Elaine Cole, Coldwell Banker Residential Brokerage - Cohasset | Scituate MA Real Estate



368 Cedar St, Hanover, MA 02339

Single-Family

$359,900
Price

6
Rooms
2
Beds
1
Baths
Welcome to Cedar Street.Nestled on a 3/4 acre PRIVATE FLAT lot this home offers charm and character with modern day amenities plus opportunity for future EXPANSION, if desired.Updates include new roof ,Vermont Castings gas fireplace, newer windows ,furnace,freshly painted interior,new bathroom vanity & toilet.Skylights throughout the home offer an abundance of natural light.From the mud room with new flooring,step up to the bright and airy kitchen with ample counter space and a lovely bay window flowing to a spacious dining room perfect for entertaining. To compliment the home boasts an in home office or den with a gas stove fireplace and an inviting sun filled living room. Ideally located to enjoy all that a small town & neighborhood offers with the luxury of being a stone's throw away from three of Hanover's schools.Enjoy close proximity to all the amenities,restaurants, shopping & rte 3 for easy commuting.Great opportunity at an AFFORDABLE price. Welcome home.
Open House
Sunday
September 23 at 11:00 AM to 1:00 PM
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Location: 368 Cedar St, Hanover, MA 02339    Get Directions

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Preparing to buy a home is a long and stressful process for many. You’ve spent months, or even years, saving for a down payment, planning your future, and building your credit to ensure you get the best possible interest rate on your loan.

Then you find out, when getting preapproved for a mortgage, that your credit score dropped by a few points. So, what gives?

There’s a lot to understand about how credit scores affect mortgages and vice versa. In today’s post, I’m going to attempt to cover everything you need to know about how applying for a mortgage can affect your credit score so you’ll be prepared when it comes time to buy a home.

Prequalification, preapproval, and credit checks

There are a lot of misconceptions about what it means to be preapproved or prequalified for a loan. Some of it is due to the jargon that is used in real estate transactions, and some of it is just a marketing technique on the part of lenders.

So, what does it mean to be prequalified and preapproved?

The short version is that getting prequalified is a quick and easy process to determine whether you’re eligible to lend to and how much you’re likely to receive. It involves a quick review of your finances, and often includes either a self-reported or soft credit inquiry.

A “soft inquiry” is the type of credit check that employers typically use for a background check. It doesn’t affect your credit score, as you are not applying to open a new line of credit. In fact, many lenders’ process for prequalification is a simple online form that doesn’t even require a credit check. We’ll talk more about the difference between soft inquiries and hard inquiries later.

The simplicity of prequalification makes it a simple and easy way to get started. But, it isn’t always accurate in how well it predicts the type of mortgage and loan amount you can receive. That’s where preapproval comes in.

When you get preapproved for a loan you fill out an official application (you often have to pay for these). This will request documentation for your finances and assets, and will ask your approval to run a detailed credit report.


These credit reports are considered “hard inquiries” and are a vital step in getting approved or preapproved for a mortgage. However, they also, at least temporarily, lower your credit score.

Why hard inquiries lower your credit score

When any creditor, be it a bank or credit card company, is determining whether to lend to you, they want to know that you are a safe investment. To determine this, they want to know how frequently you pay your bills on time, how much you owe to other creditors, and how financially stable you are right now.

When you make multiple inquiries in a short period of time, it’s a red flag to lenders that you might be in trouble financially. Thus, hard inquiries will lower your credit score for 1 to 2 months.

Applying to multiple lenders: the silver lining

When borrowers apply for a mortgage, they often shop around and apply to multiple lenders. While it may seem that all of these hard inquiries will add up and drastically lower their credit score, this isn’t the case.

Credit bureaus take into account the source of the inquiries. If they realize that you are applying for mortgages, they will typically recognize this as rate shopping and group these applications together on your credit report, counting them only as a single inquiry. This means your score shouldn’t drop multiple times for multiple mortgage preapprovals that were made within a small time frame.

Now that you know more about how mortgage applications affect your credit score, you can confidently shop around for the best mortgage for you and your family.


