I am thrilled to be sharing this Q&A with you on the mortgage process featuring the highly-successful and respected Bridget K. Thomsen, Senior Loan Officer for Mortgage Master, who works throughout Massachusetts and the New England Area to meet the diverse needs of current and future homeowners.  With almost a decade of experience in the financing industry, Bridget has been recognized in Mortgage Originator Magazine’s prestigious Top 200 Originators List for the past 9 years, and she has established herself as a specialist in creating beneficial borrower alternatives through diversified product offerings.  In my opinion, Bridget has been able to set herself apart from the rest through her dedication to spending more of her time focusing on the needs of her clients, her commitment to offer that extra “personal touch” and her philosophy that she treat each and every customer as she would want to be treated herself, recognizing she is only as successful as her last transaction….

If you are in the midst of searching for a home to buy – or just about to start the journey – I am confident that Bridget’s insightful and knowledgeable answers to the questions below will help you as you navigate this purchasing process.

1. Pre-Approval Letter – What is a pre-approval letter, and what does a buyer need to provide in order to get one?

A pre-approval letter is best described as a preliminary “screening” for a candidate looking to purchase a home. It is not a loan commitment. You need a full home appraisal before a commitment can be issued along with verification of income/assets/taxes/insurance, etc. The pre-approval process is simple, and you need to provide the following information to obtain one:

• The authorization to pull credit form must be signed and emailed or faxed back to me (see my contact information below)
• Applicants full name(s)
• Contact #s and email address
• SSN(s)
• DOB(s)
• Current address (do you currently rent or own?)
• Income (gross)?
• Assets (liquid and non-liquid)?
• Any other real estate owned?
• If you currently own, do you intend to sell prior to or simultaneous to a purchase?  If not, we need tax and insurance information on all real estate owned.
• Estimated purchase price of new home (condo or single family? What state?)
• Amount of cash you plan to put down (indicate where funds are coming from i.e. savings, gift, proceeds from sale of current home)
• Estimated taxes and insurance costs on the new purchase property

Once this information has been collected, a pre-approval letter can be generated and issued, and it is good for 90 days from the date of issuance.

2. Mortgage Commitment Process – Can you explain the process of getting a mortgage commitment? What goes into the process, and how long does it usually take?

A mortgage commitment is a formal loan approval and a guarantee that Mortgage Master will make your loan. The process begins by completing a Uniform Residential Loan Application (this can be done over the phone in 15-20 minutes). Once the application is complete and credit has been checked, the loan is processed, and you will receive a secure doclink via email, including the mortgage application and disclosures for you to sign and return along with the following documents:

• Legible photo copies of your driver’s licenses
• 2009 and 2010 tax returns (all schedules and attachments) along with accompanying W-2s and K-1s if applicable
• Two (2) consecutive pay-stubs covering a 30-day period and showing year-to-date earnings
• 30 days of bank statements. Please be sure to include all pages for each statement. Also, make sure that any pdf or e-statements clearly show your name and account number.  (A web screen shot with no name on it isn’t acceptable, and please note that any large deposits greater than $500 must be sourced – no exceptions.)
• Copy of current mortgage statement and a copy of a recent tax bill on your home (if you are not selling prior to or at the time of closing)
• Name and contact of someone at your employer who can verify your employment
• Name and Phone #s of buyer’s and seller’s real estate agents and attorneys
• Copy of fully-executed purchase and sales (P&S) agreement along with a copy of any and all deposit checks written in connection with the new purchase property

Here are the basic steps we go through to complete the mortgage commitment process:

• STEP 1: Compile a complete and accurate loan application and pull credit
• STEP 2: Lock in mortgage rate and order an appraisal ($500 deposit required at this stage – fully refunded at closing and retained if applicant w/d prior to closing)
• STEP 3: Disclose mortgage application and rate/term of the mortgage (via state and federal disclosures) – send checklist of items needed for approval
• STEP 4: Collect all income/asset/liability documentation along with all the signed disclosures and mortgage application
• STEP 5: Verify income/assets/liabilities – matching income/asset and liability documents to make sure they match the mortgage application
• STEP 6: Review appraisal for value and accuracy
• STEP 7: Submit the loan to underwriter for approval
• STEP 8: Follow up and provide any missing conditions as requested by underwriter
• STEP 9: Issue mortgage commitment
• STEP 10: Schedule and go to closing

In terms of the time it takes to get a mortgage commitment, this is dependent on how fast the applicant can get the documentation in and how long the appraiser takes to complete the report. Once we have a complete file, it typically takes 2-4 weeks to close the loan. We are closing purchase loans in 30 days from the time of application.

