Thinking of buying a home in the Patriots-loving, foliage-framed, historical yet up-and-coming city of Boston? Experienced realtor Josh Muncey of Coldwell Banker has some tips for first-time homebuyers looking to partake of the American Dream in the Commonwealth of Massachusetts.
Josh, a Boston area native, teaches a first-time homebuyer class and is a consultant for HGTV programs. Here are his tips on the first step in the home-buying process: getting pre-approved for a loan.
What’s your experience been with big-name lenders such as Bank of America, or newcomers like Costco Finance?
I’ve been seeing a lot of major issues with larger banks, specifically, Bank of America. They are unable to process loans in a reasonable timeframe and the service is atrocious. It has gotten to the point where showing a Bank of America pre-approval is a flaw on your offer and will cost you the deal if you are a buyer competing against other offers that are not financing with B of A.
Who are some standout lenders in the Boston area?
What makes these lenders notable?
Aside from competitive rates and customer service, these lenders have more financing options. For example, they’ll offer conventional financing with 90% or 85% loan-to-value ratios where one doesn’t need to pay private mortgage insurance.
This is an example of a loan that saves you money every month. Not every lender offers that. Also, a good lender has solid advice about how you need to structure your debt or how you can increase your credit score to realize the best financing scenario.
If you’re looking to buy in the beautiful city of Boston, also check out Josh Muncey’s blog for average prices, trends and listings.