Ari Koufos
REALTY EXECUTIVES | 617-799-8948 | ari@arikoufos.com


Posted by Ari Koufos on 5/26/2020

Photo by Precondo via Pixabay

Some mortgage companies offer loans with points. In a nutshell, paying points means paying down the interest rate. One point is equal to 1 percent of the mortgage amount. On a $200,000 mortgage, one point is $2,000. The percentage the interest rate lowers depends on the mortgage company and the market. For example, one point might be equal to a quarter of a percent interest. A loan with 4 percent interest and two points might go down to 3.5 percent interest.

Pros and Cons of Points

If you do pay points, you could get a tax break. Since tax laws are constantly changing, make sure you can claim points if part of your decision is based on the tax break. Other considerations include:

  • If your mortgage is an adjustable rate (ARM), some mortgage servicers only give you the discounted rate until the mortgage rate adjusts. Some may hold the discount rate over. For example, if you have an ARM that starts at 4 percent and you buy two points for a discount of ½ percent, you may lose that discount when the loan adjusts, especially if it changes to a higher interest rate. However, if the bank carries the discount over, the new rate might increase to 6 percent, but your one-half point discount would mean that your new rate would be 5.5 percent.

  • You need additional cash to buy points. If you plan on putting 20 percent down, but you want to purchase points and do not have more cash, you could be less than 20 percent down. However, compare the scenarios to determine which method is better in the long run. If you put less than 20 percent down, the mortgage servicer may charge you PMI, which would negate any savings.

  • You may save more by putting more down. If you put $40,000 down on a $200,000 mortgage, you are going to pay interest on $160,000. If you put less money down and buy points instead, your interest rate will drop, but you may end up paying more for the loan in the long run. Enter the numbers into a mortgage calculator to determine which way you save more.

Scenario

If your mortgage is $200,000 and you put $40,000 down, thus cutting the amount you finance to $160,000, and do not buy points, the total interest you will pay over the length of the loan will be about $115,000.

Using the same scenario, you instead put $36,000 down and buy two points. This drops your interest rate to 3.5 percent from 4 percent. You will save about $16,700 over the life of the mortgage. And, you would have to stay in your house without refinancing for 49 months to break even on your savings. In this case, your $4,000 ends up saving you a net of $13,500 on interest (savings minus the $4,000 it cost you to save).

Before you agree to points or a larger down payment, discuss the scenarios with your accountant or tax attorney to determine which method is best for your situation. If you have to pay private mortgage insurance (PMI), buying points could end up costing you.




Tags: PMI   Mortgage   Points   Downpayment  
Categories: Uncategorized  


Posted by Ari Koufos on 1/14/2020

Photo by Hédi Benyounes on Unsplash

Dressing up your bathroom can not only make your house have more sales appeal but also can make your morning routine a little more cheerful. One way to dress up a pedestal sink and even add a pop of color to your bathroom pallet is by adding a colorful skirt.

1. Take Your Measurements

The first step to creating your pedestal sink skirt is getting the proper measurements for your fabric. You will need to measure the distance from the bottom portion of the sink to the floor. Add one inch to these measurements to allow for the bottom hem. For width, you will need to measure around the three sides of the sink, ignoring the back. Once you have this measurement, you will want to double it, so there is plenty of fabric to gather. 

2. Choose Your Fabric

Once you have your measurements, it is time to choose the right fabric. If you have a neutral bathroom color scheme, adding a bright color is the perfect way to liven up the space. You can also go for a more modern look by adding contrasting fabric to the bottom portion. If mixing two fabrics, be sure to add and extra inch to both in your measurements to account for the extra you need to put them together. 

3. Cut & Sew Your Skirt

Use your measurements to cut the material to the required dimensions. You will then want to finish the raw edges of the material by folding them over and sewing a hem around the entire fabric. Once you're done, use a running stitch to gather the fabric, making sure to monitor the measurement to it will fit around your sink.

