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Avenue 3 Real Estate, MA Realtors | 58 Medford Street #16 | Arlington, MA 02474 | 857.209.5037 |


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FAQs About Mortgage Preapprovals

Avenue 3: FAQs About Mortgage Preapprovals


Do I have to get a mortgage preapproval?
The short answer is yes.  Getting a mortgage preapproval has become a necessity.  Every buyer making an offer with a mortgage contingency will be asked to provide a mortgage preapproval to the seller in order to bolster the seller’s confidence in the buyer’s ability to obtain the necessary financing. 

If I am preapproved by a bank, do I have to get my mortgage with them?
The short answer is no.  Getting a preapproval does not obligate you to work with the bank giving you the preapproval.

Do I need a preapproval from more than one bank?
No.  A preapproval from one bank is sufficient.

What does the bank need in order to provide a preapproval?
The bank will need to review your credit and your assets – personal savings accounts, retirement accounts etc.  Many banks will verify employment as well.

Does the preapproval expire?
No, the preapproval does not technically expire, but, if the bank has not verified your financial information in say, a few months or more, they may want to revalidate the information.  Or, if your letter has a date of issue that is far in the past, the seller may ask that you update the preapproval.

When do I need to present the seller with the preapproval?
Sellers will anticipate a copy of a preapproval letter in conjunction with the offer to purchase.

Are preapprovals all the same?
Yes and No.  The intent of the preapproval is the same from every institution.  However, the wording of the letter may vary.  Some banks provide a letter which specifies the property address and purchase amount each time an offer is made, a new letter is issued.  Other banks will provide a more generic letter indicating the highest mortgage amount for which the buyer qualifies.

Is a preapproval a guarantee of a mortgage?
No.  While a preapproval goes a long way toward qualifying you as a buyer, there is still more information the bank will need at the time of the actual application.  In addition, the property itself must meet the bank's criteria as a mortgageable asset - meeting the guidelines that the particular bank has set for approved lending.  The property will also be subject to appraisal by the bank.


Take a look at the Avenue 3 Service Providers page for the names of some of the Mortgage Consultants in the area that are ready to answer any of your questions regarding lending practices.


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Tools, Tools and More Tools


The process of buying property or selling real estate in Massachusetts is a complex one. Along the way you will need answers to questions, explanations of documents and help with timeframes, inspection issues, mortgage concerns and much more.  Use these plentiful tools below to educate yourself to be the best buyer or seller you can be:


Buying a home, selling a home, MA Real Estate, Avenue 3 Real Estate

 Buyer Tools            Seller Tools




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Agency Explained for Buyers


Agency is the term used to describe the relationship between the buyer or seller and an agent.  Various forms of agency relationships are permitted under Massachusetts real estate law.  State law provides that every agent must present a form, which explains agency, to each consumer at their first meeting.  This form is called the Massachusetts Mandatory License Consumer Relationship Disclosure and it outlines the choice a buyer may consider in an agency relationship.


1) A Buyer may choose to hire an agent as a Buyer’s Agent.  As a Buyer’s Agent, the agent owes all fiduciary responsibilities of agency, including “full disclosure, reasonable care and diligence, lawful obedience, confidentiality, accounting for funds and undivided loyalty.”  A Designated Agent is an Agent who will be your specific Buyer’s Agent within a firm.  No other agent in that firm will represent you as a Buyer’s Agent unless disclosed  and agreed to through a “Consent to Designated Agency” form.  A Buyer Representation Agreement  may be used to increase the binding nature of the  Buyer agency relationship.  This contract grants the “sole and exclusive right to represent a buyer in the purchase of a property” within the guidelines set forth in the agreement.  Details such as the buying time frame, services and agency fee are stipulated.


2) A Buyer may choose to work with an agent as a Facilitator.  In the role of Facilitator the agent will assist  the buyer in the process but does not represent the buyer’s interest and cannot advocate for the buyer or offer advice.  The Facilitator has no obligation to keep confidential any information received from the buyer.


3) A Buyer may choose to work with an agent as a Seller’s Agent.  This situation would occur if a buyer wanted to purchase a specific property and the Seller’s Agent representing this seller has no previous agency relationship with the buyer.  The Seller’s Agent in this case would not represent the buyer and is obligated to promote the interest of the seller above any other party.  The agent is, however, obligated to deal with the buyer fairly and honestly and to disclose any known material defects.


