Buying a Wellesley home at age 50
Question: I realize that I’m starting late in life but at age 50, I’m in the market to buy a house and I love Wellesley. Since most mortgages are written for 25-30 years, I’d still be paying at age 75 or 80. I would prefer a 15 year term so that when I retire, I wouldn’t have to worry about mortgage payments. Is this possible?
Bill’s Answer: Yes, very possible.
For the sake of discussion, let’s say that we, Wellesley Real Estate, did help you purchase a home but with a 30 year mortgage. Even then you have options. Since, principal payments are usually small during the early years of a mortgage, every month you could opt to make two principal payments and one interest payment. This way, you would turn your 30 year note in a 15 year note.
We would be happy to introduce you to Tom and Brian at Wellesley Bank and I am sure that they will be able to offer financing to suit your objective.
About Bill
ABOUT Bill
Bill FitzPatrick has been a resident of Wellesley for over fifty years. He graduated from St. Paul’s School and Wellesley High School. He earned a bachelor’s degree from UMass and a master’s degree from Boston College.
He has taught courses and written articles for the National Association of Realtors®. For many years, Bill was the principal writer and editor of two of the nation’s leading business newsletters, Investing in Real Estate and the Homeowner’s Advisory Letter. Bill is also the author of the online real estate real estate investing course Master Real Estate.
Bill is the founder of both Wellesley Real Estate and the non-profit American Success Institute http://www.Success.org.
Having bought, sold, and renovated many properties himself, Bill has negotiated hundreds of real estate transactions. Selecting Wellesley Real Estate, you will have the opportunity to deal personally with Bill. Friendly and relaxed, Bill listens. From discovery through closing and beyond, Bill’s integrity, patience, diligence and critical eye ensures that he will be your personal advocate throughout the process of finding or marketing your Wellesley home.
Bill’s Answer: Yes, very possible.