Real Estate Information

4 Tips for Qualifying for a Greater Boston Home Loan!

Monday, August 01, 2011

by Eric Glassoff

If you’re considering buying a Greater Boston home this year; you’ve probably started looking online at the current homes available in Brookline, Boston, Newton or the other surrounding areas. It can be an exciting time as you dream of your ideal home and anticipate finding a beautiful and perfectly priced home in Greater Boston.

The current climate in today’s housing market is ideal for buyers as the historically low mortgage rates and home prices are exactly what potential home owners want! However, before you jump right in and venture out to open houses, there are a few things you’ll want to know about the home buying process.

As a Greater Boston Real Estate agent, my goal is to provide you with pertinent information about the Greater Boston Real Estate market that you need to know! For instance, there are a few changes that have been made this year that have affected the home buying experience; one of which is qualifying for a home loan.

We’re all aware that the national housing market over the past few years has seemed to hit rock bottom. As the nation continues to strengthen its weak knees in recovery, lenders have tightened the reins on those who are able to qualify for a loan. They’ve seen the severity of people borrowing beyond their limit and are attempting to help heal the housing market by keeping a close eye on those who are able to buy homes.

Now, this doesn’t mean that you have to give up your dream of buying the Greater Boston home you’ve had your eye on; it just means you have to be more prepared than ever and have your financing in order. Below are four tips I feel will be helpful as you begin the process of qualifying for a home loan.

- Have the right credit score- Credit scores are moving to the forefront of being approved for a Greater Boston home loan. Most lenders are expecting a credit score of 600+ even for FHA loans. A good credit score will not only help you qualify for a home loan, but can lower your interest rate, which can save you thousands of dollars in the long run.

- Shop around- The interest rate is important, but there are other costs to consider such as discount points and even the type of mortgage loan. When shopping for best rates, compare various combinations of discount points and loan types. Your Greater Boston Real Estate agent can help you decide on the best option.

- Know your borrowing limit- If you’re not sure how much you want to borrow, a good rule of thumb is to look at the Federal Housing Administration requirements. FHA will limit mortgage payments at 31% of gross monthly income before taxes for most buyers. This can help ensure that you’re not getting in too far over your head. If we’ve learned anything over the past few years, it’s to play it safe in the housing market.

- Consider a No-Closing-Cost Loan- If you have positive equity, but are lower on cash up front, you do have an option to choose a no-closing cost loan. This simply means that you’ll have a slightly higher rate, but the closing costs will be paid over time instead of up front.

Qualifying for a home loan is the first step in successfully buying a Greater Boston home, and I hope these tips help prepare you for this important process! If you have further questions about qualifying for a Greater Boston home loan, the Greater Boston Real Estate market or are ready to begin your search; please let me know!

I’d be happy to meet with you, answer your questions and help you along each step of buying one of the beautiful homes or condos that Greater Boston has to offer. I look forward to hearing from you!

Eric Glassoff

Greater Boston Real Estate Expert

Successfully Sell Your Greater Boston Home

Monday, July 18, 2011

by Eric Glassoff

In my last post, I discussed some strategies for buying a home in the Greater Boston area and how to ensure you’re completely prepared for such a large investment. And, while it seems that buyers have the upper hand in today’s market; selling your Greater Boston home can prove to be just as successful!

In dealing with the Greater Boston Real Estate market on a daily basis as a Greater Boston Real Estate agent; I understand the reluctancy that those hoping to sell their home in Newton, Brookline or Boston may be experiencing. However, selling your Greater Boston home is not impossible. It just means that you have to be prepared to sell your home in a market that’s leaning in the favor of buyers.

Let’s take a look at five ways you can have a successful home sale for your Greater boston home.

1. Understand What a Buyers Market Means- It’s important to understand what kind of market you’re about to enter and to look at some of the hard facts. Being in a buyers market means that there are more homes on the market than there are buyers. It also refers to a market where homes are staying on the market longer and selling for less than they’re worth.

2. Price Your Home Correctly from the Beginning- This is a vital factor in selling your Greater Boston home. If you enter the market with an overpriced home, buyers from Newton, Brookline or Boston will immediately cross it off their list and move on to a more affordable option. They have that luxury in a buyers market. The longer your Greater Boston home sits on the market; the less interest it will receive. You’ll find that waiting for that to happen and then reducing your price will not generate the same excitement that an ideally priced home would in the beginning.

3. Make Your Home Irresistible- Buyers in the Greater Boston area expect only the best, especially if they have the option to be picky. You’ll want to make sure your home shows like a model home and that its irresistible to buyers. Take care of any issues that you know of in your home, spend time updating your home (even if it’s just a fresh coat of paint), and spruce up your Greater Boston home’s curb appeal. All of these little details will add up to a home that buyers can’t refuse!

4. Find a Trusted Greater Boston Real Estate Agent- You’ll want to do your research and find an agent who has years of experience in the Greater Boston Real Estate market. Your real estate agent will play a key role in getting your Greater Boston home sold. Look at their home selling record, client testimonials, and ask them to give you a detailed plan of what they will do to sell your home in Boston, Brookline or Newton.

