Boston, MA Mortgage Mistakes You Can't Afford to Make

Landing a mortgage loan opens the door to home ownership in Boston, MA, but it’s no longer as easy as it was during boom times. While there are numerous new mortgage-lending regulations to protect you, there are many new rules to protect lenders from defaults by borrowers too. If you want to buy a home today without overpaying for a mortgage loan, you’ll need mortgage market savvy, a serious job, excellent credit, sufficient liquid assets, and limited debt.

While any mistake can kill the deal, here are the top mortgage mistakes:

Flying blind. Learn the mortgage market before jumping in. Luckily, reliable mortgage information is at your fingertips. Seek out independent, reliable sources to learn about the different types of mortgages and the risks and costs associated with each.

Waiting for the bottom. If you are waiting for interest rates to hit bottom, you’ll never move until rates start to rise. The bottom of any market can only be seen in hindsight. Buy a home because it’s cheaper than renting, you are financially prepared for homeownership, and the move fits your lifestyle plans.

Not checking your credit. If you wait until you apply for a mortgage and let the lender check your credit, it may be too late. Credit report errors happen and only you can correct things that deflate your credit score. AnnualCreditReport.com is the only federal government approved way to get your report for free.

Failing to shop around. Today’s mortgage market is online and offline, through banks, mortgage lenders, mortgage brokers, credit unions, local, state and federal mortgage programs, seller financing, and other sources. Check them all.

Shopping with empty pockets. Get pre-qualified for a mortgage. That gives you home price-shopping parameters, negotiating strength, and credibility as a serious buyer.

Not locking down the rate. Even with pre-qualification, rising rates could price you out of the mortgage. With Mortgage Match, you can lock in your rate the moment your application for a loan is approved.

Buying over your head. Check your budget, a budget lets you know where your money goes, where you can cut costs and what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities. Borrow what you can truly afford, not what the lender is willing to lend.

Wimping out. Buying a home takes guts. Be aggressive. Follow the above advice, get in touch with a local Boston, MA realtor and you’ll know where you can get tough and where you can give. Without the guidance of a local expert, it can be tricky to cover all of the city's vibrant neighborhoods! As a Boston real estate agent my services extend beyond helping buyers and sellers through their transactions. I thoroughly enjoy getting prospective residents familiar with their surroundings and exposing them to the best of everything Boston, MA has to offer. I hope to speak with you soon!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Tips to Remake your Boston Home

It's nearly spring here in Boston, MA and now that we are finally thawing out my thoughts tend to spring cleaning and freshening up my Boston home. If you don't have the time or money to do significant upgrades, these tips will help give a fast and inexpensive face lift. Most can be done in one day or a weekend for minimal money.

Save it, Sell it, or Throw it away

This should be your first step with any home face lift project. Decluttering only costs you your time and can really change the entire look of your space. Your rooms looks bigger and brighter and you may even make money if any of your items have good resale value! Use that money to invest back into your Boston home.

Tackle your Closets

Your closets should not be spared from your decluttering. Toss out anything that hasn't been worn in over a year, you don't feel confident in, that doesn't fit, or that you no longer care for the style. If you want to invest a little into your closet buy some simple organizers or matching hangers to help spruce it up.

Paint!

Repaint an accent wall or pick an interior room to repaint. It will liven up your home in just a little bit of time and money. Don't shy away from some color, either. It's very easy to do-over if you don't like the color! Wondering what colors are “in” this season? Elle Decor has a rundown of Spring 2014's color trends.

Add Some More Color

Now that you have added a splash of color with some paint, add in some more with throw pillows in coordinating colors to compliment your new room.

I hope you enjoy your new fresh Boston home. After some time if you decide that maybe it is time to sell your Boston Home and buy new please look for a professional, someone well-versed in all aspects of the sale process. From strategic marketing, and negotiation, a qualified professional is a home seller's best asset. Your satisfaction is the key to my success. Don't sell your home without the help of an experienced agent. Contact me when you are ready. I look forward to hearing from you!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Eat Out in Boston, MA on St. Patrick's Day

Ready to celebrate St. Patrick's Day? Seeing as this is Boston, MA there are plenty of options for Irish fare and drinks for the upcoming holiday. Here's a round up of of some of the favorites here in our great city of Boston. Enjoy a pot of stew and some Guinness, too!

Anthem Kitchen & Bar. Anthem will offer a variety of traditional Irish foods from potato and leek soup to shepherd's pie. Stop on by for some tasty Irish grub. 101 South Market St., Boston.

The Beehive. The Beehive will not only have Irish favorites for sampling but will feature Irish singer Katie McD. Enjoy Irish tunes while sipping your favorite Irish beer. Starting at 8pm, 541 Tremont St., Boston.

Cask 'n Flagon. Down in Fenway, Cask 'n Flagon will have plenty of food and drink specials on St. Patrick's day. The Boston Piper's Society will also play traditional Irish music starting at 2pm. 62 Brookline Ave., Boston.

Doyle's Cafe. It's not just about the food at Doyle's Cafe. There is live Irish music all day, every day. Opening at 9am on St. Patrick's Day with a $10 cover. 3484 Washington St., Jamaica Plain.

The Harp. The Harp will have plenty of traditional Irish fare plus some new twists on Irish classics. Stop by at 85 Causeway St., Boston.

McGreevey's. The self proclaimed headquarters of the Dropkick Murphys, you will have plenty of chances to see the band during the multiple day celebration at McGreevey's. Opening at 9am on St. Patrick's Day at 911 Boylston St., Boston.

If you are traveling into Boston, MA to celebrate and are interested learning more about what this great city has to offer please contact me.

Without the guidance of a local expert, it can be tricky to cover all of the city's vibrant neighborhoods! As a Boston real estate agent, my services extend beyond helping buyers and sellers through their transactions. I thoroughly enjoy getting prospective residents familiar with their surroundings and exposing them to the best of everything Boston has to offer.

Please contact me when you decide to start your home search.

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Getting Ready to Buy a Home in Boston, MA this Spring

If you are you planning to buy a home in Boston, MA this spring, you’re not alone. Spring is approaching quickly, one of the busiest times in the Boston real estate market. Over the next few weeks, 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 example, government loans like FHA and VA loans carry lower down payments, or no down payment at all. For those seeking a traditional mortgage, it’s important to note that you’ll have to pay for private mortgage insurance 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 real estate agent. Without the guidance of a local expert, it can be tricky to cover all of the city's vibrant neighborhoods! As a Boston real estate agent my services extend beyond helping buyers and sellers through their transactions. I thoroughly enjoy getting prospective residents familiar with their surroundings and exposing them to the best of everything Boston, MA has to offer. I hope to speak with you soon!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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