3. Home Appraisals – Can you explain the home appraisal process, and how long are they considered ”good” or relevant?  And are lenders now requiring two appraisals?

An appraisal is ordered on day 1 – as soon as the application is complete and unless otherwise instructed by the applicant or by the realtor. It typically takes a week to 10 days before we receive a complete report.  The appraisal is considered relevant for 90 days.

Two appraisals are required on all jumbo loans (greater than $625,000), and often times due to the market decline, an underwriter will request either a field review of the first appraisal or a second appraisal if they are not comfortable or confident in the data used in the first report.

4. Credit Score – What sorts of things influence your credit score?

Timely mortgage payments constitute the #1 influence on your credit rating. You miss one and your score will suffer; you make them consistently on time and your credit score will soar. Any late payments will negatively impact your loan and will stay on your credit for 7 years….

5. Closing Costs – What can a buyer expect in terms of closing costs?

Depending on points or rate options … I always say the more you pay, the lower the rate. We do offer ‘no closing cost’ options (in exchange for .125% higher rate). The closing costs are based on the loan amount for which you apply – approximately ½ – 1% of the loan amount, e.g. $300,000 loan amount = approximately $3,000 in closing costs.

Thank you, Bridget (pictured here), for all of your wise and informative answers to and thoughts on the mortgage process, which I know any home buyer (and probably home sellers too for that matter) will find valuable.  If you’d like more information on financing matters or have specific questions, Bridget can be reached at (508) 850-4273 (office), 617-966-6633 (cell), (508) 355-2570 (fax) or bthomsen@mortgagemasterinc.com.

If you were to poll a group of children and adults and ask what food item (not dessert) they love more than any other, my guess is that the majority answer would be a resounding P-I-Z-Z-A.  In our house, it’s definitely the answer.  After all, what better to serve for a Friday night family dinner, when having multiple kids over for dinner, on nights when you don’t have time to cook or, for that matter, on any given night of the week?  Because it is such a popular, tasty food, I have done some research on the topic…. More specifically, I have compiled my own experiences and interviewed my friends, and here’s what I have on this delicious subject and where to go for it:

Framingham

• North End Treats, 661 Cochituate Road, (508) 620-6836 – my friend, Linda, says the pizza and the desserts here are delicious.  And it’s conveniently located right by the Natick Mall.
  

Natick

• Natalie’s Italian Kitchen, 319 N. Main Street, (508) 653-8603 – Landis says her daughter loves the fresh bacon on their pizzas, and they definitely deliver even to those of us in Weston, which is always a plus.  Check out the coupons online too.

Needham

• Stonehearth Pizza Co., 975 Great Plain Avenue, (781) 433-0600 – Laura loves this pizza place because of its gluten-free choices.  Its flagship location is in Belmont, and there are restaurants in Allston and Cambridge as well.

Waltham

• Anna’s Pizza House, 873 Main Street, (781) 899-7810 – Madelaine tried Anna’s because she is partial to the name and has been “hooked” ever since.
• Bertucci’s Italian Restaurant, 475 Winter Street, (781) 684-0650 – my favorite pizza is on the Bertucci’s menu – the Sofia, which has a unique topping combination of roasted artichoke spread, sausage and fresh thyme….  And to me, the Bertucci’s pizzas are overall the best in this area.   We tend to do take out from the Wellesley location (see below) more than from the Waltham location just because it’s closer to where we live.  And Bertucci’s has also added a delivery service option.  Audrey and Madelaine also tell me that Bertucci’s is a favorite of theirs as well.
• Uno Chicago Grill, 155 Bear Hill Road, (781) 487-7177 – when I was in my 20′s, the deep-dish Uno pizzas were my favorite.  Of course, you can get thin-crust pizzas and so much more  too.  And Laura likes Uno’s because its menu also includes gluten-free options.
• The Upper Crust Pizzeria, 435 Moody Street, (781) 736-0044 – this has great, thin-crust pizza, which only one of my children likes so we don’t end up ordering from here frequently.  If you are planning to use take-out, call well in advance of when you want the pizza because delivery usually takes quite a while – at least that has been my experience.

