6 Things to Know About Credit Scores

By Jessica L. Anderson | Kiplinger – Thu, Jul 12, 2012 FICO isn’t the only number in town. The score that counts is the one your lender uses. 1. There is no single number. The compilers of the widely accepted FICO credit score allow lenders to customize their system, so different lenders produce different scores. Plus, eachContinue reading “6 Things to Know About Credit Scores”

What is a Rate Lock?

Essentially a rate lock/lock-in is a commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time.  Here is how rate locks work; Although lenders can differ in how they handle their own rate lock basics, a typical locking in of a rateContinue reading “What is a Rate Lock?”

What is a Business Cycle?

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,Continue reading “What is a Business Cycle?”

U.S. Mortgage Rates Decline, With 30-Year at a Record-Low 3.56%

Check out this Bloomberg article!  NOW IS THE TIME TO BUY OR REFINANCE!! U.S. mortgage rates dropped, with 30-year loans reaching a record low for a fourth straight week, amid signs of improvement in the housing market. The average rate for a 30-year fixed mortgage fell to 3.56 percent in the week ended today, theContinue reading “U.S. Mortgage Rates Decline, With 30-Year at a Record-Low 3.56%”

SELLERS: 5 Musts for Generating Multiple Offers

Selling your home?  Interested in getting multiple offers on your home?  Check out this article from Trulia blogger Tara. As you might have heard by now, multiple offers are the new black. Well – kind of; if your own home is on the market or soon to be, it can seem like you break yourContinue reading “SELLERS: 5 Musts for Generating Multiple Offers”

FHA Streamline Refinance

Do you currently have an FHA mortgage?  And has it not made sense to refinance because of the High Mortgage Insurance Premiums?  Well, FHA just announced that it is going to reduce the Mortgage Insurance fees for current FHA mortgage holders.  But before you get excited, there are some rules to follow. You must haveContinue reading “FHA Streamline Refinance”

Mortgage Rates still Trending Down

Truth in Lending

The History:  The Consumer Credit Protection Act, more commonly known as the Truth-in-Lending Act, went into effect in 1968. The law is intended to protect borrowers from predatory lending by requiring lenders to fully disclose all costs associated with securing a mortgage loan. Prior to the implementation of the act, borrowers routinely were paying considerablyContinue reading “Truth in Lending”

The Do’s: Home Buying Process Made Easier

Last month I talked about The Don’ts: Home buying deal killers, the things that can negatively affect your mortgage approval process.  There was a very extensive list of don’ts but as you can see from a quick glance below….The Do’s list is quite a bit smaller.  Although this list is smaller, the following are essentialContinue reading “The Do’s: Home Buying Process Made Easier”

Mortgage Rates Go Up?

So, you’ve probably heard in the news….rates are at historic lows and that the government extended the payroll tax cut.  Do you have idea how they relate to each other and how they ultimately affect you?  Check out the KCM Blog below to find out the details. The KCM Blog: Two Things You May HaveContinue reading “Mortgage Rates Go Up?”