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 …

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Higher mortgage rates affecting your Purchasing Power?

We have seen mortgage rates as low as 3.250% in Fall of 2016 to a high of 4.500% in 2017.  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 mortgage …

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 …

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

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 offers its mortgage program that features Low Down Payments, as little as 3% down with No Mortgage Insurance!  This product provides financing (purchase or refinance) …

Federal Reserve Moves Rates!

Even though this move has been widely expected, we never seem to grasp the reality of what it does.  The Fed Fund Rate has no directly tied to mortgage rates or other rates in the market, it's how the Markets perceive the comments of The Fed.  The FOMC meeting adjourned with an announcement of a quarter point increase to …

FNMA (Fannie Mae) Raises Loan Limits!!

If you remember the 90's and the early part of the 2000's, you expected Fannie Mae to raise its Loan Limit for residential loans. It was a sign of the times and the Housing Market was booming!  When I first started in 1991, the loan limit was $191,250.  This was the maximum conforming loan amount Fannie Mae …

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 …

So Why Do Mortgage Rates Change So Much?

Have you ever called a mortgage company and received a quote and then called back the next day and the same rate was no longer available?? Mortgage companies, Banks and Credit Unions are subject to potential daily and even hourly shifts in the market. Interest rates fluctuate on the simple principal of supply and demand.    …

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 …

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 …