Mortgage pre-approval is needed in order to make an Offer in our area. Anyone without a pre-approval appears disorganized, at best, and is likely to be written off by a seller as not worthy of consideration, at worst. The first question from a seller or seller’s agent about an offer is “How much?” The second
There is a logic to the way the lenders choose who can borrow for a mortgage. Since 2014, mortgage loans have had standard guidelines that require that any mortgage borrower be able to prove that they can repay their loan. Lenders document income, but also debt. How you have been handling debt will affect your
A mortgage is a debt, and an old debt can delay a closing. It almost never happens when there are professionals representing the seller. Once in a while, a seller doesn’t have a thorough attorney or broker. Then a title search will find out that their property still has an open mortgage without a recorded
What can cause your pre-approved mortgage to fail, last minute, in 2022? Property tax and interest rates. If you are borrowing the full amount of your pre-approved mortgage, you need to check the total monthly cost of a property before you make an offer. Your lender pre-approved you based on a typical property tax and
As if this market isn’t hard enough on buyers, now you are getting hard-sell tactics about the rising interest rates. Buyers who are getting a mortgage to purchase need to pay attention to the interest rate that they are pre-approved at. Their buying power may go down, as interest rates rise. All mortgages are calculated
As a house hunter, you are under no obligation to tell your lender that you are pregnant or plan to be pregnant. Pregnancy is not a legal reason for a lender to deny you a mortgage, unless your income changes in a way that makes you no longer qualified for the mortgage. In 2008, when
If you have a new year’s resolution to buy a house in 2022, here are some things you can do to smooth the path to getting a mortgage. The paperwork does not have to be overwhelming, if you are prepared. The mortgage broker, also called a loan originator, is responsible to the lender to prove
Women who leave the workforce From March to June 2020, children were going to school via Zoom in most towns and cities in Massachusetts. Someone had to supervise children doing remote learning. Someone needed to be home, if the children were home. That someone was their mother, more often than not. Women who worked essential
I coach my clients to buy a home that will serve them -- given their best guesses about the future – for the next seven to ten years. Many of them heeded my advice. Therefore, it will often be 15-20 years later when I hear that my clients are looking towards their next move. Many
Here we are in the middle of a pandemic and in the hot a humid part of the summer. What does WBUR do? It publishes a “scare the buyers into giving up their rights” article. It is seller propaganda. It is not helpful to buyers. The advice “for buyers” mostly serves the seller’s needs. What’s