DHD Real Estate Associates, LLC | Attleboro, MA Real Estate


You may have wanted to apply for a mortgage at some point but were put off by something negative someone said about this type of loan. Similarly, you may have been encouraged to apply for one based on some false information but met with a quick rejection. Some of the information that bred these misconceptions may not be false but has merely become outdated. Below are some of those misconceived ideas and the truth behind them:

1. You cannot get a loan with a bad credit score

While it is true that most traditional banks will consider you too risky if your score is below 620, other non-traditional lenders will listen to you. Those offering house loans backed by the Federal Housing Administration (FHA) can approve borrowers with a minimum score of 580. Remember, though, that lenders will cover the risk of lending to folks with a low credit score by fixing a higher interest rate. So you might want to clean up your debt before looking for a mortgage.

2. You have to raise 20% as a down payment

In the past, this was true. You had to stump up at least 20% of the value of the property before you approached a lender. Some would require up to 30%. These days you can find lenders who will only ask for 6% to get closing on your mortgage deal. FHA-backed loans will accept even 3.5%. 

3. Being pre-approved and pre-qualified are the same thing

Being pre-approved is as almost as good as having the cash to buy a property. Before you get pre-approval, you have to have submitted all required documentation to the lender. Based on your financials, the lender will arrive at a maximum amount they can advance you for the purchase of the property. Your real estate agent can, therefore, use that pre-approval to go house hunting. Getting pre-qualified doesn’t carry this much weight- it only means you have engaged a lender and that you’re ready to begin the application process.

4. The interest rate quoted is what you’ll close with

The rate quoted is subject to change unless you lock it in. Interest rates fluctuate daily, changing severally even on the same day depending on how mortgage bonds trade. From the time you get the initial quote when beginning the pre-approval process to the time you settle on a property and want to close, the rate could have changed by a few points. You can only lock the rate once you've identified a home to which you want to commit.

Ask your mortgage officer all the questions you can think of before you close your deal.


If you plan to pursue a home in the near future, there is no need to wait to get a mortgage. Because if you enter the housing market with a mortgage in hand, you'll know exactly how much you can spend to acquire your dream house. As a result, you'll be able to map out your home search based on your property buying budget.

There are many things you can do to ensure you can get a great mortgage prior to launching a house search. These include:

1. Learn About Your Mortgage Options

Banks and credit unions offers a wide range of mortgage options. If you meet with these financial institutions, you can learn about all of the mortgage options at your disposal.

As you assess your mortgage options, it is crucial to weigh the pros and cons of each option. That way, you can make an informed decision about a mortgage and decide which option will serve you well in the years to come.

2. Ask Mortgage Questions

If you are uncertain about what differentiates one mortgage option from another, it is important to remember you are not alone. Fortunately, you can ask mortgage questions to home financing professionals to determine which mortgage option is right for you.

Banks and credit unions employ friendly, knowledgeable home financing specialists who are ready to respond to your mortgage queries. Thus, if you discuss your mortgage concerns with home financing specialists, you can get the guidance you need to choose the best mortgage based on your individual needs.

3. Improve Your Credit Score

Your credit score may have far-flung effects on your ability to get pre-approved for a mortgage. However, if you analyze your credit score, you can determine if you need to take steps to improve this score before you apply for a mortgage.

You are entitled to a free copy of your credit report annually from each of the three credit reporting agencies (Equifax, Experian and TransUnion). Take advantage of this complimentary perk, and you can analyze your credit score at your convenience.

If you have outstanding debt on your credit report, you may want to pay this off as soon as possible. Remember, the sooner you pay off outstanding debt, the sooner you can bolster your credit score.

In addition, if you identify any errors on your credit report, notify the agency that provided the report immediately. This will allow you to correct any credit report mistakes before you submit a mortgage application.

As you get set to apply for a mortgage and conduct a home search, you may want to hire a real estate agent too. A real estate agent can provide expert guidance as you pursue your dream residence. He or she will help you find a house that matches your budget, attend home showings and much more.

Ready to launch a comprehensive home search? Get pre-approved for a mortgage, and you can take the first step to establish a budget for the homebuying journey.


If you are thinking of buying a home, you probably have been getting your finances for some time. First-time homebuyers need the right information to avoid making big mistakes when they purchase their homes. The leap into home ownership is a big one, and you’ll want as much information with you along for the ride. Below, you’ll find a crash course on mortgages for first-time homebuyers. 


Think Ahead


Every homebuyer needs to prepare ahead of time for the process to be smooth. Research different lenders in your area and see what their rates are. If you talk to your lender about your goals and what type of loans you’re looking for, you’ll understand all of the costs that you’ll face ahead of time. You don’t want any surprises when it comes to signing a contract for a home.


Every Mortgage Is Different


It’s easy to think that all home loans are created equal, but they aren’t. The diversity in types of home loans is why you need to research and meet with a lender ahead of time. Talk to your real estate agent and see who they suggest. Your agent is a useful resource because they want your entire transaction to go smoothly for everyone involved. There are many different kinds of mortgages, and you need to make sure you’re getting the loan that’s right for you. Be sure you understand the specifics of each loan before you sign on.       


