What to Know Before Applying for a Mortgage in Western Massachusetts

Buying a home is one of the biggest financial decisions most people make. If you’re thinking about purchasing in Western Massachusetts, preparing ahead of time can make the process smoother and less stressful. Here are four key areas to focus on before you apply for a mortgage.

Understand Your Credit Score

Your credit score plays a big role in determining the kind of mortgage you qualify for. Generally, the higher your score, the better your chances of securing a loan with favorable terms.

• Check your score early: Request a free credit report and make sure everything is accurate.
• Improve where you can: Paying bills on time, lowering credit card balances, and avoiding new debt before applying can help.
• Know the range: While every lender has different requirements, aiming for a score of 670 or above often improves your options.

You can get started by checking out Credit Score in your GCB Online or Mobile Banking!

Plan for Your Down Payment

A down payment is the upfront amount you put toward the purchase of your home. How much you’ll need depends on the type of loan and your financial situation.

• Typical ranges: Many conventional loans require around 20%, but there are programs that allow much less.
• Consider extra costs: Don’t forget closing costs, inspections, and moving expenses.
• Local options: Some community banks and programs in Massachusetts may offer assistance for first-time buyers.

Work with a Local Bank vs. National Lender

When choosing where to apply, consider the advantages of working with a community-focused bank right here in Western Massachusetts.

• Personalized guidance: Local lenders know the area and can walk you through the process step by step.
• Faster decisions: Instead of dealing with a large call center, you’re working with people who live and work in your community.
• Community investment: Choosing a local bank helps keep dollars in our region and supports a stronger local economy.

Take Advantage of First-Time Homebuyer Sessions

If you’re new to the homebuying process, attending an informational session can make a big difference. These programs, often hosted by GCB Mortgage Officers and Originators, walk you through everything from budgeting to closing.

Moving Forward

Buying a home in Franklin, Hampshire, or Hampden County doesn’t have to be overwhelming. By understanding your credit, planning your down payment, and choosing the right lending partner, you’ll be well on your way to finding a place you can call home.

Check out our events page to learn about upcoming First-Time Homebuyer events!