Here are some helpful suggestions to be prepared when you are ready to purchase your home in Wellesley or Natick, Needham, Newton, Weston, Wayland, Sudbury and AllBostonAreaHomes.com
Down Payment - Down payments are typically 5-20% depending on the home and mortgage package. Most buyers in our market put down 20% to avoid the PMI - Private Mortgage Insurance. There are mortgage companies that can do loans with our PMI and it just cost a little more on the interest rate.
Income Verification, Credit History & Asset Documentation - Talk with your mortgage banker ahead of time regarding all the documentation that will be required. There is a lot of paperwork required. It is worth your time to invest in gathering all the paperwork. Here are some to name a few - W2's, Bank Statements, 1099, Federal Tax Returns, etc. Good Credit score will help you get a better rate. If you credit score is low you can work with a company to help you improve it. (Reach out to Raves Mortgage and specifically Pete Fickeisen )
Impartial Third-Party Appraisal - The bank will send out an appraiser to do an appraisal on then home. Make sure you ask the mortgage banker to request this once your offer is accepted - don't wait!
1: - Credit History - there are several websites you can check your credit score so you know. One is MYFICO.com that I have used. There are many others.
2: - Documentation - So the work now. Start gathering last 2 year tax returns, copy of W2's, 3 months Bank statement copies, Stock Portoflio copy, Retirement account information, etc. The banks require a lot of documentation but well work it to get prepared NOW!
3: - Professional - There are many mortgage companies and mortgage brokers. Make sure you find a good one with a solid reputation. I have financed (and refinanced) my home with Raveis Mortgage so I am a little biased. And specifically Pete Fickeisen at Raveis Mortgage. If you have not found a good realtor yet we have a team of experts that are ready to help you. Send us a note here: We will contact you ASAP.
4: - What more can I say? For a good Mortgage professional - Talk to Pete Fickeisen
5: - Pre-Approval letter. Once you talk to your mortgage broker they will generate a Pre-Approva letter. Make sure it is a Pre-Approval not a Pre-qualification letter. In multiple offer situation they will want to know you are Pre-Approved versus pre-qualified.
We are a full time team of Real Estate Professionals - Christine Norcross & Partners. We love helping our clients with their home search. Love to help you. Take a moment and reach out to us and we would be delighted to provide more helpful suggestions like this as well as get you started!