Julianne Krutka
Park Square Realty | 413-297-6718 | julianne.krutka@gmail.com

Posted by Julianne Krutka on 1/25/2018

Securing the best mortgage for your home may seem challenging, particularly for those who are first-time homebuyers. Fortunately, we're here to help you get the best possible mortgage rate, regardless of the real estate market. Here are three tips that you can use to get the best mortgage rate at any time: 1. Find Ways to Improve Your Credit Score. Your credit score likely will influence your mortgage rate. However, those who track their credit score closely can improve this score over an extended period of time. That way, when the time comes to secure a mortgage for a new home, you'll be in great position to get the best mortgage rate possible. Try to check your credit score regularly. You can do so quickly and easily, as you're entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies (Equifax, Experian and Trans Union). To improve your credit score, focus on paying off any outstanding debt. This will help you enhance your credit score without delay. 2. Take Advantage of a Shorter-Term Mortgage. Although you may consider a variety of mortgage options, a shorter-term mortgage may allow you to pay a lower mortgage rate for a shorter period of time. Remember, just because you choose a 15-year mortgage over a 30-year mortgage does not mean you will wind up paying twice as much for your mortgage payment each month. For example, selecting a 15-year fixed-rate mortgage over a 30-year fixed-rate mortgage may prove to be a viable option for many homebuyers. A 15-year fixed-rate mortgage will have higher principal and interest totals than a 30-year counterpart, while the insurance and tax fees associated with both types of mortgages will remain the same. 3. Look at All of the Lending Options That Are Available. It sometimes can be overwhelming to look at all of the banks, credit unions and other lending options that provide mortgage assistance. Diligent homebuyers, however, will dedicate the time and resources necessary to explore all of the lending options at their disposal to make an informed decision. Ideally, you should try to get multiple quotes from a variety of lenders. This will enable you to see exactly what each lender has to offer and improve your chances of making the best decision possible. Lastly, don't forget to lock in your mortgage rate in writing. By doing so, you'll be able to verify you have the mortgage rate you like and the loan you need to secure your dream home. Understanding the ins and outs of landing the ideal mortgage rate can be difficult. And if you ever have concerns or questions along the way, your real estate agent may be able to point you in the right direction as well. Because this agent boasts comprehensive real estate sector experience, he or she may be able to provide guidance and tips to ensure that you can find a reliable lender and land a great mortgage rate. Find a mortgage rate that works for you, and you may be able to save money over the life of your mortgage.

Posted by Julianne Krutka on 10/5/2017

For the generation that grew up at the height of the subprime mortgage crisis, buying a home is a scary concept. Many young people in the 18-34 age range are dealing with high rent, a poor job market, unpaid internships, and student loans the size of a home loan. Yet, others are finding their footing and realizing that owning a home is advantageous in the long run. If you're thinking of delving into the world of home ownership for the first time here's a crash course in Home Buying 101.

Figure out your finances

You should be an expert at you and your significant other's personal finances if you are thinking about buying a home. The first thing to look at is your income and expenditures. Put the following information in a spreadsheet:
  • Total monthly income
  • Total monthly expenditures (bills, gas, food, etc.)
  • Total monthly savings
  • Total savings and assets
  • Credit and FICO score (request both of these online)
When crunching these numbers you should (hopefully) find that your income is higher than your expenditures and your savings should account for most of the difference. If your savings is lower than it should be, you either missed something on the expenditures list or you are spending more than you should be if you want to buy a home. Down Payments Down payments on a home, post-financial crisis, range from anywhere between 0-25 percent of the price of the home, 20 being the median. A down payment ideally shouldn't break your savings in case you have any unforeseen expenses once you buy your home. Moving is time-consuming and can be pricey, so you'll need to account for this in your finances.

Lock Down Your Financing

There are several types of mortgages that you'll need to choose from, and you'll want to learn about fixed and adjustable mortgage rates. This information should be informed by your long-term plans. Are you looking for your first home or your forever home? If you don't plan on fully paying off the home you might look for a low, adjustable rate while you earn money. But if you want to stay in your home until it's paid off, a fixed rate might be better for you.

Finding and buying your home

Once you've determined your price range, start thinking about things like location and the kind of home you can afford. If you're handy with tools and have the time, it might be in your best interest to buy a home than needs some work at a lower cost. If you'd rather put in more hours at work, go with the home that needs less work and save money that way. Depending on whether or not you're in a buyer's market or a seller's market, the ball can be in your court or the seller's. In a seller's market, which is more likely today in many parts of the country, the seller will have more leverage in negotiations, including closing dates and move-out dates. Due to high competition, you should also be prepared to miss out on some offers. But be patient, and you should find the home you're looking for.  

Posted by Julianne Krutka on 6/22/2017

If you’re in the market to buy a home, you’re probably learning many new vocabulary words. Pre-approved and pre-qualified are some buzz words that you’ll need to know. There’s a big difference in the two and how each can help you in the home buying process, so you’ll want to educate yourself. With the proper preparation and knowledge, the home buying process will be much easier for you.  