4) A Dual Agent situation arises when the Buyer’s Agent is already working as the Seller’s agent on a property that the buyer wishes to purchase.  In this case, the agent is a Dual Agent.  Both buyer and seller must consent to dual agency through the “Consent to Dual Agency” form.  In this circumstance, the agent becomes a neutral party unable to represent the interests of one party over the other.  The agent can only facilitate      negotiations without full disclosure of motivation or personal information of either party.  If either the buyer or the seller does not agree to Dual Agent status, another agent can be designated to represent the interests of one party.



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Greater Boston Area Service Providers

 When you prepare a home for sale or when you purchase a new home of your own, you may find yourself in need of service providers in many categories.  Everything from Home Inspectors in the Greater Boston Area, Boston area Decorators, Attorneys in the Boston Area, Plumbers, or Antique Appraisers, whatever you need, the guide below should point you in the right direction.  


Air Conditioning

Alarm Systems

Antique Appraisers


Asbestos Removal


Carpet Cleaning




Contractors (small repairs)

Donation Services





Garage Doors

Gutter Clean/Repair

Handyman Repairs


Home Inspectors

House Cleaners


Junk Removal







Painting Consult


Pest Control




Pool Inspection

Radon Removal


Senior Services

Septic Systems

Structural Engineers








Disclaimer Regarding Service Providers: The following list has been compiled by Avenue 3 from the experience of satisfied clients. The presence of a service provider on this list does not constitute a recommendation by Avenue 3 nor does it in any way warranty or guarantee the work performed by any service provider named herein




Air Conditioning

Central Cooling and Heating
9 North Maple Street
Woburn, MA 01801
781-932-9017 fax


Winters Company
67 Smith Place #11
Cambridge, MA 02138

Cooling Unlimited Inc
Reading, MA 01867

Sila Heating & Air Contitioning
12 Manison Street
Stoneham, MA 02180

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Alarm Systems

American Alarm Company
297 Broadway
Arlington, MA 02476


Lexington Alarm Systems
9 Alfred Circle
Bedford, MA 01730

Special Agent Systems, Inc

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Antique Appraisers

Bert Rosengart
54 Cabot Street
Beverly, MA 01915

Kaminski Auctioneers and Appraisers

564 Cabot Street
Beverly, MA  01915

Transitions Liquidation Services
PO Box 395
Harvard, MA 01451

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Copper Beech Design
66 Woodchester Drive
Weston, MA 02493

Preston Richardson
Pfeufer/Richardson PC Architects
700 Massachusetts Ave, 4th Fl
Cambridge, MA 02139

Paul Rovinelli
H. P. Rovinelli Associates
45 Newbury Street, No. 505
Boston, MA 02116

Spacecraft Architecture
5 Raymond Street
Lexington, MA 02421

Jeanne Vanecko
Vanecko Ltd
80 Trowbridge Street
Cambridge, MA 02138

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Asbestos Removal

DECTAM Corporation
50 Concord Street
North Reading, MA 01864

Dudley Services, Inc
PO Box 132
Arlington, MA 02476

Nealco Too 
200 Adams St.
Braintree, MA  02184
office: 617-593-1664


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Marian Abraham Law Office, P.C.
10 Muzzy Street
Lexington, MA 02421
577 Tremont Street
Boston, MA 02118
617-351-2869 (fax)

Curt Bletzer
Bletzer & Bletzer, P.C.

300 Market Street
Brighton, MA  02135
617 254.8900 x16

Bicknell and Smith
43 Thorndike Street
Cambridge, MA 02141

Stephen S. Clark  
MacLean Holloway Doherty Ardiff & Morse
8 Essex Center Drive
Peabody, MA 01969
(Ph. 978-774-7123)
(Fx. 978-774-7164)