Accepted offer - open house CANCELLED.Welcome to Cedar Street.Nestled on a 3/4 acre PRIVATE FLAT lot this home offers charm and character with modern day amenities plus opportunity for future EXPANSION, if desired.Updates include new roof ,Vermont Castings gas fireplace, newer windows ,furnace,freshly painted interior,new bathroom vanity & toilet.Skylights throughout the home offer an abundance of natural light.From the mud room with new flooring,step up to the bright and airy kitchen with ample counter space and a lovely bay window flowing to a spacious dining room perfect for entertaining. To compliment the home boasts an in home office or den with a gas stove fireplace and an inviting sun filled living room. Ideally located to enjoy all that a small town & neighborhood offers with the luxury of being a stone's throw away from three of Hanover's schools.Enjoy close proximity to all the amenities,restaurants, shopping & rte 3 for easy commuting.Great opportunity at an AFFORDABLE price

More Info on this Property | New Listing Alerts

Pride of ownership is evident in this beautiful home.Numerous UPGRADES include new siding,windows (front & side), garage doors, central air & generator hook up. Enjoy the open floor plan concept with fire placed living room & cathedral ceiling. The adjacent dining area and kitchen making this home ideal for entertaining. Step down into the fully finished lower level that includes a gym workout area/laundry & a spacious family room/ playroom. The attached two car garage with new garage doors offers convenient access to both the home & yard. A GORGEOUS manicured & PRIVATE back yard with patio completes the package offering great opportunity for expansion if desired. An Ideal location nestled on a Cul-de-sac, close to train for easy commuting, harbor,restaurant and beaches. Town sewer with betterment paid in full. Great opportunity to live in a seaside home at an AFFORDABLE price.Welcome home.

More Info on this Property | New Listing Alerts

Buying a home is one of the biggest financial milestones you’ll reach in your life. If you’re a first-time homebuyer, it can be scary to take the plunge and make a down payment on your first home.

Down payments are one element that makes up the factors which determine your monthly mortgage payments, and in turn, how much you’ll be paying toward your home in total. So, it’s important to understand just how much to save for a down payment.

In this article, we’ll talk about down payments, why they matter, and your options for saving up for a down payment.

Why down payments matter

A down payment is simply the amount of money a buyer pays at the time of closing on the house. Down payments help assure lenders that you will make your monthly mortgage payments because you have invested a substantial amount of money into the house and therefore risk losing your down payment if you fail to pay the mortgage and your house is foreclosed on.

If you’re eager to buy your first home, you may want to make the smallest down payment possible so you can move in sooner. However, a smaller down payment typically means a larger monthly mortgage payment. That’s because your mortgage payment depends on several factors.

When a lender determines how much they will lend you towards your home and how much your monthly mortgage payments will be, their formula takes into account your down payment, your credit score, and the value of the property. The higher your credit score and the higher your down payment is, the less your monthly payments will be.

Mortgage types and down payments

Many first time home buyers cannot afford large down payments on their first home (20% or more). As a result, there are loan types insured by the Federal Housing Administration that are offered for as low as 3.5% of the mortgage amount.

If you aren’t approved for an FHA loan but plan on making a down payment of less than 20%, you can still buy a home with private mortgage insurance (PMI). With PMI you pay a monthly premium for your insurance in addition to your monthly mortgage payments.

How long and how much to save

So, how much should you save? The short answer is as much as possible. However, if you need to move soon because of life circumstances, it isn’t always an option to hold off on moving for long periods of time.

If you’re currently renting each month at high prices, it might make more sense to put that money towards your first home, an asset which will likely increase in value, rather than spend it on rent which you get no return on.  

One of the best ways to save for a down payment is to set up a new cash savings account that will automatically deposit a portion of your paycheck each week. Having an off-limits account is a great way to save without the temptation of spending it on luxuries if the money would normally be sitting in your checking account.

Another option is to start investing. If you’re in no rush to buy a home and have the financial resources, investing pays off much more than a savings account does when it comes to increasing assets.

Regardless of how you choose to save, the most important takeaway is that you take action now to start saving and you don’t deviate from your savings plan for any reason.




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