Shopping
for a mortgage is one of the first steps toward owning
your own home in Boston, MA. It can be especially
daunting if you are not prepared. There are dozens of loan types and
hundreds of loan programs available through even more mortgage
brokers, bankers, lenders, and credit unions. Contrary to popular
belief, finding a mortgage doesn't begin with an application. First
you must educate yourself on the vast number of mortgages available.
The three steps outlined below will help you get that application
process and then eventually to the closing table to purchase
your Boston, MA dream home!
Step
1: Examine your finances
Start
by determining how much mortgage you can afford. Lenders may have a
heavy hand when it comes to what you are approved for. Do the math to
figure out what
sort of payment you will be comfortable with. Don't forget to
include insurance, taxes, any homeowner dues, and other costs
associated with the payment.
Step
2: Shopping for a loan
When
shopping for a loan there are two “stores” you can shop at –
direct lenders and mortgage brokers. When borrowing from a direct
lender they are the ones lending the money to you and have the final
decision on your application. Brokers are intermediaries who have
lenders to choose from, just like you. Direct lenders may have only
a few in-house loans available while a broker can shop many lenders
and their store of loans.
Make
an educated choice and don't just go with the lowest interest rate.
There are many factors that affect the true cost of your loan,
including fees, points, penalties, loan term, application fee,
appraisal, and more.
Step
3: Apply for a loan
Now
that you've done all the work the easy part is next – filling out
the application. You will need several documents to prove income,
debt, and job status but other than that it is just a bit of
paperwork. Once you submit the paperwork your lender will run your
credit score and verify the numbers that you submitted. If they deem
you creditworthy they will likely hire an appraiser to check
the value of the Boston,
MA
home you want to buy.
After that you will be well on your way to the closing table!
And
above all, make sure you are working with a qualified professional! A
Boston
Real Estate agent who has the experience to help you compose the
perfect offer to get that Boston,
MA home of your dreams and the skills to negotiate you
straight to the closing table. Please contact
a Boston Real Estate agent when you are ready, I cannot wait to
earn your business!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
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