Roger Dupont
DuPont and LaBonte
24 Muzzey Street
Lexington, MA 02421

Bruce Fitzsimmons
635 Massachusetts Avenue, Suite R
Arlington, MA 02476

Goodham & Shapiro, LLC
3 Allied Drive, Suite 120
Dedham, MA 02026

Frederick C Harris
9 Court Street, Fl 2
Arlington, MA 02476

Harold Jacobi, III
4 Militia Drive
Lexington, MA 02421


Scott Kriss

Kriss Law Office


Joseph Lopisi
846 Massachusetts Ave
Arlington, MA 02476

Scheier & Katin
103 Great Road
Acton, MA 01720

Elaine Tung
114 Watham Street, Suite 14
Lexington, MA 02421

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Carpet Cleaning

Capone Carpet Cleaning
6 Beck Road
Arlington, MA 02476

Joseph Sullivan Carpet Cleaning
1451 Tremont Street
Boston, MA 02120

J. P. Carpet Cleaning

143 Watertown Street
Watertown, MA 02472

Melrose Oriental Rug
937 Main Street
Melrose, MA 02176

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Bob’s Magic Broom
26 Murray Hill Road
Medford, MA 02155

Boston’s Best Chimney
76 Bacon Street
Waltham, MA 02451

Buchanan Fireplace
215 Salem Street
Medford, MA 02155

The Boston Chimney Sweep
95 Rutland Street
Watertown, MA 02471



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Cleaners – see House Cleaners

Contractors, General

American Building and Remodeling

10 Milk Street
Blackstone, MA


Datillo & Reidy
Arlington, MA
Stoneham, MA

Fotis Construction
635 Belmont Street
Belmont, MA 02478

Pywell Contracting Services
16 Webster Street
Winchester, MA 01890

Stack Remodeling

9 Moulton Road
Arlington, MA 02476

Sergios Renovations
1033 Fellsway
Medford, MA 02155

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Contractors, Small Repairs

Tom Curren Companies
225 Riverview Ave
Auburndale, MA 02466

Paul W Gerzon
Arlington MA


Handyman Matters
401 Lowell Street, Suite 3
Lexington, MA 02420

Home Helpers
376 Massachusetts Ave 02474
Arlington, MA 02474

Mr Handyman
186 Alewife Brook Parkway, Suite 304
Cambridge, MA 02138

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Donation Services

Big Brothers Big Sisters of Massachusetts Bay
75 Federal Street, 5th Floor
Boston, MA 02110

Big Sister Association of Greater Boston
161 Massachusetts Ave, 2nd Floor
Boston, MA 02115

Salvation Army
33 Myrtle Street
Waltham, MA 02453

Salvation Army
402 Massachusetts Ave
Cambridge, MA 02139

Vietnam Veterans of America

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Bryant Electric
Belmont, MA 02478

Cambridge Electrical Contractors
120 Hampshire Street
Cambridge, MA 02139

Frizzell Electric
26 Dudley Street
Arlington, MA 02476

Gibbons Electric
189 Broadway
Arlington, MA 02474

M W Burns
18 Canal Street
Medford, MA 02155

Prime Electrical Corp
14 Hemlock Lane
Bedford, MA 01730

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American Fence and Landscape
135 Swanton Street
Winchester, MA 01890

Carli Fence Company
70 Union Street
Medford, MA 02155

Ideal fence
370 Pleasant Street
Watertown, MA 02472

Reliable Fence
283 Salem Street
Woburn, MA 01801

Walpole Woodworkers
767 East Street, Route 27
Walpole, MA 02081

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Fireplace – see Chimney


Abble's Hardwood Flooring

617-593-1680 / 888-818-2180 / 617-593-1680

Atlas Floor Service
172 6th Street
Cambridge, MA 02142

Artisan Hardwood Floors

The Floor Sanders
214 Lincoln Street
Boston, MA 02134

Tuan Floor Service
installation, staining, sanding, refinishing, repairs
C:  617-407-2060
T:  781-598-8388


Roma Tile
400 Arsenal Street
Watertown, MA 02472

Waltham Floor Covering
100 Maple Street
Waltham, MA 02453

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Garage Doors

Collins Overhead Doors

Precision Door Service
630 Silver Street
Agawam, MA 01001

S & S Overhead Door Co
124 Farnum Road
Waltham, MA 02453

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Gutter Clean/Repair

American Gutter Cleaning and Installation
160 Main Street
Tewksbury, MA 01876

New England Gutter Kings, Inc
21 Progress Ave, Unit 7
Chelmsford, MA 01824

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Handyman Repairs – see Contractors, small repair

