Kathy Craig - ERA Key Realty Services


If you want to purchase a home, it pays to establish a homebuying budget. By doing so, you can enter the housing market with a budget in hand and narrow your search for your dream house.

Now, let's take a look at three best practices to help you create a homebuying budget.

1. Look at Your Finances

Your finances will play a major role in your ability to purchase a home. Thus, you should evaluate your current financial situation closely so you can map out an effective homebuying journey.

Request a copy of your credit report – you'll be glad you did. You are eligible for a free copy of your credit report from each of the three reporting bureaus (Equifax, Experian and TransUnion) annually. Take advantage of this complimentary perk, and you can gain deep insights into your outstanding debt.

If you have outstanding debt, try to pay this down as much as possible. That way, you can boost your credit score, which ultimately will help you improve your chances to acquire your ideal residence.

2. Meet with Banks and Credit Unions

When it comes to buying a home, meeting with banks and credit unions usually is a great idea. That way, you can learn about your home loan options and get pre-approved for a mortgage.

Apply for a mortgage from several banks and credit unions. Then, you can receive various mortgage quotes and select one that suits you perfectly.

Also, don't hesitate to ask plenty of questions during a lender consultation. Banks and credit unions employ friendly, knowledgeable mortgage professionals – all of whom are happy to help you make an informed mortgage decision. Therefore, if you're unsure about whether to proceed with a 15- or 30-year mortgage or can't decide between an adjustable- or fixed-rate mortgage, you can ask these mortgage professionals for expert advice.

3. Consult with a Real Estate Agent

A homebuying budget is tricky to establish on your own, especially if you are entering the real estate market for the first time. Fortunately, a real estate agent can help you plan ahead for all stages of the homebuying cycle.

During a real estate agent consultation, a housing market professional will learn about your homebuying goals. Next, this professional will help you establish realistic homebuying expectations and ensure you can discover a great house at a budget-friendly price.

Of course, let's not forget about the world-class support that a real estate agent provides after you kick off a home search, either.

A real estate agent will set up home showings, keep you informed about open houses and offer homebuying recommendations and suggestions. Perhaps best of all, a real estate agent can negotiate with a seller's agent on your behalf to help you get the best price on a house.

Ready to begin your search for your dream home? Use the aforementioned best practices, and you can craft a homebuying budget and start your homebuying journey.


This Single-Family in Sutton, MA recently sold for $550,500. This Ranch style home was sold by Kathy Craig - ERA Key Realty Services.


2 Bond Hollow, Sutton, MA 01590

Single-Family

$559,900
Price
$550,500
Sale Price

9
Rooms
4
Beds
2/1
Full/Half Baths
This is a must see! Surrounded by breath taking views,this magnificent home with over six acres is comfortably elegant.Beginning with the absolutely gorgeous exterior stone finish,this distinctively designed 3400 sq ft ranch will steal your heart away as soon as you walk in the door.The kitchen with loads of cabinets has a roomy eat in area, granite counters,newer appliances and skylights for beautiful natural light.Huge living room with custom marble faced fireplace,bow window and hardwood floor opens to the dining room makes entertaining a breeze.Master bedroom has walk in closet and master bath.Three additional good size bedrooms.Your cozy family room with Old Sturbridge village hearth fireplace,beamed ceiling has french doors that open to your picturesque backyard.The most amazing game/exercise room (32x23) is huge with cathedral pickled wood ceilings,skylights and a separate entrance.All of this in historical Sutton with convenient highway access.Come home and enjoy the good life.

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If you are thinking of buying a home in the near future, there’s one three-digit number that could be oh so important to you. That number is your credit score. Read on to find out how a credit score can affect you and the steps you can take to be sure that your credit is in good standing when you head to apply for a mortgage. 


What Is A Credit Score?


Your credit score is checked by lenders of all kinds. Every time you apply for a loan or a credit card, there’s a good chance that your credit score is being pulled to see if you qualify for the loan. Your credit score is calculated based on the information on your credit report. This information includes:


Payment history

Debt-to-credit ratio

Length of credit history

New credit accounts opened


The areas with the most impact on your score is your payment history and your debt-to-credit ratio. This means that on-time payments are super important. You also don’t want to get anywhere close to maxing out your credit cards or loan amounts to keep your score up. 


What’s A Good Score?


If you’re aiming for the perfect credit score, it’s 850. Most consumers won’t reach that state of perfection. That’s, OK because you don’t have to be perfect to buy a house. If your score is 740 and above, know that you’re in great shape to get a mortgage. Even if your score is below 740 but around 700 or above, you’ll be able to get a good interest rate on your mortgage. Most lenders typically look for a score of 620 and above. Keep in mind that the higher your credit score the better your interest rate will be.    



What If You Lack Credit History?


Most people should get a credit card around age 20 in order to begin building credit. You can still qualify for a mortgage without a credit history, but it will be considerably harder. Lenders may look at things like your rent payments or car payments. Lenders want to know that you’re a responsible person to lend to. 


What If Your Score Needs Help?


It doesn’t mean you’re a hopeless case if you lack good credit. Everything from errors on your credit report to missed payments can be fixed. The most important thing that you can do if you’re buying a home in the near future is to be mindful of your credit. Keep an eye on your credit report and continue to make timely payments. With a bit of focus, you’ll be well on your way to securing a mortgage for the home of your dreams.        




This Single-Family in Douglas, MA recently sold for $489,700. This Colonial style home was sold by Kathy Craig - ERA Key Realty Services.


126 Yew St., Douglas, MA 01516

Single-Family

$489,700
Price
$489,700
Sale Price

8
Rooms
4
Beds
2/1
Full/Half Baths
There is nothing like new! This amazing four bedroom colonial has beautiful gleaming hardwood floors, open floor plan with a magnificent family room and fireplace, your choice of colors throughout, granite counters and island in a cabinet packed kitchen. Energy efficiency up to today's code. Additional options and upgrades available when working with one of the best builders in our area. Nice wooded lot on a quiet country road. This is a great time to build your own home for so many reasons!

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This Single-Family in Sutton, MA recently sold for $670,000. This Colonial style home was sold by Kathy Craig - ERA Key Realty Services.


159 Dodge Hill Road, Sutton, MA 01590

Single-Family

$689,800
Price
$670,000
Sale Price

12
Rooms
4
Beds
2/1
Full/Half Baths
Stunning NEW CONSTRUCTION - 100 Percent Complete Ready to Move Into! The Same Quality You Will Find in a Million Dollar Home - Features an Incredible Chef's Kitchen With White Cabinetry/Grey Center Island, Granite Counters & Stainless Appliances - Wall Oven With Warmer, Gas Cooking, Wine Chiller, Pot Filler - Stylish Eating Area With Built-in Bookcases/Window Seat - Opens to Family Room With Partial Cathedral Ceiling With Skylights, Gas Fireplace, **Full Wall of Built-ins**, Formal Living and Dining Rooms With Crown Molding, Wainscoting, Cove Ceiling - ** First Floor Office With Hardwood, Access to Deck + 2nd Staircase to Potential Additional Living Area Over Garage - Lavish Master Suite With Incredible Dressing Room Featuring Built-in Cabinetry, Draws, & Island, Gorgeous Bath With Double Vanity with Carrera Marble, Custom Tile Shower & Soaking Tub, Full 2nd Floor Laundry Room, Ample Secondary Bedrooms, Tile Shower + Granite Counters in Family Bath, 3.62 Acres of Beautiful Meadow!

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