Terrence Tully - Classified Realty Group

Posted by Terrence Tully on 3/14/2018

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 vs 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.

Categories: Uncategorized  

Posted by Terrence Tully on 3/13/2018

This Single-Family in North Reading, MA recently sold for $410,000. This Colonial style home was sold by Terrence Tully - Classified Realty Group.

11 GORDON ROAD, North Reading, MA 01864

West Village


Sale Price

Here's your chance to sneak into North Reading before the spring rush! Tons of potential in this three bedroom west side colonial set on a quiet corner lot (paper street). Versatile floor plan has much to offer and starts with Huge entertainment size living room which leads to den and office. Mudroom at side for easy kitchen access along with enclosed porch at rear which overlooks fenced back yard with in ground pool and Jacuzzi. Second floor includes three bedrooms and a cozy family room with gas fireplace. Detached garage at front of property, First floor laundry and a greenhouse! Easy access to nearby Route 93. Bring your ideas and make this home your own!

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Categories: Sold Homes  

Posted by Terrence Tully on 3/7/2018

If you're selling a home, having high quality photos is one of the most important things you can do to catch the eye of prospective buyers. Taking great photos, however, is something that requires a combination of frequent practice and knowledge of how your camera works. Sure, these days you can take a decent photo with an iPhone camera and be done with it. While that method is a good start, if you want to progress with your photography you'll eventually have to make the leap to a DSLR where you have more freedom to change exposure settings. I know what you're thinking. High quality photos means spending a ton of money on camera equipment, right? Fortunately, entry level DSLR cameras have become more affordable in recent years. To start taking great photos you'll only need four things: your DSLR camera, a tripod, a wide angle lens, and a place to practice your photography.

Step 1: Setting up

You'll want to set up the room with the right balance of furniture, decorations and natural light. Avoid decorations that are too personal (like family photos) or eccentric (no stuffed animals, preferably). Set up your tripod against one of the walls of the room. Ideally, you'll have the target of your photo illuminated by natural light coming through windows, so you'll likely be standing in front of or next to the windows. However, before you take any photos use your best judgment to determine the room's best angles. The amount of and the placement of furniture will play a large role in how spacious the room looks, but equally important is the camera angle from which you take your photos.

Step 2: Learn your camera settings

You won't learn all of the settings in a DSLR overnight, but it is important to get an understanding of the basics. In spite of the many technical improvements that have been made, the basic concept of a camera hasn't changed much over the years. The two main components that determine what your picture looks like are aperture and shutter speed. Aperture (or "f-stop") is what is used to determine how much light enters the camera. Much like your pupils dilate in the dark to let in as much light as possible, having a wide aperture will allow you to take brighter photos. Shutter speed is the amount of time the shutter on your camera is open. A slower shutter speed allows more light into the camera, creating a brighter exposure. However, due to our inability to hold a camera entirely still having a slower shutter speed creates more opportunity for your photo to become blurred from camera shake. A third important setting is the ISO. This setting is unique to digital photography because it controls the sensitivity of the camera's image sensor. The higher the number, the more sensitive. Why not just crank it up all the way then to get the best quality? Because if you set it too high the photos become grainy or "noisy."

Step 3: Practice

Now that you know the basics, start taking photos in your home using various camera settings. Play around with taking photos with different light sources on, with your camera flash on and off, and at different times of day. You'll find that there are endless possibilities when it comes to taking photos of your home.  

Tags: Real Estate   home  
Categories: Uncategorized  

Posted by Terrence Tully on 2/28/2018

Everyone uses a slightly different set of guidelines when it comes to food safety, but some people's standards are a bit more "flexible" than others. The perfect example is the so-called "five second rule." If you're not familiar with it, that "rule" states that if you drop food on the floor (or ground) and pick it up within five seconds, then it's safe to eat!

In some cases, you can wash and safely eat food that has fallen on the floor, but it depends on the condition of the floor and what type of food you're dropping. While some mothers may jokingly say, "My kitchen floor is so clean you could eat off it," eating food that has fallen on the floor can be somewhat risky.

Although the 5-second-rule has its humorous side, food safety is a very serious subject. Making sure that perishable food is properly prepared, cooked, and refrigerated is one way to help keep your family healthy. There's also a psychological benefit to being careful with food safety: When you and your family know that your food is fresh, safely stored, and properly prepared, it helps give you peace of mind and makes mealtime more of a pleasurable experience.

Basic Food Safety Tips

One way to keep track of food freshness is to pay attention to expiration dates and other information printed on food labels. Another step involves putting your own labels on perishable foods and leftover food containers. "When in doubt, throw it out," is also a good policy to consider.

The U.S. Department of Health & Human Services (DOH) offers a number of helpful food safety guidelines to keep in mind and discuss with your family. To reduce the chances of cross-contamination and harmful bacteria growing on food, the agency recommends the following practices:

  • Wash hands for 20 seconds before preparing food
  • Wash food preparation surfaces, utensils, and cutting boards after each use
  • Wash the outsides of fruits and vegetables to help remove bacteria and other impurities
  • Promptly refrigerate food and follow recommended storage times and refrigeration temperatures
While there are a lot of safeguards to be aware of when preparing, handling, and storing food, the DOH breaks it down into four easy-to-remember categories: "clean, separate, cook, and chill." A couple related topics worth researching and keeping in mind  are minimum cooking temperatures for meat and recommended refrigerator storage times for perishable food (often three to five days).

As an afterthought, the other advantage of putting dates on your food packages and leftover containers is that you avoid wasting food by throwing it away prematurely.

Healthy food preparation and storage does involve heightened awareness and sometimes creating new habits, but preventing food poisoning and other digestive ailments in your family is well worth the effort!

Posted by Terrence Tully on 2/23/2018

118 Boston Street, Middleton, MA 01949



A great place to call home! Looking to get into the market and get started in a desirable community? Nice one level ranch style home renovated in 2009. Three light and bright bedrooms with triple windows in each bring in the sunshine. Open kitchen/living area with vaulted ceiling makes it ideal for entertaining. Level, fenced back yard with room for the swing set and large deck for grilling, Great basement space with high ceilings has loads of family room potential. Parking for up to 4 cars and quick access to major routes from Route 62. Now is your chance!
Open House
February 25 at 12:00 PM to 1:30 PM
Cannot make the Open Houses?
Location: 118 Boston Street, Middleton, MA 01949    Get Directions

Categories: Open House