Lorraine Herbert, CRB, CRS, GRI, ABR, ABRM, CLHMS, CDPE, CIAS, HAFA certified, LMS.


This Single-Family in Sturbridge, MA recently sold for $411,000. This Colonial style home was sold by Lorraine Herbert - RE/MAX Professional Associates.


147 Cedar St, Sturbridge, MA 01518

Single-Family

$364,900
Price
$411,000
Sale Price

8
Rooms
3
Beds
3
Baths
This well maintained 3 bed, 3 bath colonial is sure to impress you! The sunny, two story, tile entry leads you into the living room w/ propane fireplace. Large, updated, eat-in kitchen has Corian counters & SS appliances & a dining area large enough to fit a full size table & slider that leads to the oversized deck. The formal dining rm is currently set up as a bedrm & offers maple h/w floors & double French doors leading to the kitchen. Full bath on the 1st floor. 2nd floor has a spacious landing area, master bedrm w/ master bath & walk-in closet, two add'l bedrms & full bath. Saving the best for last, wait until you see the finished space in the walk-out basement! High ceilings, laundry area, tons of closet space & a separate storage room! The fenced yard has a fire pit, storage shed & irrigation. Circular driveway for easy coming & going! Leased Solar Panels included! Nest system includes doorbell, exterior camera, smoke detectors & thermostats! Great location!




Preparing to buy a home is a long and stressful process for many. You’ve spent months, or even years, saving for a down payment, planning your future, and building your credit to ensure you get the best possible interest rate on your loan.

Then you find out, when getting preapproved for a mortgage, that your credit score dropped by a few points. So, what gives?

There’s a lot to understand about how credit scores affect mortgages and vice versa. In today’s post, I’m going to attempt to cover everything you need to know about how applying for a mortgage can affect your credit score so you’ll be prepared when it comes time to buy a home.

Prequalification, preapproval, and credit checks

There are a lot of misconceptions about what it means to be preapproved or prequalified for a loan. Some of it is due to the jargon that is used in real estate transactions, and some of it is just a marketing technique on the part of lenders.

So, what does it mean to be prequalified and preapproved?

The short version is that getting prequalified is a quick and easy process to determine whether you’re eligible to lend to and how much you’re likely to receive. It involves a quick review of your finances, and often includes either a self-reported or soft credit inquiry.

A “soft inquiry” is the type of credit check that employers typically use for a background check. It doesn’t affect your credit score, as you are not applying to open a new line of credit. In fact, many lenders’ process for prequalification is a simple online form that doesn’t even require a credit check. We’ll talk more about the difference between soft inquiries and hard inquiries later.

The simplicity of prequalification makes it a simple and easy way to get started. But, it isn’t always accurate in how well it predicts the type of mortgage and loan amount you can receive. That’s where preapproval comes in.

When you get preapproved for a loan you fill out an official application (you often have to pay for these). This will request documentation for your finances and assets, and will ask your approval to run a detailed credit report.


These credit reports are considered “hard inquiries” and are a vital step in getting approved or preapproved for a mortgage. However, they also, at least temporarily, lower your credit score.

Why hard inquiries lower your credit score

When any creditor, be it a bank or credit card company, is determining whether to lend to you, they want to know that you are a safe investment. To determine this, they want to know how frequently you pay your bills on time, how much you owe to other creditors, and how financially stable you are right now.

When you make multiple inquiries in a short period of time, it’s a red flag to lenders that you might be in trouble financially. Thus, hard inquiries will lower your credit score for 1 to 2 months.

Applying to multiple lenders: the silver lining

When borrowers apply for a mortgage, they often shop around and apply to multiple lenders. While it may seem that all of these hard inquiries will add up and drastically lower their credit score, this isn’t the case.

Credit bureaus take into account the source of the inquiries. If they realize that you are applying for mortgages, they will typically recognize this as rate shopping and group these applications together on your credit report, counting them only as a single inquiry. This means your score shouldn’t drop multiple times for multiple mortgage preapprovals that were made within a small time frame.

Now that you know more about how mortgage applications affect your credit score, you can confidently shop around for the best mortgage for you and your family.



