Aucoin Ryan Realty | Southbridge, MA Real Estate, Sturbridge, MA Real Estate, Charlton, MA Real Esta


If you’re a first-time buyer, odds are you’ve never seen or heard much about mortgage applications. However, for something as important as buying a home, it pays off to go into the process knowing what to expect.

Mortgage applications aren’t all that complicated in and of themselves. Most of the time, your chosen lender will walk you through the process and answer any questions that arise. However, complications do arise when it comes time to provide documentation on things like your income.

To make things easier for your first application, I’ve put together this list of frequently asked questions that first-time buyers often have about their mortgage application process.

Will applying for a mortgage hurt my credit score?

Mortgage lenders will run a credit inquiry to help determine your lending eligibility. There are two types of credit inquiries: hard and soft. A soft inquiry is a quick credit check that doesn’t affect your credit score. A hard inquiry, on the other hand, does. This means your score will be lowered slightly for a few months and then will bounce back.

Mortgage lenders run both types of inquiries. For quick, pre-qualifications, lenders typically run a soft inquiry. Then, as you progress through the approval process, they’re run a detailed credit report (hard inquiry).

What information should I have available?

Lenders will ask you for various documents. The most common things they will ask for include proof of income in the form of  W-2 forms from the previous year and your most recent pay stub. They will also require a record of your other debts, including student loans, auto loans, credit card debt, and any other outstanding debt that you owe. Finally, they will ask for an inventory of your assets. This could include investments, properties, auto titles, and more.

What if I don’t work a conventional job?

People who are self-employed or have unconventional income can still qualify for a loan and will still be required to show proof of income. Lenders may ask for Form 1099 records, tax returns, or any other record or proof of income you have available.

How long does it take to complete an application?

Mortgage applications can be completed as quickly as you gather the required documentation. However, there’s more to getting approved for a mortgage than filling out an application. There will be time needed to process the application, and underwrite your mortgage. This entire process typically takes between 30 and 45 days.

Is it safe to apply for a mortgage online?

Most lenders allow you to start the application process online and their online portals are typically secure. Make sure you check your browser window to ensure that the connection to the site is secured, and you should have nothing to worry about.

Keep in mind that most online applications are designed to get you  prequalified and on your way to getting a mortgage. So, if you want to avoid getting calls from the lender, you might not want to enter any data until you know you’re interested in borrowing at this time.



Ready to purchase your dream home? Before you finalize a home purchase, it may be worthwhile to schedule a home appraisal.

With a home appraisal, a property expert will examine a residence both inside and out. The home appraiser then will offer a property valuation.

In some instances, a home offer may be appraisal-contingent. And if the home appraisal valuation falls below the amount of a buyer's offer, the buyer may request a renegotiated price.

A home appraisal may prove to be an important part of the homebuying process. As such, it is paramount for homebuyers to understand what an appraisal is all about and determine whether to conduct an appraisal.

To better understand home appraisals, let's take a look at three home appraisal facts that every homebuyer needs to consider.

1. An appraiser's valuation is his or her opinion of what a residence is worth.

Typically, a home appraiser will use a broad assortment of housing market data as part of a home assessment. The appraiser also will look closely at a residence as part of the home evaluation process.

Although a home appraisal is based on housing market data and a home assessment, it is essential to note that a home valuation is an appraiser's opinion. Therefore, two home appraisers may examine the same housing market data and the same house and come up with two different home valuations.

2. The homes in a neighborhood may affect the valuation of a residence.

Believe it or not, a home's value may be impacted by those around it. Thus, if you intend to buy a home, it often pays to evaluate the neighborhood to better understand whether a house's value will decline, stay the same or increase over time.

Furthermore, what you spend to improve a house is unlikely to raise a house's value proportionately. And if you spend $20,000 on home improvements, there are no guarantees that these home improvements will add $20,000 to a home's valuation.

3. A home appraisal and a home inspection are two very different things.

A home inspection often is considered a must-have during the homebuying process, and perhaps it is easy to understand why.

During a home inspection, a property expert will ensure there are no structural issues with a home and identify any problem areas. Then, a homebuyer can move forward with a home purchase, rescind a home offer or submit a counter proposal based on a home inspection report.

On the other hand, a home appraisal enables a property expert to evaluate the house in its current state. A home appraiser will compare and contrast a home in relation to others in the area and offer a valuation.

If you need help determining whether to conduct a home appraisal, a real estate agent is happy to assist you. With a real estate agent at your side, you can determine whether to set up a home appraisal prior to finalizing a home purchase.


A first-time homebuyer may believe that he or she can submit a "lowball" offer on a residence, even if a house has been available for many weeks or months. However, the risks associated with submitting a subpar proposal are significant, particularly for a homebuyer who wants to purchase a top-notch residence as soon as possible.

Ultimately, a lowball offer may result in an instant "No" from a home seller. Perhaps even worse, the proposal could sour potential negotiations between a homebuyer and home seller and cause a property buyer to miss out on an opportunity to acquire his or her dream residence.

When it comes to buying a house for the first time, there is no need to risk submitting a lowball offer.

Now, let's take a look at three tips to help a first-time homebuyer avoid the temptation to make a lowball proposal.

1. Evaluate a Wide Range of Houses

An informed first-time homebuyer may be better equipped than others to provide a competitive offer to purchase his or her ideal residence.

For example, a homebuyer who assesses a broad range of houses in a particular area can determine a price range for similar residences. Then, if this homebuyer would like to submit an offer on a house, he or she can use housing market data to submit a fair proposal without delay.

