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Adam Esten's Blog

By Adam Esten | Agent in Chestnut Hill, MA
  • Luxury home buyer financing

    Posted Under: Home Buying in Chestnut Hill, Financing in Chestnut Hill, Credit Score in Chestnut Hill  |  January 20, 2013 4:32 PM  |  45 views  |  No comments
    Banks and Lenders have been exceedingly difficult to work with, even for established clients 
    in the upper market.  Now more than ever it is imperative to begin getting your financial ducks 
    in order well in advance of your home buying decision regardless of price point.  

    Bankrate.com is a good source for expected rates available. But more important than just 
    checking and expecting that you will qualify, is to have a real discussion with your accountant
    and with bank/lender reps to find out how you can best position yourself & the steps to take if 
    there is a need to rectify certain things.  

    With banks and lenders under such scrutiny, at times something as simple as a $500/month 
    credit (car, credit card) charge can reduce your purchase capacity by 80,000 - 100,000 for otherwise highly qualified buyers.  Holding off on major credit purchases during the transaction can also be of vital importance as banks/lenders check and recheck prior and just prior to closing.  

    Banks and lenders are not all the same, - especially when they do not sell the 
    mortgages on the secondary market, they have increased discretionary lending 
    capabilities .. the same can be said of portfolio lenders to an extent.  It is of the utmost 
    benefit to you to shop around, and try to vary how the institutions operate in this manner to see real differences in what they can offer you.  

    In just a few years, and a little legislation, we have gone from banks/lenders jumping at jumbos to them - borrowing a poker term - playing on scared money and highly scrutinizing each transaction.

    The key to success in today's market is to be proactive and prepared well in advance of even beginning the search for your next home.   
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