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 …

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The Dreaded Blank Page

Having your bank account statements in order and avoiding the deposit traps will help assure a smooth mortgage application and approval process. Follow these simple steps and remember, if you have a question, just ask me!! Document the source and purpose of deposits not clearly identifiable as being from your employer. If a deposit does …

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 …

Still Writing Checks to the Landlord?

Home loan payments are now often less than rent payments! If you don’t intend to stay in your home long, need extra mobility or are unsure about your employment prospects, renting probably makes good sense for you. But if you're planning to stick around, owning may prove to be more rewarding. Here are five good …

If you can afford to Rent, Then you can afford to Buy!

If You Can Afford to Rent...Then You Can Probably Afford to Own. Interest rates are near historic lows. Purchasing power has increased, and the cost of renting in many areas is now greater than the cost to buy. Some say mortgage loans are impossible to obtain without perfect credit and 20% down. Want the truth? Read …

Using Gift Funds for your Mortgage?

Getting Gift Funds for the purchase of your new home?  Whether the funds are for the down payment, reserves or even closing costs, here is what you need to know. The "Donor" of the gift must be a family member, fiancé or domestic partner. They must prove they have the ability to provide you with …

A Commitment Letter to shop for a home

As you know, lending guidelines are like the weather in New England. Wait 5 minutes and they could change! With that introduction, why would you bring your clients out to see homes without having a full commitment letter from the Lender? Not a Pre-Approval... Not a Pre-Qualification letter, but a full commitment letter from US …

Why it is so important to get Pre-Approved!

It's always been a good idea to get pre-approved for your mortgage loan, but lately, it's become even more important. Why should I be pre-approved for a mortgage loan? In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers …

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 …

Is It Impossible to Get a Mortgage Loan?

Is It Impossible to Get a Mortgage Loan? The Challenges: With the numbers of recent foreclosures, lenders are having to re-purchase defaulted loans, often for minor technicalities. Losses incurred by some companies have forced them out of business. As a result, not only have lending rules tightened, but underwriters are also being forced to follow …