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Boston's Buyer Agent Blog

All You Need To Know About Greater Boston Real Estate

By Gary Dwyer | Agent in Boston, MA
  • Financing Your New Home

    Posted Under: Home Buying in Massachusetts, Financing in Massachusetts, Credit Score in Massachusetts  |  March 21, 2013 7:22 AM  |  244 views  |  No comments

    If you are thinking about buying in the Spring 2013 market, you need to start NOW to get your financing in order.

    In a competitive market such as the one we are going to see over the next 6 months, a seller makes their decision on whether to accept a certain offer based upon the likelihood that the deal will close. The stronger the financing, the better off you will be.

    Cash remains king, but solid financing and an offer crafted by negotiation experts like Buyer Agents of Boston will set you apart from the rest of the pack.

    You will need a pre-approval from a recognized bank - if you have a pre-approval from an Internet bank or a company not recognizable by the seller or listing broker, you need to find a new loan company. Not sure which bank / lender to use - just call or send me an e-mail and I can point you in the right direction.

    When you contact a lender, you will need information such as:

    • Pay stubs, federal tax returns and W-2s
    • Bank information such as bank accounts, checking account, retirement accounts
    • If you already own a home, your current mortgage statement, tax bill, and condo fee information
    • If you own a business, your federal tax returns, updated P&L, and business debts
    • You will also need your social security number so the lender can run your credit report.
    • Also, if you haven't filed your tax returns yet, now is the time to do it - lenders generally want to see the past tax year returns before the issue the pre-approval.

    If you are paying cash - most sellers want to see that you are going to have the liquid assets to close the deal so contact your banker / financial institution to have them draft a letter confirming that you have the money that you are willing to spend ready to be used in the transaction.

    Remember - financing makes or breaks a deal - make sure you are working with a lender and buyer agent that can put your offer in the best light to be reviewed by a seller.

  • Time To Check Your Credit Reports

    Posted Under: General Area in Massachusetts, Home Buying in Massachusetts, Credit Score in Massachusetts  |  January 15, 2013 7:11 AM  |  183 views  |  No comments

    If you are thinking that you may be buying a home during the Spring 2013 market (or even if you haven't checked your credit reports in over a year) - now is the time to check to make sure your credit profile is up-to-date.

    Each person is entitled to receive a FREE copy of their credit report (credit report, not FICO score) from each of the three major credit reporting bureaus - Equifax, Trans Union and Experian. It is a good idea to check these once a year to make sure there are no errors since it can take months to resolve any errors.

    To order your free reports, just visit www.AnnualCreditReport.com and follow the instructions.

    If you are interested in what your FICO score is (this is the number that lenders, including mortgage brokers, use to determine your credit risk and interest rates) you can purchase a report at www.myfico.com

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