Sales


 

2015: A Year in Review
by Thrive Realtors


We at Thrive Real Estate Specialists want to send our deepest thanks to those who made our first full year in business a huge success. The greatest achievements in any organization are made up by the small steps we take each day to service and respond efficiently to our clients. We thank each and every person who have helped us build our brand and have entrusted us with their business. May you THRIVE in 2016!

Posted in: condos for sale in Westborough MA, Featured Blog Posts, Home Buyers, Homes for Sale and Just Sold, Homes for sale in Grafton MA, Homes for Sale in Northborough MA, Homes for sale in Shrewsbury MA, Homes for sale in West Boylston, Homes for sale in Westborough MA, Market Updates, Shrewsbury MA Tagged: homes for sale in Shrewsbury Ma, Real Estate Agents in Worcester County MA, Real Estate Agents Shrewsbury MA, Shrewsbury MA Real Estate

Condos for Sale in Westborough MA- Market Update for 37 Moses Wheelock

Wheelock Moses Price Reduction

Don’t miss out on this! PRICE REDUCTION AND CONDO FEES PAID FOR ONE YEAR WITH ACCEPTED OFFER BY 12/31/15. EASTBROOK MODEL in Premier location. With three levels and over 2800 sq ft, this home has is all!

Click Here to See the full listing

Let’s take a tour…

Moses Wheelock Kitchen Westborough

moses wheelock kitchen 2

moses wheelock kitchen

moses wheelock living

moses wheelock dining 2

moses bath

moses master

Any questions?

For more information about this property, or other real estate questions, call Maribeth at email her.
Click here to schedule a showing for this property

 

 

 

Posted in: condos for sale in Westborough MA, Homes for sale in Westborough MA, MA, Market Updates Tagged: Condos for sale in Westborough MA, Homes for sale in Westborough MA, Realtors Westborough MA, Westborough Real Estate

Review For Thrive Realtors Shrewsbury MA

Great testimonial for working with Thrive Realtors Shrewsbury MA

Why We Love Our Clients!

There is no better compliment than a client taking the time to write a review about working with us. We make it our mission to go above and beyond for our clients, and getting such a wonderful review just reinforces the value in our commitment to our customers.

Read What Elena V. has to Say about Working with Thrive

I recently sold a condo in Westborough with the help of Maribeth Lynch. I am really happy that I chose Maribeth as my real estate agent. In our first conversation, Maribeth said: “Your problem will be my problem, and I will do my best to solve it”. She truly lived up to these words. I had a stressful family situation and needed to sell the condo quickly. Maribeth came up with creative marketing technique, and I had a closing within two months. Along the way, Maribeth patiently explained pros and cons of different options; she returned my calls and emails within an hour or less. During the selling of my condo, my father ended up in a hospital for a month; it was a difficult time for me. Maribeth was very understanding of my time constraints, she helped me by doing some things that I was supposed to do myself. She showed true kindness and supported me like a friend would, at the same time being professional and trying to take as little of my time as possible. Now that the condo is sold, I find myself missing Maribeth’s warm presence in my everyday life. I hope Maribeth and I will stay in touch.

I highly recommend Maribeth to anyone who is looking for an experienced and professional real estate agent that will understand specifics of your situation and do their best to help you.

For more information about buying or selling homes in Shrewsbury or the central and metro west areas of Massachusetts, visit http://www.thriverealtors.com or call Maribeth at 508-641-9323.

Posted in: Blog, condos for sale in Westborough MA, Home Buyers, Homes for Sale and Just Sold, Homes for Sale in Northborough MA, Homes for sale in Shrewsbury MA, Homes for sale in Westborough MA, Uncategorized Tagged: homes for sale in Westborough, Real Estate Agents Shrewsbury MA, Realtors Shrewsbury MA, Realtors Westborough MA

Westborough Village Condo New to Market

Westborough Condo for Sale- Westborough Village

37 Moses Wheelock Lane #26, Westborough New to Market

Open House October 24, 2015 12-2:00pm

Thrive Real Estate Specialists is proud to introduce this beautiful Westborough Village Condominium to Market! This EASTBROOK MODEL is now available in a Premium Location. With three levels and over 2800 sq ft, this home has is all! The main level is home to the state-of-the-art kitchen including a 6 burner stove and baking island. With a view of your family room, the space is connected and open and offers high ceilings and beautiful trim package. Your formal dining room has gorgeous hardwoods with french doors leading into your private office. The upper floor has 2 guest bedrooms, laundry and a stunning Master Suite with spa-like bathroom and a french door to your private veranda overlooking the gorgeous grounds. The garage, mudroom and storage closet are all located on ground level and offer lots of flexibility to organize all your bulky items. Westborough Village offers first-class amenities in a community with excellent schools, shopping and public transportation. Your next home awaits!
State of the Art Kitchen- Westboro Village Condo

