When purchasing a home, it is imperative that you work with reputable teams on all facets of your transaction, especially a when choosing a mortgage lender. When you work with ELEVATED Boston to buy your next home, we provide you with recommendations on partners that consistently meet our extremely high level of standard.
Matthew Attaya and Guild Mortgage are a few of those partners. Hear from Matt about some of the common questions he receives and why right now is not a bad time to buy; with so many different (creative) mortgage options available right now, owning may be closer than you think.
Looking to buy? Here are two of the most common questions asked:
- What is your rate?
- I have to put 20% down, right ?
QUESTION 1: What is your mortgage rate?
This is probably the most common question that Matt from Guild Mortgage receives. However, it is not as simple to answer as you would think. Mortgage rates can vary depending on several factors, including the type of mortgage, the terms of the mortgage, the lender, the buyers credit score, and the current market conditions. To find the best rates available to you, get in touch with Matt. He is happy to work multiple scenarios with you to figure out which option works best for you, and is extremely knowledgeable about the mortgage options and buyer incentives that are out there.
QUESTION 2: I have to put 20% down, right?
This is one of the biggest misconceptions out there when speaking with someone who currently is renting and considering buying. There are several options available for buyers that would get you into a home more much less than 20% down ...
- Minimum money down - some mortgage options allow as little as 3% down
- Down payment assistance - certain Boston based programs offer up to $30,000 in down payment assistance
- Interest rate buydowns - designed to keep the interest rate and payment low for an extended period of time.
This isn't just applicable to first time homebuyers either, there are several programs available that allow for flexible down payment options for price points north of $1M.
In summary, it's important to consult with a lender who has an outstanding reputation and is extremely knowledgeable in their field. Your lender should guide you through the process step-by-step and review several options with you that are custom to your situation. To learn more about buying with ELEVATED, and to speak to an agent about our recommendations on lenders, visit our buyers page.