Gallagher Group, Inc. | Norwell Real Estate, Marshfield Real Estate, Hanover Real Estate


A home is one of the biggest purchases that an individual can make in his or her lifetime. It also may prove to be expensive, particularly for those who fail to plan ahead for the property buying journey.

There is no need to break your budget to acquire your dream residence. In fact, there are many quick, easy ways to guarantee you can keep you finances in check and avoid the risk of spending too much to purchase your ideal house.

Now, let's take a look at three tips to ensure you can buy a quality house at a budget-friendly price.

1. Get Pre-Approved for a Mortgage

You want to buy a home, but you still have no idea how much you can spend on a residence. Thankfully, if you get pre-approved for a mortgage, you can enter the real estate market with a budget in hand. As a result, you will know exactly how much you can spend on a house and can plan accordingly.

Banks and credit unions employ friendly, knowledgeable mortgage specialists who are happy to meet with you. These mortgage specialists can review your income, credit score and other relevant financial data. Then, they can provide you with mortgage options based on your finances.

2. Narrow Your Home Search

Although most people want to buy a mansion, it is important to establish realistic homebuying expectations. Because if you narrow your home search to properties that fall within your price range, you can speed up the property buying journey. Perhaps most important, you can shop around to find a terrific home that corresponds to your budget.

Don't forget to consider homes in a variety of cities and towns too. In some instances, it may prove to be more cost-effective to purchase a house in a small town than a residence in a big city.

3. Evaluate Your Short- and Long-Term Plans

Think about your short- and long-term plans, and you may be better equipped than ever before to map out your home finances for the foreseeable future.

For instance, if you plan to raise a family in the years to come, you may want to consider the costs associated with childcare and other child expenses. This will allow you to budget properly as you search for your dream home.

On the other hand, if you recently accepted a work promotion, your income soon may rise. In this situation, you may be able to increase your homebuying budget due to the fact that extra income will be coming your way.

Lastly, as you get ready to search for a house, you may want to hire a real estate agent. In addition to helping you find a home that matches your budget, a real estate agent will offer expert guidance throughout the property buying journey. He or she will help you prepare for a home inspection, closing and other important steps during the homebuying process. By doing so, a real estate agent will help you seamlessly navigate the homebuying journey and achieve the optimal results.



19 Parker St, Norwell, MA 02061

Assinippi

Single-Family

$1,495,000
Price

10
Rooms
4
Beds
2/1
Full/Half Baths
RARE NEW CONSTRUCTION IN NORWELL: A Nantucket shingle style home located on quiet street near Norwell center with a circle driveway. The custom home has a chef's kitchen with 36" Thermador range, large island, farmhouse sink, and space for a kitchen table or comfy seating. The separate pantry has a wall oven and lots of storage. The open floor plan also includes a dining room, front foyer, a Mudroom with a bench and closets and a dramatic view into the the great room with its cathedral ceiling, shiplap wall detail and gas fireplace. A separate office area at the back of the house offers "work from home" convenience. Upstairs the Master bedroom suite has two walk in closets, a large bathroom with double vanity, soaking tub, and light filled walk in shower. Upstairs also has three other bedrooms, a hall bath and a laundry area with a barn door. Home nearing completion for end of July occupancy! Still time to add your color selection.
Open House
Saturday
June 19 at 10:00 AM to 12:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 19 Parker St, Norwell, MA 02061    Get Directions

Similar Properties




709 Main St, Barnstable, MA 02556

Osterville

Commercial

$469,000
Price

1
Buildings
Commercial
Type of Comm.
Prime Osterville Center location great traffic count and main street exposure. Street level office space with good parking. Currently setup with reception desk and sitting area, 4 patient rooms with sinks, and office and a processing area. There are 2 bathrooms, 3 deeded customer parking spots directly out front, 4 spots for guest/employee parking in the rear. Forced Hot air for heat and air conditioning. Trash dumpster on site. Beautiful grounds are well maintained!
Open House
No scheduled Open Houses

Similar Properties




19 Parker St, Norwell, MA 02061

Assinippi

Single-Family

$1,495,000
Price

10
Rooms
4
Beds
2/1
Full/Half Baths
RARE NEW CONSTRUCTION IN NORWELL: A Nantucket shingle style home located on quiet street near Norwell center with a circle driveway. The custom home has a chef's kitchen with 36" Thermador range, large island, farmhouse sink, and space for a kitchen table or comfy seating. The separate pantry has a wall oven and lots of storage. The open floor plan also includes a dining room, front foyer, a Mudroom with a bench and closets and a dramatic view into the the great room with its cathedral ceiling, shiplap wall detail and gas fireplace. A separate office area at the back of the house offers "work from home" convenience. Upstairs the Master bedroom suite has two walk in closets, a large bathroom with double vanity, soaking tub, and light filled walk in shower. Upstairs also has three other bedrooms, a hall bath and a laundry area with a barn door. Home nearing completion for end of July occupancy! Still time to add your color selection.
Open House
Saturday
June 19 at 10:00 AM to 12:00 PM
Cannot make the Open Houses?
Location: 19 Parker St, Norwell, MA 02061    Get Directions

Similar Properties



It’s always a goal in life to be happier in our jobs and make more money. When it comes to buying a home, your job status can have a big effect on whether or not you’ll be able to buy a home or not. You will be able to buy a home using a new source of income. Even refinancing can be a breeze when you have a new job and the right knowledge. 


Many people believe that changing jobs or having gaps in between employment is a certain type of black hole when it comes to getting a mortgage. However, if you approach all of the changes in the correct way, you should be able to land the mortgage deal and secure a home.


Average Income


One of the most important numbers that your lender will calculate when you’re buying a home is that of your average income. This will be based on the pay that you had earned in the past 24 months‘ time. If you have had the same job and pay, this won’t be much of a big deal, However, if any of these things have changed (or will soon change) your lender may have some questions. This doesn’t mean that your mortgage application will be struck down completely. 


Information That’s Needed In The Event Of A Job Change


If you have recently changed jobs in the process of trying to refinance or buy a new home, your lender will need a few pieces of information from you. These items include:


  • An offer letter for the job
  • A role or title change letter (if applicable)
  • Compensation package change confirmation
  • Verification of employment
  • Most recent pay stub


Hourly Employees


If you’re an hourly employee, unfortunately, you’re under the tightest type of scrutiny when it comes to applying for a mortgage. Your income will be averaged for as long as you have been an hourly employee. If you work full-time, this won’t be too much of a problem. If your hours fluctuate from week-to-week, this can make things a bit more complicated.


If your hourly rates have recently gone up, you’ll need a bit of info from your employer to help you get the income verification that your lender needs. These items include:


  • An offer letter
  • Recent pay stubs
  • The new compensation structure or offer

If you have any sort of extenuating circumstances like a relocation or a new position, this information can help to bridge the gap in any information that just doesn’t add up as far as your employment history goes. 


Salaried Employees


If you’re a salaried employee, things are a bit simpler. Your lender will have a much easier time calculating your average income. The only issue that you may encounter is if you have had a gap in employment. For this, your lender will require a written explanation of what occurred during that time period.  

 

Lenders want to protect themselves, but in a way, they also want to protect you from getting in over your head with how much you can afford for a home. With some proof and a little explanation, you should be able to get a house you can afford if you have all of the information that you need to back up your financial history and employment history.




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