Wellesley

• Bertucci’s Italian Restaurant, 380 Washington Street, (781) 239-0990 – as mentioned above, I tend to frequent this location rather than the Waltham location just because it’s closer to where I live.
• California Pizza Kitchen (a.k.a. CPK), 183 Linden Street, (781) 416-3690 – this is a great place to take the kids for dinner.  They love the pizza, and the adults can eat a variety of other tasty dishes.  My favorite is the BBQ Chicken Chopped Salad.  With a menu that tailors to both kids and parents, CPK offers a fun, yummy destination and evening for the whole family.
• Domino’s Pizza, 868 Worcester Street, (781) 235-6800 – no matter what, the kids always love Domino’s.  I have never met a child who said “no” when Domino’s take-out was mentioned.  The pizza tastes dough-y to me (which I like), and it’s always reliable.
• Old School Italian Pizzeria, 552 Washington Street, (781) 235-8300 – my friend, Rob, who grew up in Wellesley, knows the owners from his youth, and he raves about this pizza.  He says it’s the best “by a long shot – hands down.”  My office is located across the street from Old School so we tend to order this tasty pizza when we have fun lunches in…..
• Papa Gino’s Pizzeria, 254 Washington Street, (339) 686-2526 – Audrey says she was “thrilled” when Papa Gino’s opened recently in Wellesley.  She loves something in the spices they use.
• Peter’s Pizza, 57 Washington Street, (781) 489-3205/(781) 235-5011 – also located close to chez moi, we will sometimes get takeout from Peter’s mostly on Sundays when Wellesley North End Pizza (see below) is closed.
• The Upper Crust Pizzeria, 99 Central Street, (781) 235-5011 – in addition to the Waltham location mentioned above, there is also one in Wellesley center.
• Wellesley House of Pizza, 19 Washington Street, (781) 237-1331 – my Mom especially likes the veggies they use here, and it’s also located quite close to me (and close to Peter’s Pizza and Wellesley North End Pizza too.  In fact, I’m almost thinking this section of Washington Street should be called, “Wellesley’s Pizza Alley.”
• Wellesley North End Pizza, 7 Washington Street, (781) 237-3388 – this is my kids’ all-time favorite.  They LOVE Wellesley North End Pizza…so much so that when I call to order, they greet me by my first name.  And despite being in Wellesley, they deliver to Weston (at least parts if not all of Weston).

Weston

• Theo’s Pizzeria and Grill, 456 Boston Post Road, (781) 893-1377 – my friend, Kate, loves to frequent this yummy pizza place, which is conveniently located right in Weston Center.

These are some of our thoughts (and thanks to my fabulous friends for their input) on awesome pizza eats in the burbs.  What do you think?  Are your favorites included above?  If not, please share your ideas of great pizza places, and as soon you do, I will update the list with your suggestions and ideas.  I can’t wait to hear….

Time again for my twice-monthly Pinnacle Report covering the Weston, MA real estate market….  We’re back in Weston, enjoying the last nine days before the kids go back to school on August 31.  In fact, today we went to the Weston Town Pool (pictured above), which is such an incredible community asset.  With its large shallow end, watering mushroom, diving board and lap lanes, the pool appeals to kids and adults of all ages.  There is also a water park/activity section, massive sand box, picnic tables, snack bar and loads of chairs to place in either the sun or the shade.  But keep in mind that the pool will be closing for the season this Sunday, August 28, so if you haven’t had a chance to venture there this summer, you have a few more days to do so….

Now on to the market recap.  In the last two weeks in Weston, six single-family homes came on the market and five sold.*  We continue to see  our overall inventory (103) decrease slightly as it has been doing throughout the summer months and approximately 30% of our listings priced above $2.5 million.  We await the Fall market, which will begin in early September.  In the meantime, enjoy these last weeks and fleeting days of summer.

To fully enjoy all of the market stats, please click Weston Pinnacle Report 8-8-2011-8-21-2011 for the details.

* Sold means “pending/under agreement” and not yet closed.

Tomorrow – Monday, August 22 at 8 a.m. – is the grand opening of the new and expansive Whole Foods Market in Wellesley.  Located at 442 Washington Street, this is the former site of Star Market, Brooks Pharmacy and Tian Fu Restaurant.  And instead of having a ribbon-cutting ceremony as part of the festivities, the natural and organic supermarket chain will be having a “bread breaking ceremony,” which couldn’t be more perfect.  What better way to kick off the opening than with bread breaking and eating, especially to those of us who once knew the market as Bread & Circus.

