At a social gathering last month, I met a young couple who, when they found out what I do, told me with glum faces that they were still renting. They were sure they would qualify for a mortgage, but instead they were turned down by their bank. After speaking with them the following week and assessing their ability to qualify for a mortgage, I was able to give them good news. I had found the right financial institution that would accommodate them.
It is typical for first-time homebuyers to think they’ll need to rent for several more years based on one response from one bank. After all, that kind of news can be devastating, and few if any banks will encourage them to look elsewhere.
When I tell my prospective clients never to take “no” for an answer, they immediately perk up. “You mean we still have a chance at owning a home?”
Of course they do, and here’s why: certain banks have very strict guidelines and lack the flexibility that is sometimes needed to get a mortgage approved. Just because they turned you down, it doesn’t mean you can’t secure a loan with someone else. All you need to do is call me to find out.
Some lenders have less flexibility when it comes to debt-to-income ratios and credit scores. Others factor in certain income calculation rates differently.
A bank may require 30% down, based on their assessment of your credit and ability to pay your mortgage. While that may be their standard, I may find a boutique lender that may require only 20% down. Because I work with multiple resources, I don’t have to accept the restrictions that certain banks are bound by–and that allows me to find the mortgage that is right for you.
This is why I ask anyone considering a new home buy to contact me rather than heading over to the bank. However, if you’ve already been turned down by a bank, give me a call at 617-965-1236. I’m in the business of saying “yes.”
|August’s Home Value Improver|
The Truth About Earwigs
There’s a long-standing urban legend that talks about the earwig, a devilish bug that crawls into your ear while you sleep and lays its eggs in your brain. Once the eggs hatch, the young earwigs feast on your grey matter.
Gross! But, thankfully, untrue. There have been no documented cases of young earwigs feasting on an unsuspecting person’s brain.
The earwig, however, can cause trouble, but nothing related to your brain or other body parts.
Earwigs are nocturnal bugs that eat other insects and lots of plants. Reddish-brown in color, they have a pair of pincers jutting out the back of their abdomen. They prefer cool, damp hiding places. Ever lift up a flower pot and see one of those ugly things scurry away? They’re probably resting after eating a leaf or two of your favorite plant.
How do you control your earwig population? You can find most of them outdoors or in your basement, near the coolest, dampest things in the area. Outside, leave it to the birds to dine on these scavengers. In your home, it’s best to eliminate moisture, particularly in the basement and around crawlspaces, leaky pipes and the foundation.
In the unlikely event that your basement is overrun by earwigs, your local pest control agent should be able to take care of it with one visit.
Now that you know more about earwigs and aren’t afraid of them eating your brain, you should check for insects living in your basement and decide if an exterminator is needed to keep your home free of pests.