Your Lender for Life
We have seen mortgage rates as low as 3.250% in Fall of 2016 to a high of 5.25% in October 2018. We have to readjust our purchasing power and how these rates can affect how much we can afford for a home. This means going to your lender and having your "Pre-Approval" updated to reflect the current …
Continue reading "1% increase in mortgage rates will cost you $50k in Buying Power!"
With the announcement from Fannie Mae of increased loan limits for 2018. Not only are the Fannie Mae loans benefitting, 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 Housing still …
Continue reading "5% Down and No Mortgage Insurance on 2, 3 and 4 Family Homes"
National Doughnut Day started in 1938 as a fund raiser for Chicago's Salvation Army. Their goal was to help the needy during the Great Depression, and to honor The Salvation Army "Lassies" of World War I, who served doughnuts to soldiers in the First World War. Soon after the US entrance into World War I …
Continue reading "The True Meaning of National Doughnut Day"
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 know …
The current shutdown of the Federal Government has left many homebuyers and real estate industry partners with many questions about how the shutdown will impact their ability to do business. Merrimack Mortgage will continue to operate at full capacity during the shutdown; however, the shutdown creates some challenges for lenders. We hope you find this …
FHA is once again increasing mortgage insurance premiums (MIP) on all new purchase and refinance transactions. Effective for FHA loans that have been assigned on or after June 3, 2013 and in addition to this increase, the Annual Mortgage Insurance Premium will remain for the life of the loan. Meaning, you can only remove the …
Did you know it is National Open House Weekend? The National Association of Realtors is expecting to sell almost 10% of the current inventory. With lots of homes on the market and great low rates, this spring market is turning out to be fantastic! This weekend real estate agents from around the area will be …
Continue reading "National Open House Weekend April 20 and April 21, 2013"
The Legend of St. Valentine The history of Valentine's Day--and the story of its patron saint--is shrouded in mystery. We do know that February has long been celebrated as a month of romance, and that St. Valentine's Day, as we know it today, contains vestiges of both Christian and ancient Roman tradition. But who was …
The “Books” say an average business cycle is 44.4 months and we have lived through many of them. Some longer than that and some as short as a season in New England. A business cycle is like the exhibit from our youth…“What makes an ocean wave, wave” at the New England Aquarium. In the exhibit, …
Here is an interesting article written by Brian Koss of Mortgage Network, Inc. Find out what's really going on with the industry. There was a time in the late 90's when all the focus was on getting the manufacturing of mortgages to mirror the manufacturing of car loans. The idea was that technology was the …
Continue reading "How Do We Get the Message Out that Mortgages Are NOT Car Loans?"