But I digress….  The store will be open from 8 a.m. to 9 p.m. daily, except holidays.  And what will happen to the other Whole Foods location, 278 Washington Street in Wellesley Hills?  It officially closed today at 4 p.m. and will be relocating to the new store.  Click here for more details on the store opening and all of the store specifics.  I can’t wait to check it out, but honestly, I might wait a day or two as I was there today – prior to the store having opened its doors – and the parking lot was full, and there were cars and people milling about everywhere.  It could be a zoo there tomorrow, but I’m quite exited to venture there soon….

How about you?  Is this new Whole Foods a good thing in your book?  I can’t wait to hear…..

One of the things that made our trip to Montana last week so fun was all of the firsts that we experienced when we were out there, and I wanted to share them with you….

• First time to Montana - I had been to Montana before when I was 14 and traveling with my sister and two of her recently-graduated college friends (can you believe how lucky I was to have had that kind of experience as a teenager?), but the kids had never been there so this was a first for them.  And it was my first time back in over 30 years (yikes).
• First time to the Bigfork Art Festival – once we arrived in Bigfork, we went straight to the Bigfork Art Festival.  Jewelry, clothes, handbags, chachkas, music, food – all of the usual art festival items were displayed and for sale.
• First time tubing – prior to this trip, I had never been tubing ever in my life (and neither had my youngest), and the day I first went, I tubed six different times (see photo).  I must say that my head, neck and shoulders were feeling a bit pained after that first day.  No complaints, though, because it was a blast.
• First time water skiing - this was so exciting.  My eldest daughter really wanted to try her luck at water skiing (she loves snow skiing), and so she tried and tried (probably about 3 times), and then she got up.  I was so proud of her.  As soon as she got back in the boat, she asked me if I was going to blog about her water skiing feat, and I promised her I would.  My nephew got up as well, and we were all hollering and cheering for them.  A good time was had by all to say the least.
• First time fishing – this was the first time fishing for some of the kids.  And the fun of it was that we were able to fish right off our dock.  Unfortunately, we only had one catch – a tiny Brook Trout, caught by none other than our own Brooke, but we had to throw it back because it was a tad small.  
• First hike at the Jewel Basin Hiking Area - this was the first and longest hike I have ever taken with the kids – 6 miles round trip.  I was so proud of them, and there weren’t too many complaints, which was a good thing (major understatement).  We hiked up to the Twin Lakes (see photo), but actually we had to go to the overlook because the trail itself was still covered in snow - Montana had a hard winter too.
• First time to visit Glacier National Park – no one in my immediate family had been to Glacier so this was the first time for us to experience Glacier, its gorgeous mountains, the Going to the Sun Road, Logan Pass, the Columbian Ground Squirrel (much cuter than the East Coast version in my opinion), the Weeping Wall and much more.  As I mentioned in my Bear Rules and Facts post, it was also our first time on the Red Bus.  Built in the 1930s and then renovated by Ford in 1999/2000, these vintage buses hold 17 passengers and serve as a reminder of what it was like to travel through Glacier eighty years ago.  Our Red Bus took us from the Lake McDonald Lodge on the Going to the Sun Road to Logan Pass.
• First time to go horseback riding- this was not a first for me - though I think the last time I went horseback riding I was about 10 years old – but it was a first for the kids.  They loved it, and they looked so completely adorable, especially in the bandanas Grammie provided….  Once we got to Artemis Acres Paint Horse Ranch in Kalispell, it took us about 30 minutes to get saddled up (see photo).  We then went on an hour’s ride followed by a cowboy’s lunch, hosted by owner Cecil Noble, of hot dogs, hamburgers, macaroni salad, potato salad, oatmeal raisin cookies and smores cooked over the open pit fire.  It was an awesome outing and adventure.
• First time to eat huckleberries – I had never even heard of a huckleberry much less eaten one.  And in Montana, as it turns out, you can get anything huckleberry – yogurt (I tasted some of this at the kids’ favorite ice cream cafe, Bear Food, and I can attest that it was fabulous), maple syrup, jelly beans, licorice, jelly (also excellent), honey, smoothies, cream and on and on.  Mom gave me a jar of the jelly to bring home so I am using it for our PB&J sandwiches.  And guess who else likes to eat huckleberries?  Yep, the bears love this fruit, and huckleberries are a big part of their diet.
• First birthday celebrated in Montana - I have celebrated my birthday in some amazing places, but this was the first time celebrating in Montana.  The festivities included boating on Flathead Lake, tubing and water skiing, going out for lunch and shopping in Bigfork.  The day culminated with a celebration at our home away from home at Swan Shores Lodge (see photo).  It was a truly special birthday….

Did you have some fun vacations this summer?  And were any of them trips with a whole lot of firsts?  I can’t wait to hear….