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Posted by TEAM Metrowest on 7/8/2020

Attending an open house should be a fun, exciting experience. An open house enables you to view a residence and determine whether a home is right for you. As such, if you know what to expect from an open house, you can plan ahead and maximize the value of this event.

Preparing for an open house can be simple. Now, let's take a look at three tips to help you get ready to attend an open house.

1. Review a Home Listing

A home listing enables you to learn about a house's age, condition and other factors. Thus, you'll want to review a home listing closely to ensure it is worth your time to visit an open house.

If a home listing grabs your attention, it may be beneficial to attend an open house. That way, you can get an up-close look at a residence.

On the other hand, if a home listing fails to garner your interest, you may want to consider other residences. Because if you attend an open house for a residence that falls short of your expectations, you risk wasting precious time and resources.

2. Put Together a List of Questions

When it comes to preparing for an open house, it often helps to put together a list of questions about a residence. By doing so, you can ask pertinent questions about a home and gain the insights you need to decide whether to submit an offer.

There is no such thing as a "bad" question to ask during an open house. Therefore, you should be unafraid to ask any questions about a house when you attend this event.

Remember, the more information that you have about a home, the more likely it becomes that you can make the best-possible decision about a residence. If you ask plenty of questions during an open house, you can obtain home insights that you otherwise may struggle to receive elsewhere.

3. Consult with a Real Estate Agent

An open house may prove to be a daunting experience, particularly for those who are pursuing a home for the first time. Luckily, real estate agents are available who can help you plan ahead for any open house, at any time.

With an expert real estate agent at your side, you can get the support you need to succeed during the homebuying journey. In fact, this housing market professional will learn about your homebuying goals and ensure you can accomplish them in no time at all.

Typically, a real estate agent will keep you informed about open houses in your city or town. This housing market professional is happy to attend open houses with you and offer homebuying insights and recommendations as well.

If you want to get the most out of the homebuying journey, it pays to hire an expert real estate agent. Reach out to a local real estate agent today, and you can hire a housing market professional to guide you along the homebuying journey.




Categories: Open House   Buying a Home  


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 4/22/2020

Your credit score is a fundamental component of a mortgage lenderís decision to approve you for a loan. It can also affect the interest rate and loan amount you can secure.

Along with your income history and down payment, a solid credit score is one of the three most important things youíll need when it comes to buying a home.

Credit scores themselves, however, can be a complicated business. And finding out what score you need to buy a home and how to achieve that score can also be a complex topic.

So, in this post weíre going to break down some credit score basics as they relate to buying a home.

Types of credit scores

You may have heard of the three main credit bureaus, TransUnion, Experian, and Equifax. Each of these bureaus keeps a detailed credit history for everyone in America (except for those who have yet to open a line of credit or take out a loan).

Since each credit bureau may have slightly different information available data to draw from, your credit scores from each company may vary.

However, when it comes to buying a home, most lenders use a standard scoring model called a FICO score to ensure that all mortgage applicants are treated fairly when they seek a loan.

Things are further complicated by the fact that there are several different FICO scoring models designed for different types of credit. So, if youíve seen your FICO score when applying for an auto loan, it may be a different score than you will see when applying for a mortgage.

Build credit; raise your credit score

All of the types of credit scores and scoring models can be confusing. But what you mostly need to worry about is how to boost your score.

Your credit score will be based on five main factors:

  1. Making on-time payments

  2. The percentage of available credit (not maxing out your cards)

  3. Having diverse types of credit (auto loans, student loans, credit cards, etc.)

  4. Not opening new lines of credit frequently (a red flag that youíre struggling financially)

  5. The length of your credit history, or how long youíve been consistently paying your bills

What score do you need to buy a home?

There are several different mortgage types available for buyers. First-time homeowners, veterans, people seeking to buy a home in a rural area, and any other number of circumstances can help you qualify for mortgages even if you have a low credit score.

A general rule, however, is that itís always better to apply for a mortgage with a high credit score to help you secure the best possible interest rate. 

Some programs do have minimum credit scores that they will accept for a mortgage. FHA loans are one common example. The Federal Housing Authority guarantees loans for people across the country who are hoping to buy their first home (or who havenít owned a home in the last three years). Their guarantee is what enables lenders to safely approve mortgages for borrowers with low credit scores. The current requirement for an FHA loan is a credit score of 580 or higher for a mortgage with a 3.5% down payment. You can secure an FHA loan with a lower credit score, but youíll have to make a larger down payment.


