Posted by Mary Lou Buckley on 6/24/2018

If youíre ready to buy a home, you probably have done a lot of research. One thing is sure: You know you need to get pre-approved for a mortgage. Itís perhaps the most critical step in the process of buying a home for a variety of reasons. Thereís down payments and debt-to-income ratios, and other financial issues to worry about. You need to know what type of mortgage you should get. To help you understand what kind of mortgage you need, you should get pre-approved.


Understand The Pre-Approval Process


There are many misconceptions about pre-approvals. First, buyers need to understand that there is a difference between a pre-qualification and a pre-approval. A pre-qualification merely scrapes the surface of your financial state, while a pre-approval goes through everything a mortgage company will need to grant you a loan. You may be pre-qualified for a much higher amount than you can actually afford, for example.


Pre-Approval Defined


A pre-approval is a lenderís written commitment to a borrower. The approval states that the lender is willing to lend a certain amount of money for a home. The lender obtains the following from the buyer:


  • Employment history
  • Credit report
  • Tax returns
  • Bank statements


The time and effort that it takes to get a pre-approval is worth it because everything will be ready for the lender to grant the mortgage once an offer is made on a home. It also gives the buyer an upper hand in finding the home of their dreams. Many sellers require a pre-approval with an offer.


When To Get A Pre Approval


As soon as you know youíre serious about buying a home and are ready to start the house hunt, you should get pre-approved. Pre-approvals do expire after a certain amount of time, but lenders can renew them with proper notice. 


The Importance Of The Pre-Approval


Many buyers feel that they can skip the pre-approval process altogether. It has many benefits. Besides giving you a better look at your finances and how much house you can afford, pre-approvals can:


  • Give you the insight to correct your credit score and help you correct credit problems
  • Help to avoid disappointment when you find a home you love
  • Allow first-time buyers to see all of the costs involved in buying a home


A pre-approval is a handy thing to have, and itís not just because the experts say itís essential. Getting pre-approved for a mortgage can help you to be more on top of your finances going into one of the most significant purchases you'll ever make in your life. 

 




Tags: Buying a home   Mortgage  
Categories: Uncategorized  


Posted by Mary Lou Buckley on 6/20/2018

This Single-Family in Rindge, NH recently sold for $385,000. This Cape style home was sold by Mary Lou Buckley - Coco, Early & Associates.


634 Forristall Road, Rindge, NH 03461

Single-Family

$389,900
Price
$385,000
Sale Price

3
Bedrooms
11
Rooms
4
Baths
Remarkable setting for this New England cape! Time to make that move into a home that you can enjoy all four seasons in side or out side. Offering oversized garage with heated finished space above, out door sauna to enjoy pool side, three bedrooms, 4 baths and fully finished basement. First floor master suite with large walk in closet and plenty of natural light. Recently updated to give it that fresh new start. Take in the warmth of the wood burning fireplace in the family room over looking the grand back yard. Enjoy the warmth of the woodstove with a good book and cup of tea! Just a great home to entertain in for the holidays! Professionally landscaped yard irrigated that the whole neighborhood envies. All of this including heated two car attached garage for the added toys in life!






Categories: Sold Homes  


Posted by Mary Lou Buckley on 6/17/2018

Credit plays an important role in your ability to secure a home loan and to qualify for a low-interest mortgage. However, many first-time homebuyers arenít arenít sure about the exact relationship between credit scores and mortgages.

This doesnít come as much of a surprise considering the many factors that go into your credit score and into your lenderís decision to approve you for a mortgage. So, in this article, weíre going to cover three commonly asked questions that homebuyers have about credit scores and how theyíre used by mortgage lenders to determine your eligibility for a home loan.

Will my credit score go down if I check my credit report?

If youíre thinking of buying a home in the near future, one of the first things youíll want to do is check your credit. However, if youíve heard that some credit inquiries briefly lower your credit score you might be hesitant to find out.


This common misconception stems from the fact that taking out new lines of credit results in a temporary decrease in your credit score. The difference between checking your credit and a credit inquiry is simple: a credit check you can access for free online through a service like Credit Karma, whereas a credit inquiry is performed by a lender or creditor with whom youíve applied for credit.

In short, checking your credit score online wonít affect your score. In fact, the major credit bureaus are required to allow you to check your credit for free once per year.

