Warmer
weather is on it's way and spring is just around the corner. Spring
is well-known as one of the busiest times in the Boston,
MA
real estate market.
If you are you planning to buy
a home in Boston,
MA
this spring, you are not alone. Over the next month, the Boston home inventory will soar and you'll have a whole new crop of
homes to consider. If you’re a first-time
homebuyer or if it’s been a while since you’ve gone through
the home buying process, it’s important to know that there are a
few items you should start thinking about right away. Here are three
tips to ensure you are ready to jump into the spring Boston real
estate market.
Be prepared with a down payment. It’s generally recommended to put 20 percent down when you buy a home. However, this amount can vary depending on the type of mortgage you’ll be applying for. For those seeking a traditional mortgage, it’s important to note that you’ll have to pay for private mortgage insurance (PMI) if you don’t come up with a 20 percent down payment.
Check your credit score. It’s important to know your credit standing before applying for a mortgage. Your credit score will not only determine if you qualify for a home loan, it can also affect the interest rate you receive. You can check your credit score for free once per year with TransUnion, Equifax, and Experian. Be sure to examine each report thoroughly to make sure you have time to clear up any errors before it's time to buy.
Get pre-approved for a mortgage. In a competitive real estate market, home sellers favor buyers who have been pre-approved for a mortgage. Though the terms are commonly used interchangeably, pre-approval differs from pre-qualification in that pre-approval actually includes having your financial information run through the underwriting process. This will give you a pretty accurate picture of how much you can expect to borrow from your lender and therefore how much home you can afford.
Buying a home in Boston, MA is one of the most exciting milestones you’ll reach during your lifetime. Before you start scouring the Internet in search of your new pad, be sure to keep in mind the three important items above. And when you are ready please contact a Boston, MA real estate agent. I hope to speak with you soon!
Be prepared with a down payment. It’s generally recommended to put 20 percent down when you buy a home. However, this amount can vary depending on the type of mortgage you’ll be applying for. For those seeking a traditional mortgage, it’s important to note that you’ll have to pay for private mortgage insurance (PMI) if you don’t come up with a 20 percent down payment.
Check your credit score. It’s important to know your credit standing before applying for a mortgage. Your credit score will not only determine if you qualify for a home loan, it can also affect the interest rate you receive. You can check your credit score for free once per year with TransUnion, Equifax, and Experian. Be sure to examine each report thoroughly to make sure you have time to clear up any errors before it's time to buy.
Get pre-approved for a mortgage. In a competitive real estate market, home sellers favor buyers who have been pre-approved for a mortgage. Though the terms are commonly used interchangeably, pre-approval differs from pre-qualification in that pre-approval actually includes having your financial information run through the underwriting process. This will give you a pretty accurate picture of how much you can expect to borrow from your lender and therefore how much home you can afford.
Buying a home in Boston, MA is one of the most exciting milestones you’ll reach during your lifetime. Before you start scouring the Internet in search of your new pad, be sure to keep in mind the three important items above. And when you are ready please contact a Boston, MA real estate agent. I hope to speak with you soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
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