How will the higher Mortgage Rates affect your Buying Power?

We have been spoiled with mortgage rates over the last few years  as we saw the the 30 Year Fixed Rate get to the 2.50% range.  As we move forward in 2022, mortgage rates have already started to climb.  Rates are in the 4.00% to 4.25% range and we now have to adjust our purchasingContinue reading “How will the higher Mortgage Rates affect your Buying Power?”

Mortgage Document Checklist

Mortgage documents….not sure what that means?  Not sure what’s being asked of you to provide for your loan application?  The list of documents necessary to process your application is relatively short but it contains specific items that are needed. So, follow the steps/directions on the document checklist carefully and you will have a smoother andContinue reading “Mortgage Document Checklist”

The Home Buying Deal Killers

Buying a home is very exciting. However, nothing can be a bigger disappointment than finding out that your loan is denied before you are about to close your transaction! You’re a week away from having the keys to your new home and your loan officer calls to let you know that your loan was deniedContinue reading “The Home Buying Deal Killers”

Let’s Talk Credit: Understanding your Credit Score

Did you know? FICO is an acronym for Fair Isaac and Company. In the 1950’s, Fair Isaac and company created the mathematical calculation that is used to determine your credit score.  It is a tool that was designed to determine one’s credit score and dependability in paying bills. The terms credit score and FICO scoreContinue reading “Let’s Talk Credit: Understanding your Credit Score”

3% Down and No Mortgage Insurance on 2, 3 and 4 Family Homes

With the announcement from Fannie Mae of increased loan limits for 2019. Not only are the Fannie Mae loans benefiting, so are the MassHousing loans!  Did you know that Mass Housing (MHFA) loans are a safe and affordable alternative to FHA Mortgages.  Did you know the Mortgage Insurance for FHA never goes away!  Mass HousingContinue reading “3% Down and No Mortgage Insurance on 2, 3 and 4 Family Homes”

What are Closing Costs?

Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For buyers in Massachusetts, closing costs will come to about $3500 plus lenders title insurance and any pre-paid items such as real estate taxes, insurance and interest. There may be closing costs customary or uniqueContinue reading “What are Closing Costs?”

Can I give you a Piggy Back?

Whether you call them Piggy Back Loans, Blended Mortgages, A first and second, 80-10-10, these loans are extremely helpful in avoiding Private Mortgage Insurance (PMI). When you have less than 20% to put down on a home, you are charged Private Mortgage Insurance, this added cost is based on the actual down payment as wellContinue reading “Can I give you a Piggy Back?”

Selling your Home in less than 10 Years?

An Adjustable Rate Mortgage provides a specific fixed rate term before becoming an adjustable mortgage.  An example: A 10/1 ARM is fixed for the first 10 years and then becomes a 1 year adjustable rate for the remaining term of the mortgage, thus giving you 10 years  of security at a fixed rate. Advantages: If you knowContinue reading “Selling your Home in less than 10 Years?”

Pre-Qualification vs. Pre-Approval

In Today’s Real Estate Market, it is more important than ever to have a Pre-Qualification in hand when shopping for a home that has been prepared by a reputable Lender, Bank or Credit Union.  The terminology has changed from Pre-Approval to Pre-Qualification depending upon the detail of the Approval provided. Pre-Qualification A mortgage loan pre-qualification isContinue reading “Pre-Qualification vs. Pre-Approval”

The Perfect Loan File

This article came from Mark Greene contributor to Forbes Magazine.  It is very helpful to all of us so that we can truly understand what is going on in this industry and so that we can educate our buyers and sellers. The media has it all wrong – securing mortgage approval and satisfying credit underwritingContinue reading “The Perfect Loan File”