Financing your new home purchase? Local lenders may be the answer.
By now we are all too well acquainted with the financial crisis in the US and the role played by lending institutions in regard to housing. Large lending institutions seemed to have money to burn as they granted mortgage loans to almost all comers. Now, the pendulum has swung in the opposite direction. Unfortunately, it has swung so far back that these same institutions can be overly restrictive in their lending practices and overly cautious in their qualifying on mortgages today.
Enter the local lender to the rescue! Most local lenders did not, whether for lack of resources or excess of intelligence, participate in the overly aggressive lending practices of the larger lending institutions. Having taken a steadier, more logic based approach to lending these local banks are able to maintain that steady logic based approach today.
Should you find yourself seeking financing for a new home purchase in today's market, take the time to talk to your local lender whose competitive rates and sound practices may just win you over.
Check out these lenders below,
or visit the Community Banker for a complete list of local lenders with websites.
Belmont Savings Bank
East Cambridge Savings Bank
Watertown Savings Bank
Winchester Savings Bank
Give these banks a call:
Lexington Savings Bank : 781-861-6050
Medford Savings Bank: 800-698-7701
And here are some Additional Resources:
Avenue 3 Real Estate Commuity Info
Eastern Massachusetts Real Estate Search Results
Arlington, MA continues to be a desirable place to call home. In the last month alone, 51 properties (28 Singles, 19 Condos and 4 Multi-families) were put under-agreement, pretty impressive in this market. These numbers are not surprising to those of us who reside in the town. Most residents will tell you that Arlington has what they need to live a convenient, safe and exciting lifestyle.
The town features easy access to Boston via highways 128 & 93, public transportation, great restaurants, an excellent school system, a variety of housing styles, and involved citizens! Something is always happening, a restaurant opening, a debate on the widening of Mass. Ave., a cultural event at the Arlington Center for the Arts or the approval of a new CVS next to the High School; and even a petition going around by a resident who wants to raise hens in her backyard; and the list goes on.
So if you think this is the place you want to drop anchor, we suggest the following:
1. Familiarize yourself with the town, its neighborhoods and its resources.
2. Attend Sunday Open Houses around town taking note of the asking prices of the homes you're visiting in relation to style, condition and neighborhood.
3. Speak to a Mortgage Professional, get pre-approved for a mortgage and have that document in hand.
4. Find a knowledgeable real estate professional, an Avenue 3 Buyer Agent that can offer sound guidance starting with your search process all the way to the closing table.
5. Know the Arlington market. Sign-up with Avenue 3 for daily property updates for the information you'll need in an active and competitive market. Each day you'll be updated with the newly listed properties that fit your personal criteria as well as the recently closed (sold?) properties with their asking price and sale price.
The only real navigating tool you need is knowledge and, with the support of Avenue 3, you'll find yourself with an Arlington address, dining at a restaurant on Mass. Ave and attending a selectman or school committee meeting!
Arlington Additional Resources:
The Town of Arlington Web Site
Massachusetts Residents Report
Arlington Community Web Site
Avenue 3 Community Resources for Arlington, Boston and Metro West