Heating – see Plumbers

Home Inspectors

Boston Home Inspectors
1326 Columbia Road
Boston, MA 02127

Clayton Home Inspection, Inc.
P.O. Box 100
Maynard, MA 01754

Galeota Associates
150 Highland Street
Townsend, MA 01469

Jackson Home Inspection
PO Box 900
Medford, MA 02155

Mt Vernon Inspection Associates
25 Pine Island
Newbury, MA 01951

National Home Inspection Service of New England
280 Islington Road
Auburndale, MA 02466

R. J. Inspections, Inc
270 Lawrence Street, Unit 2
Methuen, MA 01844
978-681-8759 or 800-253-4402

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House Cleaners

AA Environmentally Safe Cleaning
1770 Massachusetts Ave
Cambridge, MA 02140

JC Cleaning Service
Everett, MA

LTC Cleaning Company
47 Harrington Ave
Concord, MA 01742

Maintenance Systems
95 Bartlett Street
Somerville, MA 02145

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H&K Insurance
Watertown, MA 02472


Deland Gibson Insurance
36 Washington Street
Wellesley, MA 02481

O’Donoghue Insurance
90 Summer Street
Arlington, MA 02476
781-646-9300 or 617-878-4860

W. T. Phelan Insurance
63 Trapelo Road
Belmont, MA 02478

617-484-4600 / 617-876-0876 / 781-861-0200 / 617-923-9607


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Junk Removal

John Ahearn
6 Fairlawn Lane
Lexington, MA 02420

1-800-GOT-JUNK  (1-800-468-5865)

Tiger Dumpster
74 Myrtle Street
Melrose, MA 02176
1-800-413-1604  /  781-665-7017

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ArborCare Tree Service
11 Fowle Street
Woburn, MA 01801

Craig’s Landscaping
70 Bow Street
Arlington, MA 02476
781-643-3841  /  781-721-3400  / 781-862-1300


John’s Landscape Service Inc
30 Garden Street
Arlington, MA 02474


Tibbets Landscaping
15 University Ave
Arlington, MA 02474


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Bonded Lock Service
PO Box 560156
West Medford, MA 02156
781-396-3443  /  617-492-6662  /  1-888-755.5625


Carlmont Lock
232 Lexington Ave
Cambridge, MA 02138


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E.C. Betts & Son




Bonanno Construction
239 Salem Street
Woburn, MA 01801


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Mortgage Companies


Leader Bank
Kevin Greeley
Arlington MA

Mortgage Options of America, Inc.
63 Shore Road
Suite 21
Winchester, MA 01890
John Sadowski

New England Fairway
Newburyport, MA 01950
Dan Ventura

Residential Mortgage Services
Brian Cavanaugh, Senior Mortgage Banker
91 Franklin Street, 1st Floor
Boston, MA. 02110
617-771-5021 Cell

Reliant Mortgage Company, LLC
George Koutsos
246 Andover Street, Suite 201
Peabody, MA  01960
781-864-0889 Cell



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Moving Companies

Careful Carriers
PO Box 49
Arlington, MA 02474

Gentle Giant
29 Harding Street
Somerville, MA
617-661-3333/800-giant men

Marathon Moving Company
129 York Ave
Randolph, MA 02368

Olympia Moving & Storage
17 Bridge Street
Watertown, MA 02472

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Abe Schickel & Co
100 Galen Street
Watertown, MA 02472
508-655-1577  /  617-924-0438


Coelho Contracting Inc
872 Fellsway
Medford, MA 02155

Orcutt Painting Co
114 Greenwood Avenue
Wakefield, MA 01880

Tom Sawyer Painters
337 W. Newton Street #4

Waltham, MA 02453


Tom Curren Companies
225 Riverview Avenue
Auburndale, MA 02466


Viglirolo Painting
23 Cowdoin Street
Belmont, MA 02478

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Paint Consultants / Decorative Painting

Two Marys Painting

Mary Danylik & Mary Doherty
781-724-7958  /  617-803-1618



DePrimeo Paving
PO Box 207
Arlington, MA 02476

Nashoba Paving Co
29 Quarry Road
Acton, MA 01720




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Pest Control and Inspection

Best Pest Control Services

63A Elm Street
Somerville, MA


Cambridge Chemical
58 Dudley Street
Cambridge, MA 02140


Integrated Pest Control
991 Worcester Road
Natick, MA 01760
508-653-0221 /  800-794-0225




