Lindsey & Associates is pleased to announce the successful transition of a U.S. Coast Guard Veteran and Watertown Firefighter from renter to homeowner in our competitive market. Initially hesitant about the feasibility of purchasing a home, Angel was guided by Laura Guzman, one of our esteemed agents—also his mother and a vital member of our team—towards exploring homeownership options through a Veteran loan. This strategic move capitalized on the benefits of the Veteran loan program, which requires no down payment and is exempt from private mortgage insurance (PMI).
Sometimes the layers of information available make it difficult to even know that certain tools exist, or the impact those tools may have on each individual’s lives. As Laura consulted her son about finding a rental in Boston, same as in a consultation with a client she’d just met, they connected that his ability to qualify for a Veteran loan would provide a financial opportunity to trade a rent payment for a slightly higher monthly home payment. Without tapping into that tool, this opportunity may not have been available to him. Without pointing out the similarities in both mortgage payment & down payment/closing costs, to monthly rent & move-in costs, perhaps he rents for a few years thinking a rental is a logical stepping stone and misses out on a chance to enter the market as we watch prices rise again.
Angel chose a 2 bedroom, 1 bathroom condominium in Dorchester at a reasonable price. A staple of the Dorchester neighborhood, the condo provided a direct alternative to a rental for the cost, as well as many future options. For example, should his life advance and require a larger home or a relocation, the equity he builds with his monthly payment can eventually be applied to a future, larger down payment. If the property appreciates in the future, he could leverage a higher value for a loan to make renovations, purchase another property, etc. He also may decide to keep it as a future investment property, as rents are climbing and its in a great location.
Armed with his high powered agent, he was prepared for every step of the process far in advance. Of course there’s an extra level of trust when your own mother represents you, and the ease of the entire transaction process proved that every step of the way. Connecting him to Vanessa Kane with Movement Mortgage and Kaveh Khalaj with SKM Title led to the same level of care and a perfectly uneventful journey.
In the end, we all need places to live. That’s what drives our team’s passion for our profession. When we’re passing along education and advice on how to leverage your home, something so necessary & dear to us, into a strategic wealth building play, we truly believe in treating our clients as family. The same advice we give our children, siblings, parents, and friends, we give to all of the clients we’re blessed to represent. Watching so many clients over the years create generational wealth, often cycle-breaking achievements in their family trees, makes it hard for us to not be loud about what a great real estate agent can do for one’s financial future. For as many stories out there in the media as failure, we have as many tales of success and throwback to the American Dream.
Thanks to:
Laura Guzman - Buyer Agent - laura.guzman@kw.com
Vanessa Kane - Lender - vanessa.kane@movement.com
Kaveh Khalaj - Attorney - kkhalaj@weclosetheloan.com
350 Blue Hill Avenue
Boston MA 02121
Lindsey & Associates Realty