This is actually the initial step that you should take in the home buying process. Being pre-qualified allows your lender to get some key information from you. Make no mistake that getting pre-qualified is not the same thing as getting pre-approved.

The qualification process allows you to understand how much house you’ll be able to afford. Your lender will look at your income, assets, and general financial picture. There’s not a whole lot of information that your lender actually needs to get you pre-qualified. Many buyers make the mistake of interchanging the words qualified and approval. They think that once they have been pre-qualified, they have been approved for a certain amount as well. Since the pre-qualification process isn’t as in-depth, you could be “qualified” to buy a home that you actually can’t afford once you dig a bit deeper into your financial situation. 

Being Pre-Approved

Getting pre-approved requires a bit more work on your part. You’ll need to provide your lender with a host of information including income statements, bank account statements, assets, and more. Your lender will take a look at your credit history and credit score. All of these numbers will go into a formula and help your lender determine a safe amount of money that you’ll be able to borrow for a house. Things like your credit score and credit history will have an impact on the type of interest rate that you’ll get for the home. The better your credit score, the better the interest rate will be that you’re offered. Being pre-approved will also be a big help to you when you decide to put an offer in on a home since you’ll be seen as a buyer who is serious and dependable.  

Things To Think About

Although getting pre-qualified is fairly simple, it’s a good step to take to understand your finances and the home buying process. Don’t take the pre-qualification numbers as set in stone, just simply use them as a guide. 

Do some investigating on your own before you reach the pre-approval stage. Look at your income, debts, and expenses. See if there is anything that can be paid down before you take the leap to the next step. Check your credit report and be sure that there aren’t any errors on the report that need to be remedied. Finally, look at your credit score and see if there’s anything that you can do better such as make more consistent on-time payments or pay down debt for a more desirable debt-to-income ratio.

Posted by Julianne Krutka on 1/19/2017

Making the decision to buy your first home is a big step. One of the most uncertain parts that’s involved in buying a home is that of securing a first-time mortgage. You’ll need to know what types of programs exist to help you on your journey to homeownership. Even if you have owned a home in the past but are now renting your home, you may be eligible for first-time mortgage benefits. 

The first thing you should do is understand your options for getting a mortgage. The Department of Housing and Urban Development often provides you with agents to help you see whether you will, in fact, qualify for a first time mortgage and all the benefits that go along with it. They may also help you to see exactly what programs will work best for you. You can find agencies in your specific area on the HUD website. 

Each state and local municipality have its own resources for those seeking to buy a home as well. These programs may get more specific, helping low-income earners, first-time home buyers and people with disabilities. Of course, you’ll need to meet certain eligibility requirements before qualifying for the programs. Your state and local housing offices are other great places to start when you’re searching for benefits for first-time home buyers.   

Save, Save, Save! 

Even before you think you might be ready to buy a home, you need to start saving. You’ll need a significant down payment, especially if you’re hoping to avoid private mortgage insurance or PMI. If you can’t swing a 20% down payment, there’s good news: First-time home buyers are eligible for loans that require a lower down payment- as little as 3%! 

You’ll also need a significant amount of savings to pay upfront for closing costs. These fees can come in somewhere between 3 and 4% of the purchase price of the home. It won’t be very pleasant if your bank account is completely empty by the time you reach the closing table. This is why it’s a wise idea to save long before you even think you might want to buy a home.      

Look At Your Finances

In the same light of saving money, you’ll want to keep your financial health in check in order to prepare to secure your first mortgage. First, check your credit score and see where you stand. You can take the time to dispute any discrepancies you may find on your report. Then, start paying off any credit card balances that you may have. Remember that the higher your credit score is, the better your chances are of securing a mortgage and being approved for a first-time home buyer program.

Posted by Julianne Krutka on 12/15/2016

Who wouldn't like to pay off the mortgage early? Getting rid of mortgage debt will allow you the security and the psychological benefit of owning your home free and clear. There are lots of ways to accomplish these goals. Here are some suggestions on ways to get rid of your mortgage debt. Compare the options and do what works best for you. 1. Add more money to your monthly payment. This will help pay down the principal balance shortening the length of your loan. When you pay more on your principal is gets lower, and the lower your principal gets, the more every payment from then on is applied to principal, as less goes to cover interest expense. 2. Refinance. Refinance your mortgage to 10, 15 or 20 years. Your payments will be higher on a 15-year loan, but often the rate is lower and the loan is paid off much quicker. If you are afraid to take out a 15- year loan take out a 30-year loan, but make payments as if you had a 15-year loan. 3. Make biweekly payments. Most banks have a biweekly payment plan. Since there are 52 weeks in the year if you pay half your regular mortgage payment every other week, you'll have made 26 half-payments, or 13 payments. There are options when it comes to owning your home free and clear. Just decide which one works for you and be on your way to being mortgage free.