With housing market data, a homebuyer can determine whether he or she is operating in a buyer's or seller's market too. That way, this homebuyer can leverage housing market insights to quickly and effortlessly put together a competitive offer on any residence, at any time.

2. Understand Your Finances

Getting pre-approved for a mortgage usually is a great idea for a first-time homebuyer. With a mortgage in hand, this homebuyer will be able map out a homebuying journey based on his or her finances.

To receive pre-approval for a mortgage, a homebuyer will should meet with several banks and credit unions. These lenders can offer details about a variety of mortgage options and help a homebuyer make an informed mortgage decision.

After a homebuyer is pre-approved for a mortgage, he or she can submit an offer on a house and understand exactly how much money is available for a home purchase. As a result, this homebuyer can put his or her best foot forward with an initial offer, thereby reducing the risk of submitting a lowball proposal.

3. Collaborate with a Real Estate Agent

The homebuying journey can be long and complicated, especially for those who are pursuing a house for the first time. Fortunately, a first-time homebuyer can collaborate with a real estate agent to obtain deep housing market insights.

A real estate agent is happy to provide honest, unbiased home offer recommendations. By doing so, this housing market professional can help a first-time homebuyer submit the best offer on a residence – without exception.

Ready to purchase a home for the first time? Use the aforementioned tips, and a first-time homebuyer can avoid the danger of submitting a lowball offer on a residence.


If you want to buy your dream house in the near future, you likely will need to put together a competitive offer to purchase. That way, you can boost the likelihood of receiving an immediate "Yes" from a property seller after you submit your homebuying proposal.

Ultimately, it helps to know what differentiates a competitive homebuying proposal from a lowball one. If a homebuyer understands what to offer for a residence, he or she should have no trouble purchasing the right residence at the right price.

To better understand how to acquire your dream house at the lowest-possible price, let's take a look at three tips to help you determine what to offer for a residence.

1. Study the Housing Market Closely

The housing market experiences ebbs and flows. Therefore, a real estate sector that favors homebuyers one day may favor home sellers the next. And if you fail to learn about the current state of the real estate market, you may struggle to put together a competitive offer to purchase your ideal residence.

Analyze the prices of available houses in your area, the prices of recently sold houses in your preferred cities and towns and other housing market data. With this information in hand, you can find out whether you're operating in a buyer's or seller's market. Then, you can craft an offer to purchase your dream residence that accounts for the present state of the real estate market.

2. Weigh the Pros and Cons of Your Dream Home

No house is perfect, and even your dream home may have its fair share of flaws. Fortunately, a homebuyer who assesses the pros and cons of a house may be better equipped than ever before to submit a competitive offer to purchase this residence.

If you view a house multiple times, you can learn about all aspects of this home and assess any property damage. After you obtain these home insights, you can create a competitive offer to purchase that accounts for the house's current condition.

3. Collaborate with a Real Estate Agent

When it comes to purchasing a house at a price that matches your expectations, it generally is beneficial to work with a real estate agent. This housing market professional will do everything possible to help you buy your dream home at a price that fits your budget.

A real estate agent understands the ins and outs of the real estate sector and can help you map out a successful homebuying strategy. He or she first will offer insights into available homes in your preferred cities and towns. Next, when you find your dream residence, a real estate agent will help you craft a competitive homebuying proposal. And if your offer to purchase is accepted, a real estate agent will make it easy to navigate the final steps of the homebuying journey.

Ready to streamline your quest for your ideal house? Use the aforementioned tips, and you can improve your chances of acquiring your dream home at a price that you can afford.


If you've set a goal of buying your first home within the next year, there are several things you can begin doing now to set the stage for a positive experience.

While it pays to familiarize yourself with everything from your credit score to mortgage options, choosing a good real estate agent will prove to be an invaluable advantage when navigating through the process of buying a home. An experienced, knowledgeable agent will help keep you on track, prepare necessary documents for you, and answer the myriad of questions that will occur to you.

Should you choose the first real estate agent you talk to? People occasionally find a perfect fit right off the bat, but it's often a good idea to interview a couple agents before you make your final decision. Having one or two points of comparison can provide you with a wider perspective of available choices.

Not only would you want to work with a professional who has a successful track record in helping first-time home buyers, but you also want to make sure your personality is compatible with your agent's communication style and energy level. Unless you stumble on the home of your dreams on the first day, you're probably going to be spending a lot of time with them. Most real estate agents do tend to be knowledgeable, resourceful, and service oriented, but your journey will be a lot smoother and more satisfying if you sign on with an agent who's a good match for your individual needs and personality.

One of the most effective ways to prepare yourself for a real estate search is to create lists of things you need to do, have, and schedule. It's also helpful to prioritize what you want in your ideal house. By identifying and reminding yourself of the features that are most important to you, you'll have a greater tendency to recognize what you want when you see it. You'll also find yourself communicating your needs and wants more clearly to your real estate agent. As is the case with any professional or personal relationship, good quality communication usually yields the best possible results.

As a home buyer, there are many property features and priorities you'll want to ponder and discuss with your significant other. In addition to your future home's square footage, bedroom space, and number of bathrooms, you may also be interested in the reputation of school districts, the character of neighborhoods you're considering, and the amount of privacy each property affords.

Another list worth compiling before you get too far into the house hunting process is a personal budget. By seeing how your income stacks up against your monthly expenses, you'll be in a stronger position to determine a realistic price range for your next home.




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