View the photo gallery for this property

See the full listing for 37 Moses Wheelock Lane #26, Westborough Ma

Shrewsbury MA Realtor Maribeth Lynch
For more information, or to schedule a viewing of this property, call Maribeth at 508-641-9323 or email at Maribeth@Thriverealtors.com

Posted in: condos for sale in Westborough MA, Home Buyers, Homes for sale in Westborough MA Tagged: Condos for sale in Westborough MA, Westborough Condos, Westborough Village Condominiums

Home Financing Changes

Buying a Home in Massachusetts

Home Financing Is Undergoing a Change

 

Maribeth Lynch, Thrive Real Estate Specialists

Just this week, the Consumer Financial Protection Bureau (CFPB) implemented a new mortgage regulation called TRID, and if you’re thinking about buying a new house, you’ll want to know what will change with this new regulation in place. Understanding the lingo involves decoding a lot of acronyms, but don’t let the jargon scare you! Let me help simplify it.

The new mortgage regulation, TRID, stands for TILA-RESPA Integrated Disclosures.

Disclosures are loan fee estimates provided to a borrower during the loan process. TILA-RESPA refers to the two federal statutes that have governed loan forms for more than 30 years. TILA stands for the Truth in Lending Act, and RESPA stands for the Real Estate Settlement Procedures Act. These two statutes produced closing paperwork with inconsistent language and confusing redundancies. TRID is designed to condense the paperwork into two new, more intuitive forms with clear language that a home buyer can easily understand.

Under TRID, lenders will now be required to provide borrowers with two new disclosures: the loan estimate (LE) and the closing disclosure (CD):

  • The LE, provided to the borrower three days after submission of a loan application, lays out the terms of the loan in whole dollar figures, with all fees alphabetized so that buyers can easily compare rates and fees among multiple lenders. The LE expires within 10 days unless the borrower decides to lock in financing. The LE also specifies whether any of the terms of the loan are subject to change after close.
  • The CD, provided to the borrower three days prior to close, reflects the actual charges attached to the loan rather than the estimated fees listed on the LE, so fee amounts are listed in more exact amounts rather than whole-dollar estimates. It also specifies how much cash is needed to close. Again, fees are specified in an easy-to-read alphabetized layout. If any of the terms of the loan do change after close, the lender is required to provide the borrower with a new CD within 30 days following close; any necessary refunds from the lender must be delivered to the buyer within 60 days following close.

So, as you can see, TRID is designed to protect consumers. Under TRID, the new disclosures help simplify the loan process for home buyers. Some industry professionals are actually starting to refer to it as the “Know Before You Owe” rule. TRID reduces the paperwork that a home buyer must sort through and makes the terms of the mortgage easier to understand. It also gives the buyer ample time to look over the CD in order to make certain everything is satisfactory with the final terms of the loan.

Some people are concerned that the stricter timeline required by TRID might delay closings or lengthen the loan process, but in reality, there are only a couple of circumstances in which the CD would have to be entirely rewritten, re-starting the three-day waiting period prior to close. TRID does not alter the requirements to qualify for a loan; home buyers are still going to require healthy credit and an attractive debt-to-income ratio to qualify for most loans.

Overall, I think that lenders, home buyers, and agents will adjust to the new regulations fairly quickly. If TRID does its job, we should see more transparency in the lending process, which should lead to fewer home purchases encountering last-minute snags.

Would you like to know more? Visit www.thriverealtors.com for more information!

Posted in: Home Buyers, Homes for Sale in Northborough MA, Homes for sale in Shrewsbury MA, Homes for sale in Westborough MA, Market Updates

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      26 Maple Ave.
      Shrewsbury, MA 01545
      Direct: (508) 641-9323
      Maribeth@ThriveRealtors.com

      Thrive Realtors, Real Estate, Shrewsbury, MA
       
       
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