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Posted by Hillman Homes on 1/20/2020

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 Hillman Homes on 1/18/2020


71 Neponset Ave, Boston, MA 02136

Hyde Park's Fairmount

Condo

$449,000
Price

6
Rooms
4
Beds
2
Baths
OPEN HOUSE SUN, Jan 19th, 11:30-12:30pm. TOP floor! Beautifully renovated condo in popular Fairmount Hill. All the rooms located on the top floor, except one bedroom is on the 2nd floor, perfect for a home office or bonus space. This unit features 4 bedrooms and 2 full bathrooms. The modern kitchen has new cabinets, granite counters, stainless appliances and room for a small dining table. Additional features: hardwood floors, replacement windows, in-unit laundry, fresh paint and updated lighting. Plenty of storage available in the basement. Enjoy the outdoors in the huge common back yard and patio area. Unit comes with 2 tandem parking spaces. Short walk to the commuter rail. Letter of Full De-leading Compliance issued in 2014. Pet friendly building.
Open House
Sunday
January 19 at 11:30 AM to 12:30 PM
Last unit left- top floor with 4 beds and 2 baths- Huge common yard, pet friendly!
Cannot make the Open Houses?
Location: 71 Neponset Ave, Boston, MA 02136    Get Directions

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Tags: Real Estate   Condo   Open House   Boston   02136  
Categories: Open House  


Posted by Hillman Homes on 1/17/2020

This Single-Family in Medway, MA recently sold for $275,000. This Colonial,Antique style home was sold by - Hillman Homes.


10 River Street, Medway, MA 02053

Single-Family

$285,000
Price
$275,000
Sale Price

6
Rooms
3
Beds
2
Baths
**Price Improvement for this AMAZING OPPORTUNITY TO LIVE ON THE CHARLES RIVER!! Enjoy all the beauty of the Charles River from your gorgeous backyard. Come see all this antique colonial has to offer. First floor is freshly painted, sunfilled and has an open floor plan. Large family room, dining room, kitchen, full bath with laundry. Second floor boasts 3 generous sized bedrooms and a full bath. Relax on the beautiful farmers porch for your early morning coffee or evening drink. This home is tucked away on a quiet street just minutes from the quaint center of Medway's main street.The large flat backyard continues to delight with a patio and 2 storage sheds. This is your chance to get into Medway's incredible school system at a fabulous price. Plenty of time to be settled before the holidays roll around. Make an appointment to see this home today!

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Categories: Sold Homes  


Posted by Hillman Homes on 1/15/2020


18 Edgemoore Circle, Wellesley, MA 02482

Rental

$3,800
Price

6
Rooms
3
Beds
2/1
Full/Half Baths
Immediately available! Wonderful townhouse end unit. Desirable location near Route 9, I-90 and I-95. One of the best school systems in Massachusetts: elementary school at the Hardy School, middle school at Wellesley Middle School, and high school at Wellesley High School. Close to town hall, town center, library, and commute rail. 1738 square feet of living space not including partially finished basement, 3 bedrooms and 2.5 bathrooms. Large open upgraded kitchen, and updated bathrooms. With all appliances, including garbage disposal, new washer and dryer, and new central AC. One car garage, one driveway parking space with guest parking lot available.
Open House
No scheduled Open Houses

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Tags: Real Estate   Rental   Wellesley   02482  
Categories: New Homes  


Posted by Hillman Homes on 1/15/2020


29 Buckley, Quincy, MA 02169

West Quincy

Multi-Family

$599,000
Price

2
Units
1,856
Approx. GLA
Large two family in quiet neighborhood off of in West Quincy. Large corner lot with loads of parking. The house has three levels of living and basement with extra high ceilings. Perfect for someone looking for Investment property or someone looking for a project. All utilizes except water are separated. Roof and heating system are 15 years old. Great investment.
Open House
Saturday
January 18 at 11:30 AM to 1:30 PM
More Open Houses
Cannot make the Open Houses?
Location: 29 Buckley, Quincy, MA 02169    Get Directions






Tags: Real Estate   Quincy   02169   Multi-Family  
Categories: New Homes