Kathy Portway - SUCCESS! Real Estate



Posted by Kathy Portway on 1/14/2019

There are so many factors that go into finding and securing the financing to buy a home.   While lenders require quite a bit of information for you to get a loan, you still need to be aware of your own financial picture. Even if you’re pre-approved for a certain amount of money to buy a home, you still need to dig into your finances a bit deeper than a lender would. The bottom line is that you can't rely solely on a lender to tell you how much you can afford for a monthly payment on a home. Even if you’re approved to borrow the maximum amount of money for your finances to buy a home, it doesn’t mean that you actually should use that amount. There are so many other real world things that you need to consider outside of the basic numbers that are plugged into a mortgage formula.   


Run Your Own Numbers


It’s important to sit down and do your own budget when you’re getting ready to buy a home. You have plenty of monthly expenses including student loan debt, car payments, utility bills, and more. Don’t forget that you need to eat too! Think about what your lifestyle is like. How much do you spend on food? Do you go out to the movies often or spend a regular amount of cash on clothing? Even if you plan to make adjustments to these habits when buying a home, you’ll want to think honestly about all of your needs and spending habits before signing on to buy a home. 


Now, you’ll know what your true monthly costs are. Be sure to include things like home insurance, property taxes, monthly utilities, and any other personal monthly expenses in this budget. If you plan to put down a lower amount on the home, you’ll also need to include additional insurance costs like private mortgage insurance (PMI).


The magic number that you should remember when it comes to housing costs is 30%. This is the percentage of your monthly income that you should plan to spend on housing. Realistically, this could make your budget tight so this is often thought of as a maximum percentage. By law, a lender can’t approve a mortgage that would take up more than 35% of your monthly income. Some lenders have even stricter requirements such as not allowing a borrower to have a mortgage that would be more than 28% of monthly income. This is where the debt-to-income ratio comes into play.


As you can see, it’s important to take an earnest look at your finances to avoid larger money issues when you buy a home.  





Categories: Uncategorized  


Posted by Kathy Portway on 1/10/2019


59 Morgan Drive, Taunton, MA 02780

Single-Family

$364,900
Price

6
Rooms
3
Beds
1/1
Full/Half Baths
Sitting on expansive lot this 3 bedroom Colonial style home has been lovingly cared for inside and out and it SHOWS! Step inside and you will find warm paint colors through out. Lovely, Pergo, flooring in the living and dining rooms - great spaces for family and friends. Kitchen has plenty of cabinetry, stainless steel appliances and a seated center island. Dining room is perfect for those holiday gatherings. Half bath has been recently updated. Spacious front to back master bedroom with a huge walk in closet. Two other decent size bedrooms. Freshly painted full bath. Basement has tons of storage and could easily be finished. Amazing landscaped yard is great for entertaining with a deck, above ground pool, tree house, fenced in area, shed and plenty of privacy. This wonderful home is located on a Cul de sac and just waiting for its new owner and that can be you! Call today.
Open House
Saturday
January 12 at 12:00 PM to 1:30 PM
Open House, Saturday, 12-1:30!
Cannot make the Open Houses?
Location: 59 Morgan Drive, Taunton, MA 02780    Get Directions

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Categories: Open House  


Posted by Kathy Portway on 1/9/2019


59 Morgan Drive, Taunton, MA 02780

Single-Family

$364,900
Price

6
Rooms
3
Beds
1/1
Full/Half Baths
Sitting on expansive lot this 3 bedroom Colonial style home has been lovingly cared for inside and out and it SHOWS! Step inside and you will find warm paint colors through out. Lovely, Pergo, flooring in the living and dining rooms - great spaces for family and friends. Kitchen has plenty of cabinetry, stainless steel appliances and a seated center island. Dining room is perfect for those holiday gatherings. Half bath has been recently updated. Spacious front to back master bedroom with a huge walk in closet. Two other decent size bedrooms. Freshly painted full bath. Basement has tons of storage and could easily be finished. Amazing landscaped yard is great for entertaining with a deck, above ground pool, tree house, fenced in area, shed and plenty of privacy. This wonderful home is located on a Cul de sac and just waiting for its new owner and that can be you! Call today.
Open House
No scheduled Open Houses

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Categories: Price Change  


Posted by Kathy Portway on 1/7/2019

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 Kathy Portway on 1/4/2019

This Single-Family in Raynham, MA recently sold for $320,000. This Cape style home was sold by Kathy Portway - SUCCESS! Real Estate.


176 Britton Street, Raynham, MA 02767

Single-Family

$324,900
Price
$320,000
Sale Price

7
Rooms
3
Beds
2
Baths
This lovely Cape style home has so much character! Light and bright, open concept living. Quaint eat in kitchen has so much room, plenty of cabinetry, stainless steel refrigerator and stove, pretty, formica, counter tops, tiled back-splash and sliders to absolutely perfect outdoor space. Well manicured fenced in yard - great for kids and pets. Large wrap around trex deck is perfect for relaxing or outdoor entertaining. First floor laundry room is an added bonus. The big ticket items have been done for you. Roof, siding, windows,ac condenser and driveway are approximately 5 years old. Such a great home! This home is also conveniently located to major routes, restaurants and shopping. Call today. You will be glad you did.

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Categories: Sold Homes