For many people, all of the responsibilities that come with homeownership can be scary and intimidating. From the stress of finding the perfect home and figuring out all your finances, to closing and then dealing with all the responsibilities that come after the close, there is a lot to consider. While it may seem like an overwhelming and scary process, it doesn’t have to be! Follow the tips below from a Waltham Real Estate Agent to put your mind at ease about being a homeowner! 

Financials

Buying a home is definitely a huge financial investment. For most people, buying a home will put you in a decent amount of debt. If you’re a first-time homebuyer, you probably either just finished paying off your student loans or are still working to pay them off. Because of this, it’s understandable that people are worried about making a big financial move, like buying a house. This is why most millennials are still renting instead of buying. However, this doesn’t have to be the case! Waltham Realtors suggest working with a financial advisor to help see and understand all of your financial options. 

Credit Score

Your credit score does play a big role in what type of mortgage loan you’ll be approved for. Most mortgage loans will require a score of at least 620. However, there are other types of mortgage loans that will be flexible with lower credit scores. If you’re looking to boost your credit score focus on these tips from a Waltham Real Estate Agent:
 

• Practice good financial habits
• Pay all your bills on time
• Keep your credit balance low
• Limit the number of credit cards you have/how often you apply for a new one. 

By following these tips, you’ll be able to boost your credit score and put your mind at ease about applying for a mortgage!

Not Budgeting Enough For All the Extra Fees

When buying a home, there’s definitely a lot of fees that come with it. It’s important to be aware of all the extra fees at the beginning of the process so that there are no surprises. Some of these fees include closing costs, property taxes, down payments, etc. They certainly add up. 

The best way to make sure you’re budgeting correctly for all these fees is to sit down with a Waltham Real Estate Agent and discuss the fees upfront. It’s important to be aware of everything you’ll be expected to pay. You can eliminate this stress by setting aside the money for the fees right away when starting the search for your new home. 

You’ll Get Outbid

Finding your dream home that accommodates all your needs can definitely be a challenge. Plus, what if you finally find your dream home, and then all of a sudden you get outbid?! This is a very real fear to have. The best way to go about this fear is to once again work closely with your Waltham Real Estate Agent. A Waltham Realtor will be able to help you put together the perfect offer to get your dream home before others swoop in. Your Waltham Real Estate Agent will also take care of all the paperwork, negotiating, etc. so you won’t have to worry about any of that stuff.

Contact A Waltham Realtor

Let a Waltham Real Estate Agent help you overcome these fears! If you’re ready to buy your first Waltham home, contact Hans Brings. Hans has years of experience getting his clients their dream homes for fair prices. Give Hans a call today! 617-968-0022

 

Getting a mortgage loan is the first step for Waltham first-time home buyers. Obtaining a mortgage can be an intimidating process. However, with a little knowledge about the process, you’ll know exactly what to expect and how to go about it. With that in mind, a Waltham Real Estate Agent has answered 6 of the most commonly asked questions about mortgage approval! 

1. Do I need great credit to get a mortgage?

In order to get a mortgage loan, you don’t necessarily need amazing credit, however, it does help. It’s possible to get a conventional mortgage loan for your Waltham Real Estate with a credit score as low as 620. There are also some mortgage options if your credit score is even lower than that. However, the one thing to keep in mind is that the lower your credit score, the higher your interest rate will be. 
 

2.  What documentation do I need to get a mortgage? 

The documentation that you’ll need to obtain a mortgage will vary from buyer to buyer. However, for the most part the required documentation will be fairly similar for most people. The main documentation that is required for a mortgage loan is a social security card, a month of pay stubs, and 2 years of w-2 statements. 

Other documents that may be requested by a mortgage lender includes:
 

• Bank statements
• Asset statements
• Driver's license

 

3. What is the difference between a pre-qualification & a pre-approval?

A mistake that home buyers often make is not getting pre-approved. Many home buyers think that pre-qualified is the same as pre-approved, however, that is definitely not the case. 

A pre-qualified mortgage is essentially an estimation of how much the Waltham home buyer may be able to borrow. It is not yet approved by the lender. A pre-approved mortgage is essentially a written commitment for a buyer from the lender, that is indeed approved. 

A pre-approval is what every Waltham home buyer should have before looking at homes. It’s important to have a pre-approved mortgage loan as it can help buyers beat out the competition and give peace of mind to the seller.
 

4. What type of mortgage is best for me?

One of the most frequently asked questions Waltham Realtors get regarding mortgages is what type of mortgage is best. There are many different types of mortgages available, so it’s important to know which type is best for you. 4 of the most popular mortgages are:
 

• FHA Mortgages
• Conventional Mortgages
• VA Mortgages
• USDA Mortgage

When working with your Waltham Real Estate Agent, ask them which type might be best for you. Waltham Realtors will be able to easily help you with this decision and point you towards the mortgage path to success! 
 

5. How long does it take to get a mortgage?

The amount of time it takes for a mortgage to get approved and financed will be different for each lender. When searching for mortgage lenders, it’s important to have a ballpark idea of how long each lender takes to close their loans. A top lender should be able to get the loan approved and financed within 30-45 days. 

However, it’s important to understand that certain factors can delay the approval process. During the process, make sure to keep in touch often with your lender and make sure you get requested documents to them as quickly as possible. If the buyer is not on top of things, that could surely delay the process. 
 

6. Should I get a 15-year or 30-year loan?

The answer to this question, it depends on how much you’re willing to stretch your budget. If you can afford a higher monthly payment, a 15-year mortgage will usually come with a better interest rate. With a 15-year mortgage, you will pay off your home quicker and also save a ton of money on interest. With a 30-year mortgage, your monthly costs will be less. This will allow you to maybe buy a nicer or bigger home. 

Contact A Waltham Realtor 

We know obtaining a mortgage can be a difficult process, which is why we’re here to help! Contact Waltham Real Estate Agent, Hans Brings today for all questions you might have about mortgage financing or Waltham Real Estate. Give Hans a call today at 617-968-0022