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Posted by Joyce Torelli on 4/14/2021

Your credit score is a fundamental component of a mortgage lenderís decision to approve you for a loan. It can also affect the interest rate and loan amount you can secure.

Along with your income history and down payment, a solid credit score is one of the three most important things youíll need when it comes to buying a home.

Credit scores themselves, however, can be a complicated business. And finding out what score you need to buy a home and how to achieve that score can also be a complex topic.

So, in this post weíre going to break down some credit score basics as they relate to buying a home.

Types of credit scores

You may have heard of the three main credit bureaus, TransUnion, Experian, and Equifax. Each of these bureaus keeps a detailed credit history for everyone in America (except for those who have yet to open a line of credit or take out a loan).

Since each credit bureau may have slightly different information available data to draw from, your credit scores from each company may vary.

However, when it comes to buying a home, most lenders use a standard scoring model called a FICO score to ensure that all mortgage applicants are treated fairly when they seek a loan.

Things are further complicated by the fact that there are several different FICO scoring models designed for different types of credit. So, if youíve seen your FICO score when applying for an auto loan, it may be a different score than you will see when applying for a mortgage.

Build credit; raise your credit score

All of the types of credit scores and scoring models can be confusing. But what you mostly need to worry about is how to boost your score.

Your credit score will be based on five main factors:

  1. Making on-time payments

  2. The percentage of available credit (not maxing out your cards)

  3. Having diverse types of credit (auto loans, student loans, credit cards, etc.)

  4. Not opening new lines of credit frequently (a red flag that youíre struggling financially)

  5. The length of your credit history, or how long youíve been consistently paying your bills

What score do you need to buy a home?

There are several different mortgage types available for buyers. First-time homeowners, veterans, people seeking to buy a home in a rural area, and any other number of circumstances can help you qualify for mortgages even if you have a low credit score.

A general rule, however, is that itís always better to apply for a mortgage with a high credit score to help you secure the best possible interest rate. 

Some programs do have minimum credit scores that they will accept for a mortgage. FHA loans are one common example. The Federal Housing Authority guarantees loans for people across the country who are hoping to buy their first home (or who havenít owned a home in the last three years). Their guarantee is what enables lenders to safely approve mortgages for borrowers with low credit scores. The current requirement for an FHA loan is a credit score of 580 or higher for a mortgage with a 3.5% down payment. You can secure an FHA loan with a lower credit score, but youíll have to make a larger down payment.


There are several other options available for hopeful homeowners when it comes to mortgages. But, if you arenít planning on moving in the next few months and your credit score could use some work, now is the time to start focusing on building credit.





Posted by Joyce Torelli on 4/12/2021

This Single-Family in Stow, MA recently sold for $1,000,000. This Contemporary style home was sold by Joyce Torelli - ERA Key Realty Services - Distinctive Group.


38 Whispering Way, Stow, MA 01775

Single-Family

$949,900
Price
$1,000,000
Sale Price

9
Rooms
4
Beds
3/1
Full/Half Baths
Executive living at its finest! Close to golf courses, apple orchards, and the Lake Boon, this exquisite home is comprised of four finished levels complete with a home theater, exercise room, children's playroom, and 13 closets. This bright & sunny home offers an attractive floor plan and boasts a new kitchen with quartz countertops, stainless steel appliances, and plenty of natural lights. This property features 4 good size bedrooms beautifully open concept kitchen and a formal dining room that is perfect for entertaining, 3 full updated bathrooms are beautifully done, refinished hardwood floors throughout the whole first floor, additional features of the awesome home include a new custom mudroom which is perfect to keep the house and the family organized. Outside features beautiful plantings, a basketball court, and a fire pit for outdoor entertaining. Come see for yourself.

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Tags: Real Estate   Single-Family   Stow   01775  
Categories: Sold Homes  


Posted by Joyce Torelli on 4/9/2021

This Single-Family in Marlborough, MA recently sold for $455,000. This Ranch style home was sold by Joyce Torelli - ERA Key Realty Services - Distinctive Group.