Patrick Hourican Plastering
11 Bailey Road
Arlington, MA 02476

Orcutt Painting Co
26 Pleasant Street
Wakefield, MA 01880

Trecartin Plastering
106 Pine Hill Cir
Waltham, MA 02451

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45 Brighton Street
Belmont, MA 02478


Lucy Company
236 Trapelo Road
Belmont, MA 02478

Mike Richard Plumbing and Heating

18 Harvard Place
Waltham, MA 02453

Papalia Plumbing and Heating
25 Powdermill Road
Acton, MA 01720

Sedens Plumbing & Heating Inc
5 Eustis Street
Saugus, MA 01906



Winters Company
67 Smith Place #11
Cambridge, MA 02138

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Pool Inspection

The Pool Professor
John McColley
6 Pine Avenue
North Reading, MA 01864


Radon Removal

NE Radon Doctors
Ed Lewis
860-478-5234 or 877-NERADON
w:NE Radon

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Duffy Roofing Co
2281 Dorchester Ave
Boston, MA 02124


Marcello Roofing & General Service
20 Augustus Street
Revere, MA 02151


Premiere Roofing and Remodeling
114 Marrett Road
Lexington, MA 02421


R. P. Farina Roofing Company
104 Standish Road
Watertown, MA 02472
781-648-5446  /  617-381-1837


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Senior Services

Assisted Living Directory (Research, evaluate & compare your senior living housing options)

Home Instead Senior Care
5 Militia Drive
Lexington, MA 02421

A Thoughtful Move, LLC


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Septic Systems

ABC Cesspool Company
292 High Street
Acton, MA 01720
978-263-5802  /  978-897-6411


J Redmond Corporation
3 Rex Lane
Acton, MA 01720



Structural Engineers

David Brosnan
Structural Integrity Engineering
11 Salem Street
Medford, MA 02155

Davidson Engineering, Inc.
241 Mount Vernon Street
West Newton, MA 02465
617-965-6400  /  617-957-6400


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Medford Engineering and Surveying
15 Hall Street
Medford, MA 02155





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Buy with Avenue 3 Real Estate

 Finding a property to buy  Find your Home

It is not just about the number of bedrooms and baths, your perfect home may need morning light, room for an herb garden, high ceilings or space for three bicycles! Choosing the community that surrounds your home is critical as well. Consider commutes, green spaces, shops and restaurants as well as community investment. Working with your Avenue 3 Agent, you will be able to garner more information about properties and communities as you refine your search.


 Working with an Avenue 3 Exclusive Buyer's Agent     Customize your Agent Relationship

Is this the first time you are purchasing? Are you buying and selling at the same time? Are you in a hurry to buy or are you just getting to know the market? Do you want help with general market updates, mortgage information or contract review? Each buyer requires a different agent relationship to best serve their needs. Avenue 3 Agents will tailor their service to your specific needs, giving you the best chance for success!


Buying a home in MA      Rely on your Buyer's Agent

There is incredible value in a buyer agent working in your best interest throughout the process of your home purchase. Local, experienced agents with Avenue 3 can keep you up to date in the market, advise you on market timing, shifting values and mortgage rates. Having seen many of the properties that have sold, they will be able to discuss comparable values with you and give you more confidence in any offer you choose to make. You can learn more about agency relationships with Buyer Agency Explained or contact your Buyer's Agent to guide you through the complicated and changing market to your new home. 

Property Ownership in MA   Prepare to Succeed

Begin the process by educating yourself to be the most informed buyer you can be.  Download our "Buyer Kit" today to learn about the process, contracts, timelines, and avoidable pitfalls of buying a new home.  If you choose to work with an Avenue 3 agent in your search for a new home, you should prepare to succeed! Have a moving company in mind and start cleaning out the closets, your new home awaits. Start with Avenue 3 today!






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MA Real Estate Contracts

A real estate transaction comes with a full array of disclosures, disclaimers and contracts. You can prepare for buying or selling by reading these forms before you begin your process.  With a simple email address, you can download our Forms Kit for Buyers or our Forms Kit for Sellers.  Should you have any questions, please contact us and we will happily review any form with you.