5. Make Sure Your Home is Getting Ultimate Exposure- The main element in getting your home sold is exposure. Did you know that over 80% of people search for homes online? Getting online exposure for your home is vital for home selling success. Talk with your Greater Boston Real Estate agent about how your home will be presented online and the types of sites they use to market your home. An online presence for your home is a service your real estate agent should be providing for you.

You’ll notice that these points are not impossible to accomplish, and are even more simple to do with the help of an experienced Greater Boston Real Estate agent. If you are hoping to sell your home this year, please let me know! I would be more than happy to meet with you to discuss a selling price that works for you but is still competitive, as well as ways I will market your home to get the most amount of interest.

Please feel free to contact me anytime in order to begin planning your successful Greater Boston home sale. I look forward to hearing from you!

Eric Glassoff

Greater Boston Real Estate Expert

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5 Things to Know Before Buying a Home in Greater Boston

Tuesday, July 05, 2011

by Eric Glassoff

Buying a home in the Greater Boston area can be an exciting time! There are many beautiful homes and condos from which to choose and you probably want to jump right in to the house hunting process. However, whether you’re a first time home buyer or have tackled the Greater Boston Real Estate market before, this year has brought about some changes to the home buying process.

As a Greater Boston Real Estate agent, I want to help you prepare for buying a home. There are so many things to get in line before you begin searching for a home in Greater Boston, and I want to help you be as prepared as possible to ensure a smooth home buying process. Below are five great tips that you’ll want to follow prior to scouring Greater Boston neighborhoods for your ideal home.

1. Get Advice- One of the first steps is to find a Greater Boston Real Estate agent that you can trust. Getting the advice from a Greater Boston Real Estate agent and being able to ask any questions you may have will lay the ground work for a successful home buying process.

2. Understand your Debt to Income Ratios- Lenders will look at your DTI, your debt to income ratio, and if your combined debts (mortgage and other debts) are more than 36% of your yearly income; chances are you will have a hard time qualifying. Each lender varies on this amount, but making the serious decision to buy a home can’t be taken lightly.

3. Establish a Home Buying Budget- It’s imperative to establish your budget prior to talking with lenders. Just because you are approved for a certain amount on the loan, does not mean that’s what you can actually afford. Lenders don’t take your extended finances into consideration, but will look at your income. Be honest with yourself and with your Greater Boston Real Estate agent about how much you feel comfortable spending each month on a home and don’t sway from that amount. You’ll be thankful you did not max out your spending limit in the long run!

4. Be Prepared with Your Financial Information- After you have found a Greater Boston lender, you’ll want to meet with them and establish where you are financially. Take two bank statements and the past months’pay stubs to the meeting, along with your W-2 forms and the past two years tax returns. They will then run a credit check and review your financials with you to determine the amount of the loan for which you’ll be approved.

5. Plan Ahead- Begin now to save money for, not only the down payment on your home, but for the additional costs each month. This seems like a very basic point, but a very essential one. The days of “no money down mortgages” are gone and most lenders require at 5% down. You will also make sure that you have additional money for things like closing costs, as well as money in the bank when all is said and done. Lenders are becoming more strict and want to know you can back up the purchase of a home.

As you can see, there are steps that need to be taken before searching for a Greater Boston home, but doing these can create a smooth home buying experience. If you have any questions about buying a Greater Boston home or would like to learn more about the Greater Boston Real Estate market; please let me know. I’d be happy to meet with you and help guide you throughout the entire home buying process!

Feel free to contact me today to get started!

Eric Glassoff

Greater Boston Real Estate Expert

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Welcome to the Greater Boston Area Real Estate Blog!

Monday, June 20, 2011

by Eric Glassoff

As an experienced Greater Boston real estate agent, I know that buyers and sellers are lookingfor a knowledgeable real estate agent they can depend on for deep insight, experience and an all inclusive approach to Greater Boston Real Estate. With this in mind, I welcome you to my blog! Here you’ll find a wealth of information about the Greater Boston Real Estate market, the community, and even local happenings and events. In the Greater Boston area, you’ll discover there is always something to see or do!

In addition to all of this, I’ll be providing you with buying and selling tips such as freshening up your Boston home or getting your Brookline condo ready to sell! Are you looking for tips on the necessary steps to take before buying a home? Planning on selling your Boston condo, and not sure where to start? Be sure to check back regularly for answers to these questions and other pertinent information you’ll want to know when entering the Greater Boston Real Estate market.

I’ve enjoyed being a real estate agent in the Greater Boston area and believe that my job is not simply helping a buyer find a home or assisting a seller with getting their home sold. My scope of service entails being with you each step of the way from your initial interest in buying or selling a Greater Boston home, to closing the deal and everything in between! If you’re new to the area, I love to point out great places around town to eat or unique Greater Boston area attractions that you’ll want to discover.

Living in the Greater Boston area is an amazing experience and the cultural significance of the surrounding cities never ceases to be inspirational. If you have any questions about Boston, Brookline, Newton, Back Bay, Beacon Hill, or the surrounding areas, don’t hesitate to give me a call!

Thanks again for taking the time to stop by my new blog! Feel free to check back on a regular basis to stay up to date on the Greater Boston Real Estate market and local happenings. I hope to hear from you soon!

Eric Glassoff

Greater Boston Real Estate Expert