Get Your Mortgage Pre-Approval Early

Take the first step towards becoming a serious home buyer

Early in the home buying process (before you look at homes) it is important to consult a lender to evaluate your credit profile, get a sense for your true budget, and talk about loan options.

A mortgage pre-approval is proof that a lender is willing to make you a loan. With a pre-approval letter, real estate agents and sellers know you are a serious home buyer.

How to get pre-approved:

1. Before seeking pre-approval, you must first obtain your credit score and credit history report to spot any errors or potential issues. Your credit score affects your ability to qualify for different types of loans and receive favorable interest rates. Lenders will often work with borrowers with a low or moderately low credit score and suggest ways to improve or correct credit problems before applying for a mortgage.

2. Once you have pulled your credit score and have made any necessary improvements, you will then complete a mortgage application by supplying your lender with documentation that demonstrates your financial history and reliability, employment and personal information.

3. Typically the pre-approval process can take two to four weeks. From the data you provided, your lender will not only confirm your ability to qualify for a mortgage, but approve a specific loan amount and give you a better idea of the interest rate you will be charged on the loan. They will also give you a realistic understanding of the costs associated with buying a home so there are no surprises or disappointments. (Determine the maximum and minimum amount you can qualify for so you have the flexibility if you find your dream).

4. You will then receive a written conditional commitment for an exact loan amount, allowing you to begin looking for homes at or below that price level.

Bottom Line: A mortgage pre-approval letter proves that you already have backing and the ability to go through with the sale, which makes you a much more attractive buyer to sellers.

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

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February 2017 Greater Boston Real Estate Market Trends

Here’s February 2017’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.


February 2017 Greater Boston Real Estate Market Trends

Amid a short supply of inventory, rising mortgage rates and higher prices in the condominium market, sales of single-family homes and condos softened in February in Greater Boston, according to data issued from the Greater Boston Association of REALTORS® (GBAR).

Sales of single-family detached homes saw a year-over-year decline of 14.4 percent in February as 504 homes were sold compared to the 589 homes sold in February 2016. This year’s sales total the tenth highest figure on record, with the month’s record high of 665 homes sold coming in 2007. The condo market experienced a more modest decline in sales, falling 3.8 percent from 473 in February 2016 to 455 February 2017. This February’s condo sales total is the ninth highest on record, with the record-high of 642 also coming in 2007. In addition, both markets fell short of their historical monthly sales averages of 535 (single family) and 467 (condos).

Condominium
  • February condo sales DOWN -3.8%
  • Median prices UP +14.7% ($515,000)
  • Active Listings DOWN -27.6% to 1,272
  • Listings added to the market DOWN -8.5% over last year (860 from 940 in 2016)
Single-Family
  • February single-family home sales DOWN -14.4%
  • Median prices DOWN -2.4% ($505,000)
  • Active Listings DOWN -35.2% to 1,891
  • Listings added to the market DOWN -6.8% over last year (1,057 from 1,134 in 2016)

Interested In Specific Neighborhood / Area Real Estate Market Trend Data?

 

February 2017 Greater Boston Real Estate Monthly Indicators

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

More Posts - Website

Follow Me:
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December 2016 Greater Boston Real Estate Market Trends

Here’s December 2016’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.


December 2016 Greater Boston Real Estate Market Trends

Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.

Condominium
  • December condo sales DOWN -1.0%
  • Median prices UP +4.8% ($465,000)
  • Condo inventory DOWN -28.6% to 994
  • Listings added to the market DOWN -6.3% over last year (433 from 462 in 2015)
Single-Family
  • December single-family home sales DOWN -10.2%
  • Median prices UP +9.4% ($547,000)
  • Single-family inventory DOWN -35.0% to 1,557
  • Listings added to the market DOWN -29.5% over last year (390 from 553 in 2015)
Multi-Family
  • December multi-family home sales DOWN -7.5%
  • Median prices UP +12.1% ($616,500)
  • Multi-family inventory DOWN -58.6% over last year (175 from 423 in 2015)
  • Listings added to market DOWN -33.3% over last year (100 from 150 in 2015)

Interested In Specific Neighborhood / Area Real Estate Market Trend Data?

 

December 2016 Greater Boston Association of Realtors® Monthly Indicators Report

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

More Posts - Website

Follow Me:
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