  • Massachusetts Mandatory Licensee Consumer Relationship Disclosure
  • Buyer Representation Agreement
  • Offer to Purchase
  • Addendum to Offer to Purchase
  • Massachusetts Property Transfer Lead Paint Notification
  • Sewage Disposal Contingency Addendum
  • Massachusetts Home Inspector Facts for Consumers 


  • Massachusetts Mandatory Licensee Consumer Relationship Disclosure
  • Agreement for Exclusive Right to Sell
  • Massachusetts Property Transfer Lead Paint Notification
  • Sewage Disposal System Contingency Addendum
  • Sellers Statement of Property Condition
  • Condominium Checklist  
  • Offer to Purchase
  • Addendum to Offer to Purchase




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MA Real Estate Glossary

Learning the language of real estate is an important first step in the home buying and selling process. The following glossary will provide you with helpful explanations of common Massachusetts real estate terms.


Adjustable Mortgage Loans:  Mortgage loans under which the interest rate is periodically adjusted. The amounts and times of adjustment are set at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Rate Mortgages (ARMs), Flexible Rate Loans and Variable Rate Loans.

Amenity: A feature of a home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural ( such as location, woods, water) or man-made ( such as a garden or patio).

Amortization:  Payment of a debt in equal installments of principal and interest, rather than interest-only payments.

Annual Percentage Rate (A.P.R.): The yearly interest percentage of a loan, as expressed by the total finance charge actually paid (interest, loan fees, and points). The A.P.R. is disclosed as a requirement of federal truth in lending statutes.

Appraisal: A document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.

Assessed Value: The valuation placed on a property by a public tax assessor for purposes of taxation.

Buydown: A payment to the lender from the seller, buyer, or third party, or some combination of these, which causes the lender to reduce the interest rate during the early years of the loan.

Buyer's Agent: An agent who represents the buyer and owes fiduciary duties to the buyer

Cap: In adjustable rate mortgages, the limit on how much the interest rate or monthly payment can change.

Client: The party for which professional services are rendered. In real estate, a buyer or seller to whom an agent owes all the fiduciary responsibilities of obedience, loyalty, disclosure, confidentiality, accountability and reasonable care.

Closing: The final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed. Closing Statement: The statement which lists the financial settlement between buyer and seller, and the costs each must pay to close the transaction.

CMA: CMA, or Comparative Market Analysis, is a comparison of homes similar to a seller's home in terms of size, style, features, and location that has sold recently or are on the market.

Condominium: A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title.

Contingency: Commonly, a stated event which must occur before a contract is binding. For example, a home sale may be contingent upon the buyer obtaining financing.

Deposit: A portion of the down payment given by the buyer to the seller or escrow agent with a written offer to purchase to show good faith.

Designated Agency: A brokerage practice whereby the Designating Broker assigns or designates a single agent to be the sole representative for a buyer or a seller. As such, no other agents of the firm will represent the buyer's or seller's best interests.

Designated Agent: A real estate licensee who as been appointed by a Designating Broker to be the sole and exclusive representative for a buyer or seller.

Down Payment: Cash portion of the purchase price paid by a buyer from his own funds as opposed to that portion which is financed.

Dual Agent: An agent representing both the buyer and the seller in the same transaction.

Dual Agency: The occurrence of an agent representing both the buyer and the seller in the same transaction. In this arrangement, the dual agent will not be able to satisfy all of his fiduciary responsibilities to either party

Escrow: A procedure in which a third (neutral) party holds all funds, documents, etc. necessary to the sale, with instructions from both buyer and seller as to their use and disposition.

Equity: A home owner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owned on the mortgage and other liens.

Exclusive Listing: A written contract that gives a licensed real estate agent the exclusive right to market a property for a specified period of time.

FHA Loan: A loan insured by the Federal Housing Administration, a part of the Department of Housing and Urban Development. FHA insurance enables lenders to loan a very high percentage of the sale price.

Fiduciary Relationship: A relationship of trust and confidence, as between trustee and beneficiary, attorney and client or principal (client) and agent.