There are several other options available for hopeful homeowners when it comes to mortgages. But, if you arenít planning on moving in the next few months and your credit score could use some work, now is the time to start focusing on building credit.





Posted by TEAM Metrowest on 4/15/2020

There's nothing more satisfying than knowing exactly what you want and taking the necessary steps to get it!

Whether you're searching for the right job, your soul mate, or the home of your dreams, being clear about the results you want can help pave the way for success.

When it comes to house hunting, there are several ways to increase your chances of finding a wonderful home that meets all your criteria. By being organized, focused, and goal oriented, you'd be amazed at what you can accomplish!

Create a priority list: While a certain amount of flexibility is crucial when you're in the market for a new house, there are some things that are essential to your happiness and wellbeing. Those would be considered "must haves" or non-negotiable items.

Unless you already know exactly what you want, a priority list can help you sort out the countless options, features, and expenses you'll be weighing as you explore available listings in your price range. Your priority list can include everything from architectural style and backyard space to number of bathrooms and kitchen layout. There are literally dozens of things to consider, such as the character of the neighborhood, amount of storage space inside and outside the house, and commuting distance. Many house hunters also have a strong preference for features like working fireplaces, screened in porches, and first-floor laundry rooms. If privacy is among your top priorities, you'll want to pay extra close attention to factors like distance between houses, fencing, trees, and hedges.

Choose the right real estate agent: Although most real estate agents are knowledgeable, resourceful, and easy to work with, you don't necessarily want to sign on with the first one you meet. By talking to two or three, you can choose the one who instills the most confidence in you. Ideally, he or she should have ample experience as a buyers' agent and be familiar with the specific neighborhoods in which you're interested. It's also important that you feel comfortable with them and that you can cultivate a smooth working relationship. If you have any misgivings about their accessibility, communication style, or responsiveness, then they might not be the ideal match for your needs.

Although personal recommendations from friends and family is often the best way to find a top-notch real estate agent, online reviews can provide you with helpful insights into an agent's professionalism, personality, and track record. Most agents would also be more than happy to provide you with references of recent and current clients to contact.

While real estate professionals enter the profession for a variety of reasons, most agents genuinely enjoy working with people and get a lot of satisfaction from helping them find the house of their dreams.





Posted by TEAM Metrowest on 4/1/2020

If you want to buy your dream house, you'll likely need to submit a competitive offer from the get-go. That way, you can boost the likelihood of receiving a "Yes" from a home seller and proceed along the homebuying journey.

Putting together a competitive homebuying proposal can be simple. Now, let's take a look at three tips to help you prepare a competitive offer to acquire your ideal residence.

1. Look at Your Homebuying Budget

Entering the real estate market with a budget in hand generally is beneficial. This budget will enable you to narrow your house search to residences that fall within a certain price range. Plus, your budget can help you define exactly how much you can offer to acquire a residence.

When it comes to mapping out a homebuying budget, you should meet with several lenders. These financial experts can help you get pre-approved for a mortgage. And with a mortgage in hand, you'll know exactly how much you can spend on a house.

2. Review Housing Market Data

Housing market data can make or break a homebuying proposal. If you assess real estate market data closely, you can uncover a variety of patterns and trends. Then, you can use this information to craft a competitive offer that accounts for the present real estate market's conditions.

Of course, it helps to evaluate the age and condition of a house as well. Learning about all aspects of a house will help you determine whether to submit an offer at, above or below a seller's initial asking price for his or her residence.

The more information that you obtain about a residence and the current housing market's conditions, the better off you will be. Because if you take a data-driven approach to buying a residence, you can define a competitive offer for any home, in any housing market and at any time.

3. Consult with a Real Estate Agent

A real estate agent is a difference-maker, particularly for a homebuyer who is uncertain about what differentiates a competitive home offer from a "lowball" proposal. In fact, a real estate agent will go above and beyond the call of duty to ensure that you can acquire a great house at the lowest-possible price.

Typically, a real estate agent will provide you with a wealth of housing market insights. He or she also is happy to teach you about the real estate market and respond to any of your homebuying concerns or questions.

A real estate agent can offer recommendations about how much you should offer to pay for a house too. He or she will provide honest, unbiased homebuying suggestions to help guide you in the right direction throughout the homebuying cycle.

If you want to purchase your dream house as quickly as possible, there is no reason to delay any further. Take advantage of the aforementioned tips, and you can prepare a competitive offer to purchase your dream residence.







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