4. Affix the Skirt to Your Sink

The last step in the process is attaching the skirt to the edge of your sink. Apply a length of hook Velcro to the three sides of the pedestal sink that you will be covering. Next, apply the same length of loop Velcro to the fabric, making sure you use Velcro that has an adhesive. Not only does this process make it easy to install, but it also makes it easy to remove and wash when needed

By following the few simple steps above, you can transform your pedestal sink into the show-stopping center of your bathroom with simple the cost of a little fabric. Whether you prefer unique patterns or bold colors, you can find the perfect way to accentuate your decor.  





Posted by Ari Koufos on 11/27/2018

One decorating principle that’s a huge help for any homeowner is that of layered lighting. This is the different aspects of lighting that you’ll use in different rooms of your home to complete your lighting needs. The layers of light create a basis for the design of the room. These three main aspects of lighting also have a practical purpose which is nice as well. Below, you’ll learn more about the three main components of lighting for any room of the house and how to best use them. 


Ambient Lighting


Ambient lighting is often the base of where people start with their lighting design in a room. This type of lighting allows you to get the overall feel for a space. The brightness level should be good enough for anyone to walk through the room without walking into things. The illumination may not be bright enough for activities that require a lot of focus like reading or chopping vegetables.


Accent Lighting 


If you think of a retail store and how the shiniest things have the brightest lights focused on them, you’ll discover that you can use this type of lighting right in your home. Think of a chandelier hanging over a massive dining table. Accent lighting is usually for decorative purposes. The lumens that are given off are typically not enough for any other purpose than to attract attention to the item the light is shining on. This type of lighting is best used for things like display cabinets, statues, and china closets. The bottom line is that the accent light will add some drama without actually adding much practical use. 


Task Lighting


This type of lighting is important because it’s what ensures that you won’t chop your hand off while you’re chopping up vegetables in the kitchen. Task lighting varies widely from room to room and can be anything from a desk lamp to a reading lamp to lights on the vanity for shaving and putting on makeup. Task lighting is all about being functional. When you’re trying to decide where to put your task lights think of everything from safety to convenience. The last thing you should worry about with task lighting is the look. While these lights are great under cabinets, for example, so the more creative you get with where to place your task lighting the better the look will be.  


Using this simple yet useful design principle can help you to light your entire home correctly. The right lighting can truly transform a space and give it the depth that it needs.            





Categories: Uncategorized  


Posted by Ari Koufos on 4/12/2018


99 Brooks St, Boston, MA 02135

Brighton

Single-Family

$799,900
Price

9
Rooms
5
Beds
2
Baths
Spectacular 9 Room 5 Bedroom 2 Bath Colonial located near Oak Sq and steps to the Charles River Bike path with easy access to the Mass Pike & Storrow Drive. This home has been in the same family for many years and has been well cared for. First floor Living room w/decorative Fireplace. Formal Dining room. Original Period Detailed wood work. Spacious kitchen with center island and updated appliances. Nice office and a full bath on first level. Second floor has 4 corner bedrooms & full bath. Walk-up third level with fifth bedroom. Nice second floor front porch with views of the Prudential. Full basement with high ceilings and full walkout door. Gleaming hardwood floors, 1 car garage. Come view this home and make it your own.
Open House
Saturday
April 14 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 99 Brooks St, Boston, MA 02135    Get Directions

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Categories: Uncategorized  


Posted by Ari Koufos on 4/12/2018


99 Brooks St, Boston, MA 02135

Brighton

Single-Family

$799,900
Price

9
Rooms
5
Beds
2
Baths
Spectacular 9 Room 5 Bedroom 2 Bath Colonial located near Oak Sq and steps to the Charles River Bike path with easy access to the Mass Pike & Storrow Drive. This home has been in the same family for many years and has been well cared for. First floor Living room w/decorative Fireplace. Formal Dining room. Original Period Detailed wood work. Spacious kitchen with center island and updated appliances. Nice office and a full bath on first level. Second floor has 4 corner bedrooms & full bath. Walk-up third level with fifth bedroom. Nice second floor front porch with views of the Prudential. Full basement with high ceilings and full walkout door. Gleaming hardwood floors, 1 car garage. Come view this home and make it your own.
Open House
Saturday
April 14 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 99 Brooks St, Boston, MA 02135    Get Directions

Similar Properties





Categories: Uncategorized