Start with a Lender Tip for Boston Area Real Estate!

I am so excited for you to take the first steps in purchasing your new home.  In this section, we will talk about starting your search by finding a lender.  It is the first step you need to take on your home buying journey.

There are two broad categories of lenders.  The first is a traditional bank like Bank of America, Chase, etc.  The other is a mortgage brokerage company.  This is a company that works with banks and other lenders (like credit unions).  Each has its strengths and weaknesses so I often recommend people consult with both a direct lender and a broker to see which works best for them.

In either case, lenders look at several areas when pre-qualifying you for a loan. First and foremost is your credit score since this shows the lender how well you’ve managed your past debt payments. They will also look at your savings history and how much debt you have.  And of course they will want to know about your take home pay is as it will help calculate what you can afford monthly.  

Taking all of these factors into account, a mortgage professional can match you to a loan program that best fits your circumstances and help you to determine your what price home you should be looking for.  

Typical loan programs: Fannie Mae and Freddie Mac (http://www.freddiemac.com/), FHA (http://www.fha.com/), Mass Housing (www.masshousing.com) and Jumbo Products (www.thesuperjumboloan.com). 

Finally a good lender may also be able to council you on how to improve your standing if there are any blemishes on your credit, high loan balances, or other factors that may negatively effect your loan chances.    

Again, select your lender first! Please contact me if you need some suggestions or have any questions on getting the right lender for you.

Ken Snyder
Keller Williams Realty Boston-Metro
Visit My Website
See Homes for Sale in Boston
Connect with Me: Facebook | Twitter | Linkedin
Contact Me