Eddie Hoskins - Hoskins Realty, Inc | 508-317-6045 | ed@hoskinsrealty.com


Posted by Eddie Hoskins on 12/10/2018

It’s always a goal in life to be happier in our jobs and make more money. When it comes to buying a home, your job status can have a big effect on whether or not you’ll be able to buy a home or not. You will be able to buy a home using a new source of income. Even refinancing can be a breeze when you have a new job and the right knowledge. 


Many people believe that changing jobs or having gaps in between employment is a certain type of black hole when it comes to getting a mortgage. However, if you approach all of the changes in the correct way, you should be able to land the mortgage deal and secure a home.


Average Income


One of the most important numbers that your lender will calculate when you’re buying a home is that of your average income. This will be based on the pay that you had earned in the past 24 months‘ time. If you have had the same job and pay, this won’t be much of a big deal, However, if any of these things have changed (or will soon change) your lender may have some questions. This doesn’t mean that your mortgage application will be struck down completely. 


Information That’s Needed In The Event Of A Job Change


If you have recently changed jobs in the process of trying to refinance or buy a new home, your lender will need a few pieces of information from you. These items include:


  • An offer letter for the job
  • A role or title change letter (if applicable)
  • Compensation package change confirmation
  • Verification of employment
  • Most recent pay stub


Hourly Employees


If you’re an hourly employee, unfortunately, you’re under the tightest type of scrutiny when it comes to applying for a mortgage. Your income will be averaged for as long as you have been an hourly employee. If you work full-time, this won’t be too much of a problem. If your hours fluctuate from week-to-week, this can make things a bit more complicated.


If your hourly rates have recently gone up, you’ll need a bit of info from your employer to help you get the income verification that your lender needs. These items include:


  • An offer letter
  • Recent pay stubs
  • The new compensation structure or offer

If you have any sort of extenuating circumstances like a relocation or a new position, this information can help to bridge the gap in any information that just doesn’t add up as far as your employment history goes. 


Salaried Employees


If you’re a salaried employee, things are a bit simpler. Your lender will have a much easier time calculating your average income. The only issue that you may encounter is if you have had a gap in employment. For this, your lender will require a written explanation of what occurred during that time period.  

 

Lenders want to protect themselves, but in a way, they also want to protect you from getting in over your head with how much you can afford for a home. With some proof and a little explanation, you should be able to get a house you can afford if you have all of the information that you need to back up your financial history and employment history.




Categories: Uncategorized  


Posted by Eddie Hoskins on 12/7/2018

This Condo in Chelmsford, MA recently sold for $164,000. This Townhouse style home was sold by Eddie Hoskins - Hoskins Realty, Inc.


360 Littleton Rd, Chelmsford, MA 01824

Condo

$164,900
Price
$164,000
Sale Price

4
Rooms
2
Beds
2
Baths
THIS IS AN AFFORDABLE HOUSING UNIT BEING SOLD IN COMPLIANCE WITH THE ATTACHED RESTRICTIONS AND QUALIFICATIONS. Offers must conform to 40 B requirements as shown in the Courtyard Condominium Information Package. The selling agent and buyer must complete the affordable housing application and get approval form the Town of Chelmsford Massachusetts before submitting an offer.






Tags: Real Estate   Condo   Chelmsford   01824  
Categories: Sold Homes  


Posted by Eddie Hoskins on 12/3/2018


54 -56 Temple St, Lowell, MA 01851

Lowell Highlands

Multi-Family

$259,900
Price

1
Units
2,432
Approx. GLA
This is a great investment, or owner occupant, two family home with separate utilities and is ideal for living in one unit and renting the second unit. This in-town location is close to public transportation will appeal to investors as rental property. This is a Fannie Mae Homepath property.
Open House
No scheduled Open Houses

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Tags: Lowell   Real Estate   01851   Multi-Family  
Categories: Price Change  


Posted by Eddie Hoskins on 12/3/2018

There is a science to selling your home at the best price and within the shortest period of time, but it's not always an exact science!

Although you can't control market conditions, seasonal fluctuations, or the condition of your neighbors' property, you are still in the driver's seat when it comes to pricing, curb appeal, and the interior condition of your home.

Assuming there's no legal snags or major "red flags" about the condition or appearance or your home, the selling price you set may make the difference between a fast sale and house that lingers on the market for months on end. Many house hunters and (all) real estate agents are quite savvy about property values and real estate prices. If the selling price of your home is based on emotional factors or the amount of money you need to get back in order to purchase your next house, then there's a good chance you'll be pricing yourself out of the market. That's where your real estate agent comes in. They will help you set a realistic asking price that will favorably position it to similar properties in your neighborhood and community.

While everyone wants to get the maximum return on their real estate investment, there's usually a limited amount of "wiggle room" between the appraised value of your home and the amount of money a potential buyer would be willing to pay for it. Since it may be difficult for you, as a homeowner, to be objective when determining a realistic price for your home, it's often beneficial to have a comparative market analysis done by a real estate agent or professional appraiser.

Another reason for consulting with professionals involves the need to be objective about home improvements. Some home sellers have a difficult time accepting the fact that their asking price can't always reflect the full cost of recent home improvements. Home additions, updates, and recent remodeling work can have a positive impact on your home's asking price, but it's usually not a dollar-for-dollar return on investment.

If you're preparing to put your house on the market in the near future, it pays to do a little online research, have your property professionally appraised, and/or work with a real estate agent who will do a comparative analysis of your home's value. Other things you can do to increase the likelihood of getting your home sold quickly include a thorough top-to-bottom cleaning, applying a fresh coat of paint where needed, and "staging" your home to appeal to the widest variety of potential buyers. While that might include making some major changes to your home's décor, its landscaping, or even furniture arrangement, the rewards of a speedy sale often justify the effort and short-term inconvenience of getting your home ready for the close scrutiny of house hunters, home inspectors, and buyers' agents!





Posted by Eddie Hoskins on 11/28/2018


325 Parkland Ave, Lynn, MA 01905

Single-Family

$261,500
Price

6
Rooms
3
Beds
1
Baths
7 Room Cape in Pine Hills Location! 3 Bedrooms, 1 Full Bath, Sunroom with chimney for wood burning stove, First Floor Den, Partially Finished Lower Level, Hardwood Floors, Nice Corner Lot next to Reservoir. This home needs renovation but has great potential. May not qualify for FHA/VA.
Open House
No scheduled Open Houses

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Tags: Real Estate   Single-Family   Lynn   01905  
Categories: Price Change  




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