TEAM Metrowest
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Posted by TEAM Metrowest on 5/20/2020

Credit plays an important role in your ability to secure a home loan and to qualify for a low-interest mortgage. However, many first-time homebuyers arenít arenít sure about the exact relationship between credit scores and mortgages.

This doesnít come as much of a surprise considering the many factors that go into your credit score and into your lenderís decision to approve you for a mortgage. So, in this article, weíre going to cover three commonly asked questions that homebuyers have about credit scores and how theyíre used by mortgage lenders to determine your eligibility for a home loan.

Will my credit score go down if I check my credit report?

If youíre thinking of buying a home in the near future, one of the first things youíll want to do is check your credit. However, if youíve heard that some credit inquiries briefly lower your credit score you might be hesitant to find out.


This common misconception stems from the fact that taking out new lines of credit results in a temporary decrease in your credit score. The difference between checking your credit and a credit inquiry is simple: a credit check you can access for free online through a service like Credit Karma, whereas a credit inquiry is performed by a lender or creditor with whom youíve applied for credit.

In short, checking your credit score online wonít affect your score. In fact, the major credit bureaus are required to allow you to check your credit for free once per year.

Can I get a loan with low credit?

Increasing your credit score is a lengthy process that requires careful financial management. Many people who have had difficulties paying off bills, loans, and credit cards will have to rebuild their credit. Or, if youíre young and donít have a diverse history of credit payments, youíll be starting from scratch to build your score.

If youíre hoping to get an FHA (first-time homeowner loan), the lowest your score can be is 580. However, that doesnít mean you should always take a loan with a low credit score. When you donít have a good credit history, lenders will seek other ways to guarantees their investment. This comes in the form of higher interest rates or PMI (private mortgage insurance) which youíll have to pay on top of your monthly home insurance and mortgage payments.

Will applying for a home loan affect my credit?

Simply stated, yes. However, applying for a loan or get preapproved is considered a credit inquiry and wonít leave any lasting negative on your credit score. Making several inquiries within a short period of time, however, can significantly lower your score, so choose your inquiries wisely. And, be sure to monitor your credit score on a monthly basis so you have an idea of where you stand along the road to applying for a home loan.




Tags: Buying a home   homebuyers   FAQ  
Categories: Buying a Home   homebuyers   FAQ  


Posted by TEAM Metrowest on 5/15/2020

This home has everything you need for gathering with family & friends indoors & out! Imagine sitting on the newly-rehabbed Farmers porch that stretches across the front of this beautiful home sipping your morning coffee while enjoying the gorgeous view for miles! Or having friends & family gather in the private back yard enjoying the in-ground pool with patio and stone-wall landscape. First floor with 2 year old simulated wood laminate floors offers a kitchen w/ 2 year old appliances, DR, office, family room w/ zero clearance fire-place & 1/2 bath. 2 year old slider in kitchen opens to the back yard for ease while entertaining. Upstairs houses three bedrooms & two full bathrooms. Roof is 11 years old, front windows 6 years old, house is piped for central vac and cooled with central air, irrigation for lawn! Great height in basement, ready to be finished for additional living space. Convenient to Rt. 146, Rt. 122 & Central Turnpike! Don't miss out!!!

More Info on this Property | New Listing Alerts




Categories: Uncategorized  


Posted by TEAM Metrowest on 5/15/2020


37 Wildflower Dr, Sutton, MA 01590

Single-Family

$429,000
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
This home has everything you need for gathering with family & friends indoors & out! Imagine sitting on the newly-rehabbed Farmers porch that stretches across the front of this beautiful home sipping your morning coffee while enjoying the gorgeous view for miles! Or having friends & family gather in the private back yard enjoying the in-ground pool with patio and stone-wall landscape. First floor with 2 year old simulated wood laminate floors offers a kitchen w/ 2 year old appliances, DR, office, family room w/ zero clearance fire-place & 1/2 bath. 2 year old slider in kitchen opens to the back yard for ease while entertaining. Upstairs houses three bedrooms & two full bathrooms. Roof is 11 years old, front windows 6 years old, house is piped for central vac and cooled with central air, irrigation for lawn! Great height in basement, ready to be finished for additional living space. Convenient to Rt. 146, Rt. 122 & Central Turnpike! Don't miss out!!!
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by TEAM Metrowest on 5/13/2020

When youíre selling your home, things can get really busy, really fast. You want your home to be in tip top shape to give it the best chance of selling in a timely manner. There are a few things you can do in a short time frame that allows you to spruce up your home without breaking a sweat. Below, youíll find some tips to help you bring your home to another level of wow before the open house. 