437 Bigelow Street, Marlborough, MA 01752

Single-Family

$415,000
Price
$455,000
Sale Price

7
Rooms
3
Beds
2
Baths
Your Wait is Over! You're sure to LOVE the convenience of One Floor Living *3 BR*-2 Full Baths~*Large EI Kitchen* Banquet Sized DR~*Sun Filled LR w/ Wood Burning FP* Entertainment Sized Screened Porch w/ Vaulted Ceiling & Access to Deck for Grilling* Laundry on Living Level* Tiled, Skylit Foyer leading directly to Oversized 2 Car Garage* Private Nicely Landscaped Yard...perfect for Entertaining, Gardening...your choice. Amazing Opportunity Awaits the Fortunate Buyer of this Beautifully Cared For Home by Its Long Time Owner. PLUS Minutes to Major Highways(495*290*90 & 9)~ Shopping & Restaurants~Adjacent to Borough Loop Hiking Trail* Quick Close Possible. Do Not Miss this GEM!

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Categories: Sold Homes  


Posted by Joyce Torelli on 4/8/2021


111 Roundtop Road, Marlborough, MA 01752

Single-Family

$489,900
Price

7
Rooms
4
Beds
1/2
Full/Half Baths
Starts Sat.4/10 POH Sun.12-2PM. Desirable UPDATED 4-BR RANCH, SPACIOUS & BEAUTIFUL w-OPEN FLR.PLAN in Cul-de-Sac neighborhood! Just move in. Beautiful grounds: privacy, ample parking, and EXPANSIVE BACK YARD w/views, full patio access to Finished Walk/Out, and spiral stairs to 20x12 Deck w/storage under. Enjoy Hardwood Flrs., C-AC, & Crown Moldings...your entertainment size Fireplaced Liv.rm, open to the inviting Updated Kitchen w-Granite counters, light Gray Cabinetry &Pewter pulls, Wall Oven, Cooktop, Stainless sink w/Fountain Faucet, & morning sun off your deck. Pick your primary BR - All 4 BR's have HW Flrs! Two are Queen size & one w-Updated 1/2 Bthrm, also a California King size w-Walk In & views. Lower level 30x14 Fin.Walk-Out Front to Back Game Rm/Fam.Rm. w-Full Counter/Bar w-Mini Fridge/Sink, & 1/2 BTHRM near, plus storage! (Arch.Roof 2011/Boiler 2019/Oil Tank 2012/Sprinkler Syst.2010)& more. Memorial Beach/Park(swim/water-ski/boat), AMSA School, shopping, &T next town.
Open House
Sunday
April 11 at 12:00 PM to 2:00 PM
Please send your pre-approved client if you can not make it! First come first serve. Best, Joyce
Cannot make the Open Houses?
Location: 111 Roundtop Road, Marlborough, MA 01752    Get Directions

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Categories: Open House  


Posted by Joyce Torelli on 4/8/2021


111 Roundtop Road, Marlborough, MA 01752

Single-Family

$489,900
Price

7
Rooms
4
Beds
1/2
Full/Half Baths
Desirable UPDATED 4-BR RANCH, SPACIOUS & BEAUTIFUL w-OPEN FLR.PLAN in Cul-de-Sac neighborhood! Just move in. Beautiful grounds: privacy, ample parking, and EXPANSIVE BACK YARD w/views, full patio access to Finished Walk/Out, and spiral stairs to 20x12 Deck w/storage under. Enjoy Hardwood Flrs., C-AC, & Crown Moldings...your entertainment size Fireplaced Liv.rm, open to the inviting Updated Kitchen w-Granite counters, light Gray Cabinetry &Pewter pulls, Wall Oven, Cooktop, Stainless sink w/Fountain Faucet, & morning sun off your deck. Pick your primary BR - All 4 BR's have HW Flrs! Two are Queen size & one w-Updated 1/2 Bthrm, also a California King size w-Walk In & views. Lower level 30x14 Fin.Walk-Out Front to Back Game Rm/Fam.Rm. w-Full Counter/Bar w-Mini Fridge/Sink, & 1/2 BTHRM near, plus storage! (Arch.Roof 2011/Boiler 2019/Oil Tank 2012/Sprinkler Syst.2010) more attached. Memorial Beach/Park(swim/water-ski/boat), AMSA School, shopping, &T next town.
Open House
No scheduled Open Houses

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Categories: New Homes