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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