What You Need In Order


Before you even head into the home buying process, there are a few things that you’ll need including:


  • Cash for a downpayment
  • A budget
  • Knowledge of all of your finances
  • Where you’d like to look for a home
  • An idea of how much you can spend on a home
  • Information to get pre-approved including tax returns, proof of income, and bank statements


Once you have saved up cash for a downpayment, it’s time to take a look at your budget. Can you afford a monthly mortgage payment in the price range that you hope to buy? How much money will you have left over each month? Should you adjust your expectations? 



You’ll need to save up a bit of cash before you know that you’re ready to buy a home. It’s recommended that you have at least 20 percent of the purchase price of a home to put down towards your loan. The more you put down, the lower your monthly payments will be on the mortgage. So saving is the next big step in securing a mortgage in the smoothest possible way.     


Getting pre-approved for a mortgage may prove to be a long, arduous process if you are not careful. Fortunately, homebuyers who plan ahead should have no trouble obtaining a mortgage so they can enter the housing market with a budget in hand.

Ultimately, there are many questions to consider as you assess your mortgage options, and these questions include:

1. What type of mortgage should I get?

The two most common types of mortgages are adjustable- and fixed-rate varieties. If you understand the differences between these mortgage options, you can make an informed mortgage decision.

An adjustable-rate mortgage generally features a lower initial interest rate than a fixed-rate option. However, after a set amount of time, an adjustable-rate mortgage's interest rate will increase.

Comparatively, a fixed-rate mortgage has an interest rate that will remain intact for the life of your mortgage. This means you will pay the same amount each month until your mortgage is paid in full.

When it comes to deciding between an adjustable- and fixed-rate mortgage, it pays to look at the pros and cons of both options. Remember, no two homebuyers are exactly alike, and a mortgage that works well for one buyer may not work well for another. But if you evaluate adjustable- and fixed-rate mortgages closely, you can make the best-possible decision.

2. What differentiates an ordinary lender from an outstanding one?

There is no need to settle for an "ordinary" lender as you pursue mortgage options. Instead, you should seek out an exceptional lender that goes above and beyond the call of duty to assist you.

Typically, an outstanding lender employs mortgage specialists who are ready to respond to any concerns or questions. These specialists can help you evaluate a broad array of mortgage options and decide which mortgage best suits your individual needs.

Don't be afraid to meet with several banks and credit unions, either. This will allow you to assess many lenders and select one that matches or exceeds your expectations.

3. Which mortgage should I select?

There is no one-size-fits-all mortgage that works well for all homebuyers, at all times. As such, you should conduct plenty of research as you explore your mortgage options. This research will enable you to analyze assorted mortgages and lenders and make the optimal choices.

Once you have a mortgage, you can move one step closer to acquiring your dream house. And if you collaborate with a real estate agent, you can receive expert support at each stage of the homebuying journey.

A real estate agent is a must-have for any homebuyer, regardless of the current housing market's conditions. This housing market professional can teach you everything you need to know about buying a house. Also, he or she can help you examine a vast collection of available houses.

Ready to kick off a house search? Get pre-approved for a mortgage, and you can enter the housing market with a homebuying budget at your disposal.


Securing a mortgage can take years of planning and saving. Depending on credit score and financial history, it can be difficult for some people to secure a mortgage with a reasonable interest rate and down payment.

As a result, the U.S. government--at both the federal and state level--has created several programs to make the goal of homeownership more achievable for more Americans. 

These programs are designed to help a number of people, including first-time homebuyers, low-income families, people living in rural areas, Native Americans, and veterans and servicemembers of the United States military.

In today’s article, we’re going to be talking about “VA loans,” or loans guaranteed by the United States Department f Veterans Affairs.

What is a VA Loan?

When a bank chooses to approve someone for a mortgage, they have weighed the risks of that person’s ability to pay back the loan. The less certain a bank is that they will see a return on their investment with a borrower, the higher the down payment and interest rate they will require.

One incentive that the U.S. Department of Veteran Affairs offers its service members and veterans is the ability to receive a loan that is, in part, guaranteed by U.S. Government. That means that lenders can safely approve you for lower interest rates and down payments knowing that the money they are lending you is insured.

Who is eligible for a loan?

Loans guaranteed by Veterans Affairs aren’t strictly for veterans. Active duty service members, including National Guard and Reserve Members may also be eligible. In addition to service members, people who are or were spouses of veterans or service members might also be eligible for a VA loan.

Specific eligibility requirements can be somewhat complicated, so it’s a good idea to visit the eligibility page or contact your local Veterans Affairs office.

What are the perks of a VA Loan?

If you’ve spent a significant portion of your time serving in the military, there’s a good chance that saving for a home has been placed on the back burner. Shopping around for a loan with an affordable down payment can be daunting or impossible for many.

Fortunately, with a VA loan eligible recipients are able to receive a loan with a low down payment or even no down payment.

In a time when down payments can average 20% of the mortgage, that can mean a lot of money you won’t have to spend up from. For example, a home that costs $275,000 would have a 20% down payment of $55,000.

What are the fees?

This great deal does come with one catch. As with many loan assistance programs, there is a fee charged for the services. On top of the funding fee charged by the VA, there are other costs associated with buying a home.

These may include appraisals, inspections, credit reports, and more. Additionally, lenders may charge a 1% flat fee for those using a VA loan.




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