First Time Home Buyer Checklist

home buyer

Photo courtesy Flickr/Woodleywonderworks

By Laura Cohron

First Time Home Buyer’s Checklist:

1. Check your credit score.
This is the number that lenders will look at to determine if you are “credit-worthy.” The higher your score the lower your interest rate will be, which is what we want! Clean up any errors or blemishes on your report.

2. Calculate your monthly payment.
Use a mortgage calculator and determine what monthly payment you are most comfortable with (be sure to add a little extra for property taxes and homeowner’s insurance). Lenders look for a debt load of no more than 43 percent of your gross monthly income. This includes car loans, student loans, credit cards, etc.

3. Make a down payment plan.
Will you be able to put down a 20 percent down payment? Do you need to apply for an FHA loan with a 3.5 percent down payment? You can also use a financial gift from a friend or family member or a bonus as down payment funds. This will have to be in your account for 60 to 90 days prior to use as a down payment.

4. Research the neighborhood.
Is there public transportation? How is your commute to work? What’s the cost of living? Start visiting open houses to get a feel for the area. This will also help you determine the kind of house you can afford. Seeing possible homes will also help keep you motivated to keep paying down debt or to keep saving for that down payment!

5. Get pre-approved.
Make an appointment with your lender. Your lender will go over all of your paperwork (W2s, paystubs, tax returns, credit card statements, etc.) and run a credit check. This will tell you how much of a loan you are approved for. It often makes sense to borrow less than the maximum to allow for extras so you can live comfortably with your new mortgage payment.

6. Start shopping for your new home!!

Ready to shop? Contact Laura or any of our dedicated, experienced team to guide you through the process, every step of the way.

Laura@KadilakRealtyGroup.com
Kadilak Realty Group
Keller Williams Boston Northwest
Call or text 857-888-2509
Facebook: https://www.facebook.com/kadilakrealtygroup1/

Attend one of our FREE EDUCATIONAL WORKSHOPS

See our reviews on ZILLOW!

May 2018 FREE Real Estate Workshops

KadilakWorkshop

Are you thinking about selling your home? Or upgrading your existing one? Here are some of the topics we will discuss at our upcoming FREE Real Estate Workshops on Tuesday, May 8th, at 7pm in Woburn and on Thursday, May 10th, at 7pm in Burlington:

  • How do you buy and sell at the same time?
  • How much does it cost to sell my home?
  • Does it make sense to upgrade my existing home?
  • What should I do to prep for a sale?
  • How do I fund renovations?
  • Why do bidding wars happen?
  • Should I sell to a builder?

 

For more information and to register visit:  

www.KadilakWorkshop.com

2018 April Real Estate Recap

April 2018

Wondering what homes recently sold near you?  Check out our April 2018 Real Estate Recap to find recent sales and stats for Woburn, Burlington, Winchester, Wilmington, Billerica, and Wakefield.  Read it HERE…

Interested in Real Estate adventures?  Do you like checking out before and after home renovation photos?  Check Out Our Blog

Interested in buying or selling a home?                                                                                  Call/Text Susan at: 781-799-4080 or E-mail: Susan@KadilakRealtyGroup.com

2018 MARCH REAL ESTATE RECAP

March 2018 Real Estate Recap

Wondering what homes recently sold near you?  Check out our March 2018 Real Estate Recap to find recent sales and stats for Woburn, Burlington, Winchester, Wilmington, Billerica, and Wakefield.  Read it HERE…

Interested in Real Estate adventures?  Do you like checking out before and after home renovation photos?  Check Out Our Blog

Interested in buying or selling a home?                                                                                  Call/Text Susan at: 781-799-4080  or   E-mail: Susan@KadilakRealtyGroup.com

April 2018 FREE Real Estate Workshops

Are you thinking about selling your home? Or upgrading your existing one? Here are some of the topics we will discuss at one of our upcoming FREE Real Estate Workshops on Tuesday, April 10th at 7pm in Woburn or on Thursday, April 12th at 7pm in Burlington:

  • How do you buy and sell at the same time?
  • How much does it cost to sell my home?
  • Does it make sense to upgrade my existing home?
  • What should I do to prep for a sale?
  • How do I fund renovations?
  • Why do bidding wars happen?
  • Should I sell to a builder?

KadilakWorkshop

For more information and to register visitwww.KadilakWorkshop.com

New Lead Paint Laws & Fat-Tire Mountain Bikes

BY: DAVE LENHARDT

You’ve probably heard that renters and homeowners in Massachusetts are affected by lead paint laws, but have you heard that those rules changed SIGNIFICANTLY recently? There are two main changes. The first of these focuses on what’s considered to be a dangerous location for lead paint in a home, and the second change is to the level used as the definition of lead poisoning.

 

Lead Paint

Lead Paint is commonly found on window sills

 

Although dangerous surfaces basically used to be defined as anything a child could put their mouth on, the new laws seem to realize that children don’t typically go around biting baseboards as much as they would put a windowsill in their mouth because it happens to be conveniently located where they are looking out a window. Along with reducing the surfaces labeled as “mouthable”, the new rules also add another type of danger area called “Friction Surfaces” where doors rub against jambs or feet rub against stairs. MA state put out a flyer to explain these differences, which can be downloaded HERE.

The second part of the law that changed is the level of lead in the blood that is considered poisonous. The old law considered a child “lead poisoned” if 25 micrograms per deciliter (µg/dL) was found in their blood, and the new law reduces that to 10 µg/dL. MA state also now follows CDC guidance by further defining a new “Blood Lead Level of Concern” as 5 to less than 10 µg/dL in a child younger than six years old, which will serve as a way to monitor kids who are at risk and help them avoid reaching the 10 µg/dL threshold.

 

LeadPaint

The use of lead paint on residential surfaces was banned in 1978

 

As a whole, the new rules seem to take childhood lead poisoning much more seriously, as well as make control of lead paint much more reasonable for homeowners. These changes happened to be perfectly timed for me to obtain some real-world numbers. I had my house tested and received a quote in 2016, before the new rules were adopted, the same company adjusted their quote based on the new rules and told me that the actual de-leading work itself would be reduced about 40% compared to the original number due to the changes. This translated to about $2,000 less than I would have paid under the old rules, which is just about enough to buy a fat-tire bike! Just please don’t tell my wife, tell her we spent it all on de-leading… and let me keep my new bike at your house!

 

DaveBiking

Dave On His New Fat-Tire Bike

 

Do you have questions about home buying or selling?  Dave Lenhardt can be reached at:

Dave@KadilakRealtyGroup.com
Kadilak Realty Group
Keller Williams Boston Northwest
Call or text 781-557-8673
Facebook: www.facebook.com/LenhardtHomes

Attend one of our FREE EDUCATIONAL WORKSHOPS

 

See our reviews on ZILLOW!

 

FEBRUARY 2018 REAL ESTATE RECAP

Town Report

Wondering what homes recently sold near you?  Check out our February 2018 Real Estate Recap to find recent sales and stats for Woburn, Burlington, Winchester, Wilmington, Billerica, and Wakefield.  Read it HERE…

Interested in Real Estate adventures?  Do you like checking out before and after home renovation photos?  Check Out Our Blog

Interested in buying or selling a home?                                                                                  Call/Text Susan at: 781-799-4080   or   E-mail: Susan@KadilakRealtyGroup.com