Can I get a loan with low credit?

Increasing your credit score is a lengthy process that requires careful financial management. Many people who have had difficulties paying off bills, loans, and credit cards will have to rebuild their credit. Or, if youíre young and donít have a diverse history of credit payments, youíll be starting from scratch to build your score.

If youíre hoping to get an FHA (first-time homeowner loan), the lowest your score can be is 580. However, that doesnít mean you should always take a loan with a low credit score. When you donít have a good credit history, lenders will seek other ways to guarantees their investment. This comes in the form of higher interest rates or PMI (private mortgage insurance) which youíll have to pay on top of your monthly home insurance and mortgage payments.

Will applying for a home loan affect my credit?

Simply stated, yes. However, applying for a loan or get preapproved is considered a credit inquiry and wonít leave any lasting negative on your credit score. Making several inquiries within a short period of time, however, can significantly lower your score, so choose your inquiries wisely. And, be sure to monitor your credit score on a monthly basis so you have an idea of where you stand along the road to applying for a home loan.




Tags: Buying a home   FAQ   homebuyers  
Categories: Uncategorized  


Posted by Mary Lou Buckley on 6/13/2018


2.5 Hoodkroft Drive, Derry, NH 03038

Single-Family

$439,900
Price

4
Bedrooms
14
Rooms
3
Baths
EXECUTIVE BRICK RANCH WITH POTENTIAL IN LAW...within walking distance to Pinkerton Academy! Meticulously maintained and fabulous floor plan! Expansive 3 season porch with center wood burning fireplace and cathedral wood ceiling! Fabulous living room with wood burning white brick fireplace with open concept to dining room and fabulous updated gourmet kitchen with island and stainless steel appliances! 3 spacious bedrooms on the main level with 2 full baths! The bright walkout lower level is finished including laundry room, family room with fireplace and exercise area! Potential in-law has separate entrance with kitchenette area, living room area bedroom with walkout to the spectacular backyard with lush landscaping, inground pool, cabana and more! SPECIAL FEATURES INCLUDE: town water, new septic, newer hot water heater, 3 fireplaces and much more! THERE'S NO PLACE LIKE HOME!
Open House
No scheduled Open Houses






Tags: Real Estate   Single-Family   Derry   03038  
Categories: New Homes  


Posted by Mary Lou Buckley on 6/10/2018

If you live in an older home or neighborhood thereís a good chance your house holds a rich history within. Aside from talking with the previous owners, most people donít look much further into the stories their house might have.

If youíre curious about your family history there are resources available so you can find long lost relatives and discover where your family lived over the years. Most people donít think to do the same research for their home, even though they might spend years in it.

?Why should I research the history of my home? 

There are many reasons why someone might want to learn more about the history of their home. The main reason is because itís fun and interesting. Your search will bring you to places youíve likely never been before, whether itís federal records on the internet, or to dusty microfilm archives in your basement.

Aside from the fun of researching, your work could also bring to light useful information. You might be able to add to resale value by discovering additional details about the home. Similarly, if you come across old photos of the home you could attempt to restore some architectural and design details to their original form. Whether you do this to stay true to the roots of your home or to attempt to add value is up to you.

Where should I begin?

Like most research projects, the internet is probably your best place to start. To learn more about the property your home sits on you could search the National Archives land records. These records detail when a piece of land was transferred from the U.S. government to private ownership. In other words, you might be able to find information about the first person to ever own your home.

A good place to head from there is to run a title search on your property. You will most likely need to visit the town clerk or your local courthouse to access titles. This will paint a fuller picture of who the people who owned your home were.

Now that you know who, learning about the home itself will be much easier. There are several genealogy sites online (some free, others paid) which will help you learn about the previous inhabitants of your home. Feel free to Google their names, especially if they were a public figure. You might even find photos of your home.

What to do if you canít find any information

Just because you canít find any photos or details online doesnít mean they donít exist. You might need to reach out to relatives of previous owners to find out more information. 

Another option is your local library. Not only do libraries have a local history section complete with town records, but the librarians are also trained researchers who will be able to help you navigate the stacks. You could discover books containing details like population, town meeting notes, and new ordinances, including building codes.

Once youíve learned a bit about the history of your home, see if you can spot the changes that have been made to it over the years.




Tags: home   home history   history   research  
Categories: Uncategorized