Graduated Payment Mortgage: Referred to as GPM, is a mortgage with initial low monthly payments which gradually increase over a specified period of time.

Green Glossary: A glossary of real estate related environmental terms.

Hazard Insurance: Otherwise known as homeowners insurance. This is a usual requirement of a mortgage lender and an advisable safeguard for any homeowner to protect against loss.

Home Inspection: A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included in a contingency by the purchaser.

Home owner's Insurance: An insurance policy that combines protection against damage to a dwelling and its contents with protection against claims of negligence or inappropriate action that results in bodily injury or property damage

Index or Rate Index: A measure of interest rate changes used to adjust the interest rate of an Adjustable Mortgage Loan. Example: the change in U.S. Treasury securities (T-bills) with a 1-year maturity, based upon their weekly average yield.

Lien: A legal claim or charge on property as security for payment of a debt or for the discharge of an obligation.

Loan-to-Value Ratio: The ratio - expressed as a percentage - of the amount of a mortgage loan to the appraised value or selling price of the property.

Lockbox: A key storage system placed on a home entrance that is accessible only by active, licensed real estate agents who must abide by a strict set of guidelines when showing a seller's home.

Margin: In Adjustable Rate Mortgage Loans, the number of percentage points the lender adds to the index rate to determine the new interest rate at each adjustment.

MLS: MLS stands for multiple listing service, a data sharing service of cooperating members that facilitates the sale of each others listings.

Offer: Indication by a potential buyer of willingness to purchase a home at a specific price, terms, and conditions, generally put forth in writing.

PITI: Principal, Interest, Taxes, and Insurance. Used to indicate the four major items included in a monthly mortgage payment.

Points: A fee charged by a lender as a service charge or as an amount needed to make the yield on a mortgage competitive with other types of investments. Each point represents 1% of the loan amount.

Principal: Amount of debt, not including interest; the face value of a loan.

Private Mortgage Insurance: Insurance issued by a private company against a loss by the lender in the event of default. Private mortgage insurance is generally required for conventional financing whenever less then 20% is put down.

Purchase and Sale Agreement: A detailed written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

Real Property: Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

Second Mortgage: A mortgage which ranks after the first mortgage lien in priority.

Seller's Agent: An agent who represents the seller and owes a fiduciary duty to the seller.

Settlement: Same definition as closing.

Survey: A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

Title Insurance: Insurance against loss resulting from defects of title of public records.

Underwriting: The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and judgment of the property value.

VA Loans: Loans partially guaranteed by the Veteran's Administration, enabling veterans to buy a home with little or no down payment.

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Avenue 3 Better Buyer Kit

The Avenue 3 Better Buyer KitIt is free, it is for you, and it will help! The Better Buyer Kit offers you years of experience at your fingertips.  The kit will answer many questions and help you prepare for the transaction ahead.   Read it through or keep it as a reference throughout your buying process. 




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Buyers: Search l Prepare l Purchase


The buying process is complex, use the tools below to become a buyer with an edge on the competition! 

Buying a home in the Boston Metro West areaSearch and Prepare:

Agency Explained for Buyers - learn who is really working for you

Contact your local Avenue 3 Agent - give yourself the advantage of working with an Avenue 3 Agent

Mortgage Preapproval - don't leave home without it

Open House Checklist - learn what to look at while others are looking at the refrigerator

The Better Buyer Guide:

              - Get your Credit Report in Order

              - Timeline to Purchase

              - What does it Cost to Buy

Buying a home with Avenue 3Purchase:

Real Estate Forms for Buyers - see actual contract samples before you are signing

Service Providers List - local Contractors including Attorneys, Home Inspectors and Movers

The Better Buyer Guide:

             - Negotiating an Offer

             - Home Inspections

             - Choosing a Mortgage


Helpful Avenue 3 Blogs:

3 Multiple Offer Mistakes to Avoid

8 Things You Need to Know Before Buying a Condo in MA

Buying a Home in MA? Watch for New Flood Zones

So What are Open Houses Anyway

6 Things to look at Before Buying a Home in MA

5 Tips on How to Win in a Multiple Offer Situation

Prepare for Buying a Home - Tricks to Improve Your Credit Score


   Avenue 3 Advantage:

Contact Us today to help guide you in your home buying process tomorrow!



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