910 Old West Brookfield Rd, Warren, MA 01083

Single-Family

$449,900
Price

6
Rooms
3
Beds
2/1
Full/Half Baths
First Open House, Sunday July 25, 12-2. Now available, exciting new construction ready for those who enjoy superior craftmanship. This beautiful 3 BR 2 1/2 BA Colonial home, built by a well respected local home builder, showcases striking hand crafted workmanship throughout. Gorgeous custom milled wide pine floors on both levels, beamed Dining Room, fireplaced Living Room & Kitchen with handcrafted cabinets plus a huge walk-in Pantry. Three second floor Bedrooms include the Master Bedroom with two closets, including a walk-in closet, & private Bath with double sinks. For a possible 600 sq ft future living area, there is an easy to finish daylight lower level with slider, windows and additional Bath rough-in. Outside find a true breezeway to capture those elusive summer breezes, custom crafted entry, quality cedar deck overlooking the back yard with a view & handsome natural cedar shake siding. State of the art high efficiency gas heating system, two car garage & paved driveway.
Open House
Sunday
July 25 at 12:00 PM to 2:00 PM
First Open House, Sunday July 25, 12-2. Now available, exciting new construction ready for those who enjoy superior craftmanship. This beautiful 3 BR 2 1/2 BA Colonial home, built by a well respected local home builder, showcases striking hand crafted workmanship throughout. Gorgeous custom milled wide pine floors on both levels, beamed Dining Room, fireplaced Living Room & Kitchen with handcrafted cabinets plus a huge walk-in Pantry. Three second floor Bedrooms include the Master Bedroom
Cannot make the Open Houses?
Location: 910 Old West Brookfield Rd, Warren, MA 01083    Get Directions





910 Old West Brookfield Rd L:62, Warren, MA 01083

Single-Family

$449,900
Price

6
Rooms
3
Beds
2/1
Full/Half Baths
First Open House, Sunday July 25, 12-2. Now available, exciting new construction ready for those who enjoy superior craftmanship. This beautiful 3 BR 2 1/2 BA Colonial home, built by a well respected local home builder, showcases striking hand crafted workmanship throughout. Gorgeous custom milled wide pine floors on both levels, beamed Dining Room, fireplaced Living Room & Kitchen with handcrafted cabinets plus a huge walk-in Pantry. Three second floor Bedrooms include the Master Bedroom with two closets, including a walk-in closet, & private Bath with double sinks. For a possible 600 sq ft future living area, there is an easy to finish daylight lower level with slider, windows and additional Bath rough-in. Outside find a true breezeway to capture those elusive summer breezes, custom crafted entry, quality cedar deck overlooking the back yard with a view & handsome natural cedar shake siding. State of the art high efficiency gas heating system, two car garage & paved driveway.
Open House
Sunday
July 25 at 12:00 PM to 2:00 PM
First Open House, Sunday July 25, 12-2. Now available, exciting new construction ready for those who enjoy superior craftmanship. This beautiful 3 BR 2 1/2 BA Colonial home, built by a well respected local home builder, showcases striking hand crafted workmanship throughout. Gorgeous custom milled wide pine floors on both levels, beamed Dining Room, fireplaced Living Room & Kitchen with handcrafted cabinets plus a huge walk-in Pantry. Three second floor Bedrooms include the Master Bedroom
Cannot make the Open Houses?
Location: 910 Old West Brookfield Rd L:62, Warren, MA 01083    Get Directions




If possible, it helps to maintain a flexible deadline as you navigate the homebuying journey. Because if you have a tight deadline in place, you risk making a rash homebuying decision. And as a result, you may pay too much to acquire a home. Perhaps even worse, you risk purchasing a house that fails to match your expectations.

As you prepare to kick off your homebuying quest, it helps to plan ahead. Fortunately, there are lots of things you can do to streamline your home search and discover your ideal residence in no time at all.

Now, let's take a look at three tips to help you accelerate the homebuying journey.

1. Prepare Homebuying Criteria

If you know you want to buy a home, you should put together property buying criteria. That way, you can enter the housing market with a plan in hand to acquire your dream residence.

To establish homebuying criteria, think about where you want to reside. For instance, if you want a home close to parks and other family-friendly attractions, you should hone your house search accordingly. On the other hand, if you need a house that offers quick, easy access to family members, you should search for a home near these relatives.

Consider the features you want to find in your dream home, too. If you make a list of home must-haves, you can focus exclusively on houses that have the features you require.

2. Establish a Budget

Usually, it is beneficial to begin a home search with a mortgage at your disposal. If you get pre-approved for a mortgage, you will know how much you can spend on a house. Then, you can search for houses that won't force you to exceed your budget.

To obtain a mortgage, you should meet with a variety of banks and credit unions. These financial institutions can teach you everything you need to know about home financing. Plus, they can help you make an informed mortgage selection.

3. Hire a Real Estate Agent

With a real estate agent at your side, you should have no trouble performing a successful home search.

A real estate agent is devoted to homebuyers' success, and as such, will do what it takes to help you achieve your desired results. For instance, if you want to buy an affordable house in a small town, a real estate agent will make it simple for you to do just that. Or, if you want to purchase a home near your office in the city, a real estate agent will craft a custom homebuying plan so you can accomplish your goal.

Furthermore, a real estate agent takes the guesswork out of buying a house. If you ever have homebuying concerns or questions, a real estate agent will respond to them – without exception.

Want to enjoy a fast, stress-free homebuying experience? Take advantage of the aforementioned tips, and you may be better equipped than ever before to seamlessly navigate the homebuying journey.




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