Check Your Front Door


All you really need to do is put a fresh coat of paint on your front door to brighten the look of your entryway. Thereís something about a freshly painted front door that really makes a home look like new. 


Spruce Up The Landscaping


You can really do a minimal amount in your yard and make your home curb-appeal ready. Just rake some leaves, add some mulch, mow the lawn, and voila. It might be an all day project, but in the end, it will be worth it. As long as people have a good view and feel that your yard has been taken care of, the outside of your home is in the clear for an open house.  


Check The Outdoor Lights


Even though an open house will be happening in the daylight hours, people may be curious that there is adequate lighting on the outside of your home. Buyers can either check this while they are at the open house or they could go a step further and drive by the property at night. Adequate lighting allows for a sense of security and safety all throughout the outside of the property.  


Care For The Mailbox


Few places in your home are as neglected as the mailbox is. Add some fresh paint to your mailbox. You can use the same color as your front door for consistency. At the very least, clean up the mailbox to give it a better appearance. Make sure your house number is present somewhere on the box as well. This helps the property to have a sense of being a bit more inviting. People will also be able to find your home easier. 


Make Use Of Flowers


You should place flowers around your home on the day of the open house. Add a fresh cut bouquet to the kitchen table. Bring some potted plants and florals around your entryway. These simple touches really can make an impression when potential buyers visit your home. 


Remove Your Personal Stuff

From the outside in, traces of your life in the home should be put away. This means pet items, toys, games, photos, and celebrity shrines. The more free space a buyer has to envision themselves living in the home, the better.          


With these small extra touches, your open house is bound to be a success!




Categories: Selling Your Home  


Posted by TEAM Metrowest on 5/6/2020

Photo by Alexander Stein via Pixabay

If a home is in foreclosure, you can buy it for less. Great deal, right? It can be, but there are pitfalls, and you need even more caution than in a regular real estate transaction.

Stages of Foreclosure

Foreclosure can take months or even years depending on the regulations of the specific state, but the stages are the same:

  1. Pre-foreclosure. The owner has been given notice of pending foreclosure but for now still owns the home. In this case you negotiate with the owner.

  2. Bank-owner. The former owner has been evicted. If the bank doesn’t find a buyer the house will be put up for auction.

  3. Real-estate Owned (REO). The home did not sell at auction. A misleading name because the bank still owns it. And needs to get rid of it.

How do I find a Foreclosure?

If you haven't bought one before, your best bet is to work with a real estate agent who specializes in foreclosures. Some may have credentials: the Certified Distressed Property Expert (CDPE) or the Short Sales and Foreclosure Resource (SFR) designation. Foreclosures are listed on the same platforms as other homes, plus they may be found through banks, local city halls and courts.

Do I need cash?

Not necessarily. But if you'll use a mortgage, get it pre-approved. You’re likely to be competing with cash buyers.

What should I watch out for?

Many foreclosed properties are in poor shape. If they haven’t been inhabited, and maintenance has been neglected and air conditioning hasn’t been running, there could be mold, debris and internal damage. Distraught homeowners sometimes make off with appliances and the copper. There may be liens in addition to the defaulted mortgage. Get an inspection, have the title checked out and assume there’s going to be work to make it livable.

How much should I pay?

Your agent can run a comparative market analysis (CMA). You should pay significantly less than for an unencumbered property to make up for the risk. Professional foreclosure buyers sometimes use a formula of 80 percent of a comparable standard property less cost of known repairs. For example, a $300,000 house that needs $50,000 in repairs should be (80% * $300,000) – $50,000 or $190,000. A skilled agent can help you be competitive without putting yourself in a bind.

Is a foreclosed property right for me?

It will take more time and effort than a regular purchase but can save a pile of money. A DIYer or a person comfortable managing major rehab projects has a head start. If you have strong nerves, high risk tolerance and the ability to be flexible, a foreclosure might be the best deal you can make.




Categories: homebuyers  




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