1% increase in mortgage rates will cost you $50k in Buying Power!

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 …

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5% Down and No Mortgage Insurance on 2, 3 and 4 Family Homes

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 …

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 $2600 plus lenders title insurance and any pre-paid items such as real estate taxes, insurance and interest. There may be closing costs customary or unique …

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 score …

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 well …

You don’t have to worry about Owner Occupancy Rate!

Are you Buying or Selling a Condominium?  Worried that you don't meet the old rule of 50% owner occupancy rate?  Worry no longer!! As long as you purchasing your new condo with the intent to occupy this condo as your Primary Residence, Fannie Mae no longer requires a specific occupancy rate in order to obtain …

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 know …

Operation Welcome Home for Veterans

You have served your country, now we hope this powerful mortgage product will serve you to make the dream of home-ownership a reality. The Operation Welcome Home mortgage program supports veterans, active-duty military, members of the Reserves and National Guard, and Gold Star Families in achieving the dream of home ownership. The program combines a traditional …

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 is …

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 underwriting …