Buying and Selling a home in the Greater Boston Area

Prepare for Buying a Home - Tricks to Improve Credit Scores

Posted by Karen Lilley on Mon, Jan 7, 2013

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Topics: buying a home in MA, buying a home, credit scores, first time home buyer

Avenue 3 Week in Review: Tips for Buyers and Sellers & pending sales!

Posted by Avenue 3 Real Estate on Thu, May 31, 2012

MAY 30, 2012
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Topics: buying a home in MA, MA Real Estate, pending sales, selling a home, credit scores

Think You Know How to Improve Your Credit Score?

Posted by Avenue 3 Real Estate on Tue, Mar 20, 2012

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Topics: Cambridge MA real estate, Living in Arlington MA, buying a home, buying a condo, credit scores, mortgage loans, mortgage, mortgage financing

Avenue 3 has some Good News in Real Estate?

Posted by Karen Lilley on Wed, Sep 1, 2010

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Topics: MA Real Estate, credit scores, mortgage financing

Buying a home? Here's the info you need as a 1st time home buyer.

Posted by Lois Ardito on Sun, May 24, 2009

There is no shortage of advice for 1st time buyers right now.  A lot of the advice is informative, sometimes overwhelming and frankly never ending. Credit scores, bank rates, realtors, home inspectors, lead paint info, lenders, FHA financing, attorneys, blah, blah, blah.
So, how do you sift through this mountain of well-intended information and must-do checklists?  
Why not start at the beginning?
Step one:
What can you afford and are you qualified for the loan?  Whether you're the sole purchaser or a couple thinking about Somerville real estate or an Arlington home, our first suggestion is for you to get  a copy of your credit score. Banks are being more selective and have tightened their lending practices, so you need to look like a "good investment" to them.   Some polishing and cleaning up of your credit  might be necessary, so you can start that process immediately! Or if your credit looks good, you can proceed to look for a lender that best suits you.
 Annual Credit will issue you one free report per year or you could purchase one for $15.95 from  Your FICO score is the "rating" that your individual credit history has earned you as a borrower. Banks are paying very close attention to this number when qualifying applicants for any mortgage.
In addition to your FICO score, be sure to do your home work on the $8,000 first time buyer tax credit before speaking to your lender.
Finding a lender (and we suggest speaking to several), and deciding on the type of loan that will be best for you and your future may take some time.  It is best to sit down with a mortgage originator and start the application process before you are under the time line pressure of making an offer or feeling fearful of losing the property that is right for you.
Once you have your pre-approval letter in hand, you can match your approved loan amount to the prices of properties available in communities throughout the Boston area that are appropriate for you.
Sounds pretty easy?
Great, step one completed, see you in a few days with step two.
Here's some Additional Resources:
Service Providers ( Attorneys, Home Inspectors, Mortgage Originators, etc.) 
Avenue 3 Quick Property Search (search all current listings, open houses and sold properties)

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Topics: credit scores, mortgage financing, first time home buyer

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