Five College REALTORS ®



Posted by Five College REALTORS ® on 1/13/2019

While buying a home is a huge decision that should entail a lot of planning and preparation, applying for a mortgage can be surprisingly easy. Just like with other lenders and creditors, a mortgage lender will want to know that letting you borrow money will be a safe investment. Applying for a mortgage is all about ensuring just that.

In today’s post, we’re going to breakdown the home loan application process to help you have the best chances at a smooth and successful mortgage approval. We’ll also define some of the common terms used in mortgages that might leave you scratching your head so you have a better idea of what your options are.

Prequalification and Preapproval

Getting prequalified and preapproved for a mortgaged can both be helpful steps toward securing your home loan. The two terms mean two entirely different things, however.

In order to be prequalified for a mortgage, you typically need to only fill out a simple form (sometimes directly through a lender’s website). On this form, you won’t need to provide specifics or official documents.

Why is this process so simple? Well, that’s because getting prequalified for a loan doesn’t ensure that you’ll actually receive one. Rather, it is simply the first step toward finding out what type of mortgage and interest rates you could receive.

The next step after prequalification is preapproval. To get preapproved, you’ll have to fill out an official mortgage application. Your lender of choice will request a few pieces of information from you, including tax returns, proof of employment for the last two years, and a list of your debts. The lender will also perform a credit check to determine your loan eligibility.

Credit report

At this phase, lenders will also run your credit report. This is a type of “hard credit inquiry” that details your payment history, the number of accounts you have open, and other factors that help make up your credit score.

To secure the lowest interest rate possible, it helps to have a high credit score. So, in the years and months leading up to your mortgage application, focusing on building credit will pay off.

To increase your credit score, you’ll need to focus on paying your bills on time each month. You should also avoid opening new accounts within a few months of applying for a mortgage because this will count as a new credit inquiry. New credit inquiries--including applying for a mortgage--lower your score temporarily, so it’s best to avoid them when possible.

Additional paperwork required for mortgage applications

Not every mortgage application will be the same. Depending on the type of income you receive, you may need to provide different forms of income verification.

Each person will also have to claim different debts and assets. When buying a home with a spouse or partner, it’s important to consider your debts, assets, and credit scores to determine if it’s better to apply jointly or separately.





Posted by Five College REALTORS ® on 1/11/2019


75 West Street, Amherst, MA 01002

Single-Family

$535,900
Price

7
Rooms
5
Beds
3
Baths
Get comfortable with low maintenance and energy efficient new construction! Hardwood floors and tile on the first floor. Just a brisk walk to Groff Park and one mile to Amherst center. Land abutts the Fort River! You will enjoy the open kitchen which is designed for mingling and interaction. Equipped with a generous island and dining area which leads to the west-facing outside deck. Beautiful SS appliances. Allow yourself a little self-indulgence with the spacious first floor Master Suite that does not disappoint with Full Bath, large walk-in closet, double sinks, jetted tub and shower. There are two additional bedrooms on the first floor and the fourth and fifth bedroom in the walkout basement. The walkout finished lower level offers generous 8' ceilings with western exposure and a full bath. This space would be ideal for extended family or Air B&B guest. Don't miss this one!
Open House
Saturday
January 12 at 12:30 PM to 1:30 PM
Cannot make the Open Houses?
Location: 75 West Street, Amherst, MA 01002    Get Directions

Similar Properties





Categories: Open House  


Posted by Five College REALTORS ® on 1/11/2019


21 Sycamore Meadow Rd, Sunderland, MA 01375

Condo

$325,000
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
Nestled at the back of Buttonball Meadow Condominiums with a views of rolling meadow and Mt Sugarloaf is this handsome free standing unit. Sporting hardwood floors through the first level, an additional room has been added to the floor plan - flexible in use. Upgraded kitchen and baths are a plus! Large open front porch, spacious deck and 2 car garage are just a few of this homes many amenities. Located within walking distance of downtown, minutes to major routes and area schools. An A+ in todays market.
Open House
Saturday
January 12 at 11:30 AM to 1:00 PM
Cannot make the Open Houses?
Location: 21 Sycamore Meadow Rd, Sunderland, MA 01375    Get Directions






Categories: Open House  


Posted by Five College REALTORS ® on 1/10/2019

This Condo in Amherst, MA recently sold for $489,900. This Townhouse style home was sold by - Five College REALTORS ®.


32 N Prospect Street, Amherst, MA 01002

Condo

$489,900
Price
$489,900
Sale Price

6
Rooms
3
Beds
3
Baths
Brand new construction in a fantastic walk to town location! Welcome to the Lovell House. 1865 sq ft, 3 bedrooms, 3 full baths with attached garage. Master Bedrooms on 1st and 2nd floors have tiled a walk-in showers & walk -in closets. This complex has it all! Sophisticated design, location, charm & character. Hardwood flooring throught first floor and tiled, heated bathroom floors. Featuring 9 ft ceilings, contemporary electric fireplace, reclaimed lumber accents, high end finishes, skylight & built-ins. Full basement, private courtyard area, high efficiency mini split units & energy star appliances & a plethora of closets for storage. Walk to the cinema, restaurants, shops, library, Amherst College & UMass - all that Amherst has to offer. This is your opportunity to buy NEW in Amherst center. Do not miss it!

Similar Properties





Tags: Real Estate   Condo   Amherst   01002  
Categories: Sold Homes  


Posted by Five College REALTORS ® on 1/8/2019

This Single-Family in Leverett, MA recently sold for $391,000. This Contemporary style home was sold by - Five College REALTORS ®.


11 Shutesbury Rd, Leverett, MA 01054

Single-Family

$399,900
Price
$391,000
Sale Price

6
Rooms
3
Beds
2
Baths
Dramatic Contemporary offers three levels of spacious rooms that over look this 4.5 acre quiet, wooded setting. Minutes to Amherst center as well as the Leverett library, post office, elementary school and pond - the location can't be beat. A stunning, spacious floor plan - the separation of bedrooms and living spaces is ideal. Offering a bedroom on each floor, decks on both the second and third floors - wood and tile floors throughout. The open Living/Dining room has a handsome fireplace with cathedral ceilings - french doors lead to a multi-tiered deck. The custom cherry Kitchen includes a stunning granite counter and matching black appliances. Amenities are many and include inlayed floors, oversized 2 car garage and much more. Minutes to major routes, shopping and area colleges - an A+ location.

Similar Properties





Categories: Sold Homes  




Tags