Donald Norton - The Norton Group, Inc.



Posted by Donald Norton on 7/15/2018

There are so many factors that go into buying a home. How much money do you have saved up? What is your debt amount? Hw much money do you make each month? Can you afford the neighborhood that youíd like to live in? All of these questions are swirling around the minds of all first-time homebuyers. Did you know that how long you have been at a job is just as important as your income as a factor in getting approved for a mortgage? 


Your ability to repay is why the lender is looking at so many different numbers and factors about your financial situation. Employment overall plays a large stake in the mortgage application. Lenders will look at your past employment history along with the job that your currently have. They are also concerned with your future employment status. Your lender will get an idea of your overall plan for your career and employment through looking at your history. 


As a first-time homebuyer, you most likely donít have the employment history of more seasoned homebuyers. Generally, most people who are buying a home for the first time are pretty young in their careers. As a rule of thumb, lenders will look at your employment history over the past two years. The lender wants to see your industry focus. Maybe you have stuck with one career direction, or maybe you have hopped around a bunch. As a hint, jumping around from job to job and field to field doesnít look very good to mortgage lenders. Job floaters tend to appear as if they have no plans for the future. 


Good Career Moves


Staying a software engineer, but moving from the medical industry to the financial industry is an acceptable and smart move in the eyes of lenders. Yet, leaving your stable job in accounting to pursue a career in acting would not be looked upon favorably in the eyes of a mortgage lender.


It doesnít matter how much money you have saved up, often, without employment history, a lender may not consider you as a dependable buyer. Your lender wants to see that your income is stable for a period of at least three yearís time.


Income Matters 


You wonít have the same work history as a first time homebuyer as you would if you were a bit more seasoned. When lenders look at your income history, not having a lot of work history can be a detriment to many factors. If your income is an annual salary, for example, your lender will divide that salary by 12 in order to get a monthly income. If you havenít been at the job for a full year or took a pay cut during times of training, those numbers will be affected.


For hourly employees, overtime may be a problem as it may not be factored in with the equation if there isnít a history of at least two years on the job. 


While it isnít impossible to buy a home with a short employment history, itís advisable to wait until you have some significant time under your belt before you dive into the home buying process.




Tags: finances   self employed  
Categories: Uncategorized  


Posted by Donald Norton on 7/8/2018

Before you even start the home search, research is key. There are a few areas that you should look closely at in every home that youíre touring in order to make an informed decision about each property and your future in it. 


Check The Foundation


When youíre walking around the home, note creaky floors, cracks in the walls, and water drainage issues. Maybe you wonít even be able to see if the foundation has any cracks in it or not with your own two eyes. A certified home inspector will, however, be able to tell you what is happening on the property. Cracks in the foundation or major foundational damage can be incredibly costly to you as a homeowner. Youíre going to want to know about these issues ahead of time. 


Do Some Investigating


Taking a walk around your desired neighborhood can give you a lot of valuable information. You may be able to talk to neighbors who will give you a bit of information about a property. Even wandering around the neighborhood or attending yard sales can help you to see whatís going on, if you can see yourself living there, and if there are any major issues that you should be aware of. 


Be Likable


Sellers prefer to sell a home to a buyer who they like. if you see that you have something in common with the seller like the fact that youíre both veterans, you should send a letter along with your offer to let the seller know your connection. Itís also helpful to send an offer letter that lets the seller know how much you love the house and that you can see yourself living in the home. It never hurts to add a personal touch to a home offer.  


Keep Your Options Open


Just because a home doesnít consist of the modern decor you picture yourself living in, doesnít mean it canít be changed. If a home happens to be older with less present-day decor in it, be sure to keep an open mind as to the potential that the home has for you.


Make A Strategic Offer


We know that prices that end in 9 are a bit more attractive to the psyche than prices that end in a flat zero. If the asking price for a home is $310,000, you may be tempted to offer $320,000 to shell out the competition, but you may be better off offering an odd number like $312,000. Sometimes a small difference makes a big impact in the eyes of the buyer. Work with your realtor to see if a home youíre interested in has any other offers. Your agent can help you to find a good price point for your offer as well.





Posted by Donald Norton on 7/3/2018


19 Kent Ct, Somerville, MA 02143

Condo

$1,190,000
Price

5
Rooms
2
Beds
3
Baths
Three Story, New Construction, first floor. 1,911 sf unit has 5 large rooms, 2 Bedrooms, 2 baths. Red oak hardwood flooring throughout, open living/dining area with gas fireplace, solid wall of built in bookcases, bay window and slider off dining area to short balcony. Kitchen has quartz stone countertops, white custom cabinets, stainless steel Bosch Appliances. Large Master bedroom with full bathroom, shower and large closet. Walk down the spiral staircase to a large open family room with a full bath. Unit has laundry area hookups. Each unit has separate water meters. One car parking, easy walk to all points within the triangle of Porter, Harvard, Union and Inman Squares. Each unit has a little extra Storage area basement. Nicely laid out landscaped yard with a beautiful stone driveway along the side to individual spaces.
Open House
Sunday
July 08 at 12:30 PM to 2:00 PM
Cannot make the Open Houses?
Location: 19 Kent Ct, Somerville, MA 02143    Get Directions

Similar Properties





Categories: Open House  


Posted by Donald Norton on 7/3/2018


19 Kent Ct, Somerville, MA 02143

Condo

$999,000
Price

5
Rooms
3
Beds
2
Baths
Third floor (top unit) of a Three Story, New Construction. 1,400 sf unit has 5 large rooms, 3 Bedrooms, 2 Baths. Red Oak Hardwood flooring throughout, open living/dining area with gas fireplace, solid wall of built- in bookcase, bay window and slider off dining to short balcony. Kitchen has quartz stone countertops, white custom cabinets, stainless steel Bosch Appliances. Large Master bedroom with full bathroom,shower and large closet. Units has laundry area hookups. Each unit has separate water meters. One car parking, easy walk to all points within the triangle of Porter, Harvard, Union and Inman Squares. Each unit has a little extra Storage area Basement. Nicely laid out landscaped yard with a beautiful stone driveway along the side to individual spaces.
Open House
Sunday
July 08 at 12:30 PM to 2:00 PM
Cannot make the Open Houses?
Location: 19 Kent Ct, Somerville, MA 02143    Get Directions

Similar Properties





Categories: Open House  


Posted by Donald Norton on 7/3/2018


19 Kent Ct, Somerville, MA 02143

Condo

$975,000
Price

5
Rooms
3
Beds
2
Baths
Second floor of a Three Story, New Construction. 1,400 sf unit has 5 large rooms, 3 Bedrooms and 2 Baths. Red oak hardwood flooring throughout, open living/dining area, with gas fireplace, solid wall of built in bookcases, bay window and slider off dining to short balcony. Kitchen has quartz stone countertops, white custom cabinets, stainless steel Bosch Appliances. Large Master bedroom with full bathroom, shower and large closet. Unit has laundry area hookups. Each unit has separate water meters. One car parking, easy walk to all points within the triangle of Porter, Harvard, Union and Inman Squares. Each unit has a little extra storage area basement. Nicely laid out landscaped yard with a beautiful stone driveway along the side to individual spaces.
Open House
Sunday
July 08 at 12:30 PM to 2:00 PM
Cannot make the Open Houses?
Location: 19 Kent Ct, Somerville, MA 02143    Get Directions

Similar Properties





Categories: Open House