Before Putting Your Home on the Market

Documents you will need Deed If you have right of ways, deed restrictions or easements get the documentation that clearly spells out the restrictions of the property. Know if you are in a flood plain - FEMA’s website can be helpful. Go to the Town Hall: Field card at the assessor’s office Get your most …

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 $3500 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 …

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 …

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 …

What’s the Point?

Unless you have bought a home, you probably haven’t heard the term point or mortgage point.  Or maybe you have heard the term but don’t quite know what it means.  Having a general knowledge of what a point is and how it works can help you to make important financial decisions when buying a home. …

Mortgage Document Checklist

Mortgage documents....not sure what that means?  Not sure what's being asked of you to provide for your loan application?  The list of documents necessary to process your application is relatively short but it contains specific items that are needed.  And in some cases, you are given very specific directions like provide all pages...including the blank …

Understanding how your Credit Works

Credit scores were developed by Fair Isaac and company (FICO). The models created using FICO take all the detailed information about your credit report and produce your credit score using different weights and factors contained in the FICO scoring models. The purpose of a FICO score is to show how likely you are to become …

Home Buying Closing Costs: What to Expect

Your mortgage lender, real estate agent, real estate attorney, or settlement agent should be in touch with you a few days before your closing settlement with the final amount of money you’ll need to close on a purchase of a home. However, in some cases, the call may come too close for comfort and may …

How to Shop for a Mortgage

After hitting record lows of 3.250% last year, mortgage rates have inched up a little and in the grand scheme of things...it is only a little!  The trend of course is upwards and like the stock market, it is not a straight line up, we have good days and bad days in the markets and Mortgage …