northshore Archives - Maura Allard Realtor

When it comes to purchasing a home, a mortgage pre-approval is often the first step in your process. It is nearly impossible to begin your home search without understanding the amount of money you qualify for. No matter the type of loan you decide to use, from VA to conventional or FHA, all mortgage lenders can (and should!) provide you with a pre-approval to use as the basis in your home purchase search. With this in hand, you can confidently work with a realtor to scope out and secure the home of your dreams.

A mortgage pre-approval dictates your purchasing power.

In short, a mortgage pre-approval is an official letter that you receive from a lender that advises the max amount of money you can borrow for the purchase of a home. It shows realtors and sellers that you have been vetted and are pre-approved for a home loan. This provides security for all parties involved. Most lenders use the terms, “preapproval” and “prequalification” interchangeably when it comes to a borrower’s purchasing power, but there may be a slight difference that you want to look into. Typically, pre-approvals require a more in-depth review of a borrower’s credit history and financial health. With prequalifications, some lenders don’t require a full credit review prior to providing you with their prequalification letter. It is best practice to stick to one that reviews your financial health to set you up for the best home purchase success once you decide on a home to put an offer in on.

Mortgage pre-approvals require personal information.

In order for lenders to make a reasonable decision on your pre-approval request, personal information must be provided and reviewed securely by your lending institution.

Some of the most standard and requested information includes:

Credit history
Proof of income
W2’s for the last two to three years
Pay stubs
A copy of your identification (license or state ID card)
Bank statements
Social security card
Asset list
Debts to determine your debt to income ratio

Pre-approvals are not indefinite in their timeframe.

Although pre-approvals are the best way to secure your stance in the real estate market as a buyer, they don’t last forever. Going into the purchasing process knowing what you want in a home is important to beginning the search, even prior to your pre-approval receipt. Once you decide on purchasing a home sit down and make a checklist of what you need prior to seeking outside assistance from a lender and realtor. Include a pre-approval on your list of must-haves along with your dream home needs. Remember that it’s also important to have all documentation ready to go prior to meeting with your lender. This keeps things moving and keeps everyone involved more organized. As you search for your home, be concise in your decisions while keeping your pre-approval letter in mind. Typically, pre-approval letters are good for 60 to 90 days from issuance, but it varies by state. Check with your lender to ensure the exact timeframe on your pre-approval and request what additional steps need to be taken if you go past that timeframe without securing a home.

There are many factors to consider when deciding to purchase a home. Whether it’s your first home or your tenth, a mortgage pre-approval is key to your leverage and security in the purchasing process. If you think now is the time for you to buy the home of your dreams, let’s work together and start your pre-approval process and home buying checklist today.

Over the last few weeks, the world as we know it has been flipped upside down all thanks to COVID-19; the novel coronavirus that’s been sweeping across the nation (and world) sickening our family, friends and neighbors. It is imperative that we listen to the rules regarding social distancing, hand washing and face masks, but we must not lose sight of the valuable people in our lives amongst the chaos. Now more than ever, we need to support one another. We need to stick together as a North Shore community and care for our people.

Throughout the community, essential businesses are ready and willing to serve our needs; from filling our plates to caring for our loved ones, these wonderful people are on stand-by. There are many non-essential businesses that have pivoted away from their standard practices to keep their clientbase happy and engaged, offering online versions of classes and meetings.

Below are some of my favorite spots, and people, to support right here in the North Shore. I hope that you can join me in supporting those who have kept our community afloat during all of the highs and lows we have faced together.

Take Out Food

Crave – Located in Beverly they pride themselves on offering, “great food to go.” From breakfast sandwiches to cupcakes and coffee, there is something to satisfy everyone. They are open daily from 8AM to 2PM for pickup.

Tartine Kitchen & Eatery – Also located in Beverly, they create everything from breakfast to dinner items and specialize in tartines, open faced sandwiches served on artisan bread. They are offering pickup and delivery during the pandemic.

Frank – Located on Rantoul Street in Beverly, this is the idealistic “farm to table” restaurant. They believe in sourcing their ingredients from locally sustainable farmers whenever possible. They are currently offering online ordering for easy pickup or delivery. During order check out they even give you to open to donate meals to Beverly Hospital to support frontline health workers.

Joe’s on a Roll When craving the best lobster in town, Joe’s, on Federal Street in Beverly, is the spot of choice. Their lobster roll paired with a bowl of their delicious chowda’ will lift your spirits and give you a taste of your favorite summer nights. They are open for takeout and delivery. Dig in!

Wrapture if you’re looking for freshly made wraps or a bit of Mexican flair (think made-for-you burritos or tacos) then this is the place! Located on Cabot Street in Beverly, Wrapture uses fresh ingredients to please your palate. They are currently open Tuesday through Saturday from 11am to 8pm.

Taste Buds Kitchen – If you’re looking for some variety in your meals, the new cooking club Taste Buds is perfect! They post new cooking videos every Tuesday and Thursday and are great for your entire family to participate in. Sign up is free and supports the No Kid Hungry program; talk about a win-win.

Activities & Self-Care

Clay Dreaming Pottery Studio – If you’re looking to wash away the COVID blues, a Pottery To Go Kit may be just what you, and your family, need. Currently offering this contact-free service via an order online and mailing process, you can pick your favorite clay pieces, your ideal paint colors and the glaze you need to complete your creations. You can add on paint brushes and palettes as needed. All project needs are shipped to you. You can bring you pieces back to the studio on 5/4 to get it fired up in the kiln.

Boston Botanicals – I can’t say enough about how much I love the bath bombs from Boston Botanicals. During these stressful times, it is so important to focus on self-care and de-stressors to get us through. The products offered by this amazing boutique will help you relax and unwind. Order online to support a North Shore staple.

Lisa Ann Schraffa Santin Stylist – If you are in need of the perfect “Stay at home” style, Lisa Ann is your go-to woman. She is currently pivoting her approach a bit and hosting online events teaching women how to dress for Zoom (and other digital) meetings. Be best dressed from home while supporting a local.

Fitness and Personal Training Classes – Both Spectrum Fitness Consulting and Fitness Together: Beverly are offering online 1:1 training classes to take in the comfort of your home. They are both local fitness studios that keep us healthy and fit as a community. Fit Ritual is offering online classes which I haven’t tried yet, but they look great!Stay on track from home with these programs, customized for you.

Craft Beer Pickup

Old Planters & Channel Marker Brewing– If you want to pick up some brews made right in Beverly, MA. Old Planters and Channel Marker Brewing offer a taste of the North Shore. If you want to try both, you’re in luck because they’re located right down the street from one another!

Whether you’re looking for a new activity to try with the extra at-home time you have on your hands or want to try a new restaurant, I encourage you to support our local community in your endeavors. I would love to hear some of your top suggestions to support in the North Shore so please feel free to share them with me.