Nick Riccio - Mortgage Advisor

Cheers to 3 incredible years 🥂

This year has thrown a lot at us, and I’m reminded every day why it was the best decision marrying you. I can’t thank you enough for the love and support you give me every day ❤️

Sometimes you need to be proud of small wins. 2018 👉🏼2022

Just 4 years ago it was Sam, my dad, and I doing everything. Literally everything - down to renting a scissor lift to be able to get our drywall in the house 🤣

We felt like we’d be there forever. Fast forward 4 years and a lot has changed including us no longer loading or hanging the drywall 🤣

This was a great sight to see and a great reminder to acknowledge your growth.

Wherever you are at right now - know that it’s not permanent and you’ll be on the other side before you know it!

It’s more important than ever to understand your “why” for buying a home.

It’s always been important, but I feel like many people took low rates for granted, and made that their reason for buying.

There will always be “life” happening. Stock market might be up, it might be down. The economy might be in transition.

It’s always important to focus on your personal economy. Why is it a good time for you and your family? Why is it not?

I’d challenge all current and future home buyers to really think through this. Don’t listen to the noise, make a decision that’s best for you and your family.

It’s true…

A lot of people missed out on great buying opportunities because they were concerned about the mortgage insurance.

The opportunity cost of waiting vs. buying with mortgage insurance is MASSIVE.

Don’t make decisions based off the news/friends/family, make decisions based on numbers.

For the "credit doesn't matter" & "buy anyway!" crowd, I want to share some facts.

While it is true that you can buy a home with low or poor credit, it certainly comes with a cost. Now, it's not to say "don't buy", but you should always have your credit score as a top priority.

With interest rates rising significantly, it's more important than ever to have a strong credit score.

Here's an example:

Let's say the lenders interest rate for 740+ credit is 6%.

Someone with a 640 credit score would be looking at a rate of 6.75% (and there would likely be additional costs to get that rate)

On a monthly basis, that would cost an additional ~$300.

Over 5 years? An additional ~$20K.

The point?

Take care of your credit as much as possible & if you have any set-backs, make it a priority to fix it!

I’m so excited to share that I’ve joined Northpointe Bank!

I was incredibly fortunate to start my career with Fairway, but as my business continued to grow and evolve, the needs of my clients and partners also have. And with that, I realized it was time to make a change.

I will now be lending in all 50 states and will have many products for investor clients! My true passion.

This move will allow me to better serve my clients and partners, and I’m excited to share more details over the next couple of weeks!

has built a powerhouse nationally and I can’t wait to start growing our brand in Boston.

Regardless of state, primary residence, second home, or investment property, shoot me a DM or email if you have any financing needs!

[email protected]

Amazing night celebrating 13 years together ❤️

Cheers to many more 🥂

Rent minus mortgage payment is not cashflow!

Rental properties have expenses. Lots of them. Always be sure to include the proper expenses when analyzing a deal.

Otherwise? A property that you think will cash flow, will be nothing but a liability!

Follow for more tips on how to build a portfolio using low down payment programs 👀

We’re in an interesting period of time where both renting and buying are becoming increasingly more expensive

One way to combat that? House hack.

Even if you aren’t looking to be a real estate investor, this is a great way to make home ownership more affordable.

By house hacking, you will be offsetting or completely eliminating your largest expense - housing.

With this strategy, all of a sudden massive rent increases and massive interest rate increases don’t hurt as bad, as most of this cost will be shared with your tenants.

While this isn’t ideal for buyer’s, it’s now the market we’re operating in and we need to shift our mindset.

It seems like almost daily we’re experiencing rate increases.

It’s really important to stay in close contact with your lender, as you certainly won’t qualify for the amount of home you were originally pre-approved for.

Share with a friend that’s looking to buy!

Comment/ DM with questions 👊