Posted by Northeast Signature Properties, LLC on 12/10/2018

If you’re a first-time homebuyer, odds are you’ve thrown the words “prequalified” and “preapproved” interchangeably. However, when it comes to home loans, there are some very important differences between the two.

For buyers hoping to purchase a home with a few missteps and misunderstandings as possible, it’s vital to understand the procedures involved in acquiring financing for a home.

Today, we’ll break down these two real estate jargon terms so that you can go into the mortgage approval process armed with the knowledge to help you succeed in securing a home loan.

Mortgage prequalification

Let’s start with the easy part--mortgage prequalification. Getting prequalified helps borrowers find out what kind and what size mortgage they can likely secure financing for. It also helps lenders establish a relationship with potential customers, which is why you will often see so many ads for mortgage prequalification around the web.

Prequalification is a relatively simple process. You’ll be asked to provide an overview of your finances, which your lender will plug into a formula and then report back to you whether or not you’re likely to get approved based on your current circumstances.

The lender will ask you for general information about your income, assets, debt, and credit. You won’t need to provide exact documents for these things at this phase in the process, since you have not yet technically applied for a mortgage.

Prequalification exists to give you a broad picture of what you can expect. You can use this information to plan for the future, or you can seek out other lenders for a second opinion. But, before you start shopping for homes, you’ll want to make sure you’re preapproved, not prequalified.

Mortgage preapproval

After you’ve prequalified, you can start thinking about preapproval. If you’re serious about buying a home in the near future, getting preapproved will simplify your buying process. It will also make sellers more likely to take you seriously, since you already have your financing partially secured.

Mortgage preapproval requires you to provide the lender with income documentation. They will also perform a credit inquiry to receive your FICO score.

Mortgage applications and credit scores

Before we talk about the rest of the preapproval process, we need to address one common issue that buyers face when applying for a mortgage. There are two types of credit inquiries that lenders can perform to view your credit history--hard inquiries and soft inquiries.

A soft inquiry won’t affect your credit score. But a hard inquiry can lower your score by a few points for a period of 1 to 2 months. So, when getting preapproved, you should expect your credit score to drop temporarily.

After preapproval

Once you’re preapproved for a mortgage, you can safely begin looking at homes. If you decide to make an offer on a home and your offer is accepted, your preapproval will make it easier to move forward in closing on the home.

Once the lender checks off on the house you’re making an offer on, they will send you a loan commitment letter, enabling you to move forward with closing on the home.





Posted by Northeast Signature Properties, LLC on 12/9/2018


1 Bogastow Cir, Millis, MA 02054

Single-Family

$569,900
Price

8
Rooms
4
Beds
2/1
Full/Half Baths
Great opportunity to live in one of the most desirable neighborhoods in town. Welcome home to this updated Colonial situated on a 1.8 acre lot. Relax fireside in the large family room with beamed vaulted ceiling and wood wainscoting that is open to the Custom Kitchen adorned with Thomasville cabinetry, stainless steel appliances, granite peninsula countertops and recessed lighting. Entertain in the Formal dining room with wainscoting, chair rail and crown molding. Retreat to the master suite with walk-in closet & updated bath with granite countertop vanity in the master bathroom. Other features include an updated family bath with granite topped vanity and tile shower, a large deck overlooking the private wooded backyard plus the potential for expansion in the lower level. Many updates have been done for you in the home including kitchen, baths, windows, heating system, roof, carpeting, garage doors, hot water tank, etc. Award winning school system and great commuter location!
Open House
No scheduled Open Houses

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Categories: Price Change  


Posted by Northeast Signature Properties, LLC on 12/8/2018

This Condo in Millis, MA recently sold for $325,000. This Townhouse style home was sold by - Northeast Signature Properties, LLC.


58 Spencer, Millis, MA 02054

Condo

$335,000
Price
$325,000
Sale Price

5
Rooms
3
Beds
1/1
Full/Half Baths
Move right in to this well maintained spacious townhome offering 3 levels of living and the convenience of a 1 car garage. The first level has a half bath, Kitchen with hardwood floors, a bay window and updated appliances. The dining area and living room offers sliders to a deck overlooking a wooded setting. Three spacious bedrooms on the second floor offer ample closet space and a full bath. Enjoy the finished walk-out lower level as a family room, work out area and a home office. Laundry in basement as well. This home is located on a beautiful scenic road and offers the best of both worlds, the convenience of a condo that feels like single family living. Millis is located only a few miles to the commuter rail with easy access to major routes and shopping.






Tags: Millis   Real Estate   02054   Condo  
Categories: Sold Homes  


Posted by Northeast Signature Properties, LLC on 12/6/2018


5 Fairview Ave, Milford, MA 01757

Single-Family

$375,000
Price

8
Rooms
4
Beds
2
Baths
Introducing this 1880's charming Colonial sited on a large, level lot. Recent updates include furnace, several windows, oil tank, professional grade work/wood shop. Enjoy your morning coffee on the patio overlooking a spacious lot. Convenient mudroom holds all the boots/coats and outerwear plus more! The first floor features a gracious living room with hardwoods, sizable formal dining room with built in corner cabinet opens to an eat-in kitchen. Gather around the oversized kitchen island - stainless appliances. Family room is great for entertaining/movie night. Convenient main level bath w/laundry. There are 3 bedrooms, all with hardwoods and a full bath on the second floor. Don't miss the finished bonus room/home office/4th bedroom in the lower level. Quiet dead end street w/easy access to 495, Mass Pike and close proximity to rail trail. Oversized 1 car with attached workshop. Town Water/Sewer!
Open House
Saturday
December 08 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 5 Fairview Ave, Milford, MA 01757    Get Directions

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Categories: Open House  


Posted by Northeast Signature Properties, LLC on 12/5/2018


107 Village St, Millis, MA 02054

Single-Family

$499,900
Price

7
Rooms
3
Beds
2
Baths
Sited on almost 2 acres at end of tree-lined driveway. Deeded path from property to Forest Road gives access to a side street neighborhood-sidewalks to schools and town center. Buderus gas furnace, Rinnai water heater. Kitchen cabinetry in a warm white finish, large peninsula with seating, granite countertops, stainless appliances with gas range make this a cook's dream! Oversized breakfast nook. Family Room with french doors, cathedral ceiling, freshly painted, sky lites and cozy window seat. Formal Living and Dining room with beautiful fireplace for cool nights to come. The second floor boasts a sun splashed front to back Master with double closets, sitting area, gleaming hardwoods and Hollywood bath. 2 additional bedrooms with hardwoods, walk-in closet - tastefully decorated. Lovely yard with mature plantings, spacious 2 tiered blue stone patio with heated steps perfect for outdoor entertaining, stonework and wrought iron, 2 car garage. Dumb waiter helps with groceries!!
Open House
Saturday
December 08 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 107 Village St, Millis, MA 02054    Get Directions

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