268A Broadway, Revere, MA 02151
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Posted by Danielle Lozzi on 7/1/2018

Making the decision to buy your first home is a big step. One of the most uncertain parts that’s involved in buying a home is that of securing a first-time mortgage. You’ll need to know what types of programs exist to help you on your journey to homeownership. Even if you have owned a home in the past but are now renting your home, you may be eligible for first-time mortgage benefits. 


The first thing you should do is understand your options for getting a mortgage. The Department of Housing and Urban Development often provides you with agents to help you see whether you will, in fact, qualify for a first time mortgage and all the benefits that go along with it. They may also help you to see exactly what programs will work best for you. You can find agencies in your specific area on the HUD website. 


Each state and local municipality have its own resources for those seeking to buy a home as well. These programs may get more specific, helping low-income earners, first-time home buyers and people with disabilities. Of course, you’ll need to meet certain eligibility requirements before qualifying for the programs. Your state and local housing offices are other great places to start when you’re searching for benefits for first-time home buyers.   


Save, Save, Save! 


Even before you think you might be ready to buy a home, you need to start saving. You’ll need a significant down payment, especially if you’re hoping to avoid private mortgage insurance or PMI. If you can’t swing a 20% down payment, there’s good news: First-time home buyers are eligible for loans that require a lower down payment- as little as 3%! 


You’ll also need a significant amount of savings to pay upfront for closing costs. These fees can come in somewhere between 3 and 4% of the purchase price of the home. It won’t be very pleasant if your bank account is completely empty by the time you reach the closing table. This is why it’s a wise idea to save long before you even think you might want to buy a home.      



Look At Your Finances


In the same light of saving money, you’ll want to keep your financial health in check in order to prepare to secure your first mortgage. First, check your credit score and see where you stand. You can take the time to dispute any discrepancies you may find on your report. Then, start paying off any credit card balances that you may have. Remember that the higher your credit score is, the better your chances are of securing a mortgage and being approved for a first-time home buyer program.





Posted by Danielle Lozzi on 6/24/2018

If you’re a first-time homebuyer, odds are you’ve thrown the words “prequalified” and “preapproved” interchangeably. However, when it comes to home loans, there are some very important differences between the two.

For buyers hoping to purchase a home with a few missteps and misunderstandings as possible, it’s vital to understand the procedures involved in acquiring financing for a home.

Today, we’ll break down these two real estate jargon terms so that you can go into the mortgage approval process armed with the knowledge to help you succeed in securing a home loan.

Mortgage prequalification

Let’s start with the easy part--mortgage prequalification. Getting prequalified helps borrowers find out what kind and what size mortgage they can likely secure financing for. It also helps lenders establish a relationship with potential customers, which is why you will often see so many ads for mortgage prequalification around the web.

Prequalification is a relatively simple process. You’ll be asked to provide an overview of your finances, which your lender will plug into a formula and then report back to you whether or not you’re likely to get approved based on your current circumstances.

The lender will ask you for general information about your income, assets, debt, and credit. You won’t need to provide exact documents for these things at this phase in the process, since you have not yet technically applied for a mortgage.

Prequalification exists to give you a broad picture of what you can expect. You can use this information to plan for the future, or you can seek out other lenders for a second opinion. But, before you start shopping for homes, you’ll want to make sure you’re preapproved, not prequalified.

Mortgage preapproval

After you’ve prequalified, you can start thinking about preapproval. If you’re serious about buying a home in the near future, getting preapproved will simplify your buying process. It will also make sellers more likely to take you seriously, since you already have your financing partially secured.

Mortgage preapproval requires you to provide the lender with income documentation. They will also perform a credit inquiry to receive your FICO score.

Mortgage applications and credit scores

Before we talk about the rest of the preapproval process, we need to address one common issue that buyers face when applying for a mortgage. There are two types of credit inquiries that lenders can perform to view your credit history--hard inquiries and soft inquiries.

A soft inquiry won’t affect your credit score. But a hard inquiry can lower your score by a few points for a period of 1 to 2 months. So, when getting preapproved, you should expect your credit score to drop temporarily.

After preapproval

Once you’re preapproved for a mortgage, you can safely begin looking at homes. If you decide to make an offer on a home and your offer is accepted, your preapproval will make it easier to move forward in closing on the home.

Once the lender checks off on the house you’re making an offer on, they will send you a loan commitment letter, enabling you to move forward with closing on the home.




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Posted by Danielle Lozzi on 6/22/2018


2500 Mystic Valley Pkwy, Medford, MA 02155

Rental

$1,950
Price

5
Rooms
2
Beds
2
Baths
CONVENIENCE is what this unit is. Looking to be close enough to city but far enough away, here it is. Located right off Mystic Valley Pkwy close to trains, highways and Medford Center that offers restaurants, medical facilities and so much more. Large unit with a great size master bedroom with ample closet space as well as private bath with stand up shower. Bedroom 2 is also a good size with large closet. Professionally maintained building, indoor pool and gym for you to use. $25 Application fee for each adult living in the apartment is required. Looking for JULY 1st Move in. Email, call or text for viewing appointment.
Open House
Sunday
June 24 at 12:00 PM to 12:45 PM
Agent will be at front entrance; She will open front door for you. Park in Church parking lot or visitor parking along right side of building.
Cannot make the Open Houses?
Location: 2500 Mystic Valley Pkwy, Medford, MA 02155    Get Directions

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Tags: Real Estate   Open House   Rental   Medford   02155  
Categories: Open House  


Posted by Danielle Lozzi on 6/21/2018


1 Spray Ave, Revere, MA 02151

Rental

$1,500
Price

3
Rooms
1
Beds
1
Baths
Cute as a button. Perfect space for someone looking to travel into the city. CLOSE TO MAJOR HIGHWAYS, CLOSE TO BEACHMONT Train Station, and the seawall which is a great place to sit and chill with the ocean below your feet. Extra Large living room with enough space for dining area, large bedroom and kitchen with stackable washer/dryer. NO SMOKING ALLOWED. Small pets can be negotiated. Landlord lives on premises. Revere beach only half mile away. SUMMER is coming here's your chance to be close to beach and not have the hassles of crowds.
Open House
Saturday
June 23 at 11:00 AM to 11:45 AM
Come and view the cutest apartment EVAH!! GPS 200 Broadsound Ave for directions. Apartment is behind that house. Can't wait to see you there.
Cannot make the Open Houses?
Location: 1 Spray Ave, Revere, MA 02151    Get Directions

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Tags: Revere   Real Estate   02151   Open House   Rental  
Categories: Open House  


Posted by Danielle Lozzi on 6/17/2018


2500 Mystic Valley Pkwy, Medford, MA 02155

Rental

$1,950
Price

5
Rooms
2
Beds
2
Baths
CONVENIENCE is what this unit is. Looking to be close enough to city but far enough away, here it is. Located right off Mystic Valley Pkwy close to trains, highways and Medford Center that offers restaurants, medical facilities and so much more. Large unit with a great size master bedroom with ample closet space as well as private bath with stand up shower. Bedroom 2 is also a good size with large closet. Professionally maintained building, indoor pool and gym for you to use. $25 Application fee for each adult living in the apartment is required. Looking for JULY 1st Move in. Email, call or text for viewing appointment.
Open House
No scheduled Open Houses

Similar Properties





Tags: Real Estate   Rental   Medford   02155  
Categories: New Homes  




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