The Peggy Patenaude Team | Andover Real Estate, North Andover Real Estate, Boxford Real Estate



5 Summer Street, North Andover, MA 01845

Single-Family

$469,999
Price

9
Rooms
4
Beds
2
Baths
Over $ 80,000 in recent updates make this antique home on acre plus lot a winner! SO much charm here begins with 5 WORKING fireplaces (recently refurbished) and stunning wide pine floors in all bedrooms & Sitting Room. Country Kitchen features knotty pine cabinets, propane stove, large brick fireplace with pizza oven - not to mention beautiful view out the window from the Kitchen sink. Convenient Mudroom/Laundry Room has separate entrance. First floor has a full bath & Sitting Room/ possible 1st floor bedroom if needed. Two staircases lead to 2nd floor which features 4 generous sized bedrooms - 2 with working fireplaces - and a full bath. Great storage in walk-up attic. The yard is a real treasure abounding with peach trees, apple trees, blueberry bushes, raspberry vines, rose bushes and still more room for the avid gardener to be creative! 2 car garage, town water & town sewer. Very convenient location. Sargent School. Move-in condition. You will LOVE the landmark Catalpa tree!
Open House
Sunday
January 13 at 11:00 AM to 12:30 PM
Cannot make the Open Houses?
Location: 5 Summer Street, North Andover, MA 01845    Get Directions

Similar Properties



Buying a home is a big financial endeavor that takes planning and saving. Aside from a down payment, hopeful homeowners will also need to save for closing costs and moving expenses.

When it comes to the down payment amount you’ll need to save, many of us have often heard 20%, the magic number. However, there are a number of different types of mortgages that have different down payment requirements.

To complicate matters, mortgages vary somewhat between lenders and can change over time, with the ebb and flow of the housing market.

So, the best way to approach the process of saving for a down payment is to think about your needs in a home, and reach out to lenders to start comparing rates.

However, there are a few constants when it comes to down payments that are worth considering when shopping for a mortgage.

In today’s post, we’re going to talk about some characteristics of down payments, discuss where the 20% number comes from, and give you some tips on finding the best mortgage for you.

Do I need 20% saved for a down payment?

With the median home prices in America sitting around $200,000 and many areas averaging much higher, it may seem like 20% is an unattainable savings goal.

The good news is that many Americans hoping to buy their first home have several options that don’t involve savings $40,000 or more.

So, where does that number come from?

Most mortgage lenders will want to be sure that lending to would be a smart investment. In other words, they want to know that they’ll earn back the amount they lend you plus interest. They determine how risky it is to lend to you by considering a number of factors.

First and foremost is your credit score. Lenders want to see that you’re paying your bills on time and aren’t overwhelmed by debt. Second, they will ask you for verification of your income to determine how much you can realistically hope to pay each month. And, finally, they’ll consider the amount you’re putting down.

If you have less than 20% of the mortgage amount saved for your down payment, you’ll have to pay for private mortgage insurance (PMI). This is an extra fee must be paid in addition to your interest each month.

First-time buyers rarely put 20% or more down

Thanks to FHA loans guaranteed by the federal government, as well as other loan assistance programs like USDA loans and mortgages insured by the Department of Veterans Affairs, buying a home is usually within reach even if you don’t have several thousands saved.

On average, first-time buyers put closer to 6% down on their mortgage. However, they will have to pay PMI until they’ve paid off 20% of their home.


So, if you’re hoping to buy a home in the near future, saving should be a priority. But, don’t worry too much if you don’t think you can save the full 20% in advance.



284 North Main Street, Andover, MA 01810

Single-Family

$925,000
Price

10
Rooms
4
Beds
3
Baths
Gorgeous Estate Setting Colonial abuts 70 Acres of Wood Estate in Downtown Area..This is the location everyone dreams about! Private backyard w/patio surrounded by acres of conservation land/trails, yet you are only ONE mile from the downtown shopping, restaurants, library & more. Commuters will love the quick access to Rt. 495, Rt. 93, but NO highway noise!! The home is elegant w/more features than can be listed incl. etched glass French Doors, crown molding & custom cabinetry. Eat-in Updated Kitchen w/SS appliances, center island, maple cabinets & French doors to patio. Formal LR w/wood burning FP, DR w/mahogany in-lay floor, tray ceiling & Office w/gas FP, custom built-ins, wine fridge, wet bar & 3/4 BA. FR off KIT has a 2 story stone FP, built-ins and stairs to 2nd floor Great Rm w/skylight & cathedral ceiling. Master BR has 2 walk-in closets, DBL sinks, Jacuzzi & Shower. 3 other good size BRMS. Walk-up attic, Wrap around porch, Wine Cellar ..Walk to 5 Restaurants!! MUST be seen!
Open House
Sunday
January 06 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 284 North Main Street, Andover, MA 01810    Get Directions

Similar Properties




5 Summer Street, North Andover, MA 01845

Single-Family

$469,999
Price

9
Rooms
4
Beds
2
Baths
Over $ 80,000 in recent updates make this antique home on acre plus lot a winner! SO much charm here begins with 5 WORKING fireplaces (recently refurbished) and stunning wide pine floors in all bedrooms & Sitting Room. Country Kitchen features knotty pine cabinets, propane stove, large brick fireplace with pizza oven - not to mention beautiful view out the window from the Kitchen sink. Convenient Mudroom/Laundry Room has separate entrance. First floor has a full bath & Sitting Room/ possible 1st floor bedroom if needed. Two staircases lead to 2nd floor which features 4 generous sized bedrooms - 2 with working fireplaces - and a full bath. Great storage in walk-up attic. The yard is a real treasure abounding with peach trees, apple trees, blueberry bushes, raspberry vines, rose bushes and still more room for the avid gardener to be creative! 2 car garage, town water & town sewer. Very convenient location. Sargent School. Move-in condition. You will LOVE the landmark Catalpa tree!
Open House
Sunday
January 06 at 11:30 AM to 1:00 PM
Cannot make the Open Houses?
Location: 5 Summer Street, North Andover, MA 01845    Get Directions

Similar Properties



Gorgeous Estate Setting Colonial abuts 70 Acres of Wood Estate in Downtown Area..This is the location everyone dreams about! Private backyard w/patio surrounded by acres of conservation land/trails, yet you are only ONE mile from the downtown shopping, restaurants, library & more. Commuters will love the quick access to Rt. 495, Rt. 93, but NO highway noise!! The home is elegant w/more features than can be listed incl. etched glass French Doors, crown molding & custom cabinetry. Eat-in Updated Kitchen w/SS appliances, center island, maple cabinets & French doors to patio. Formal LR w/wood burning FP, DR w/mahogany in-lay floor, tray ceiling & Office w/gas FP, custom built-ins, wine fridge, wet bar & 3/4 BA. FR off KIT has a 2 story stone FP, built-ins and stairs to 2nd floor Great Rm w/skylight & cathedral ceiling. Master BR has 2 walk-in closets, DBL sinks, Jacuzzi & Shower. 3 other good size BRMS. Walk-up attic, Wrap around porch, Wine Cellar ..Walk to 5 Restaurants!! MUST be seen!

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