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 uniqueContinue reading “What are Closing Costs?”

The true costs of Renting vs. Owning

There’s more to comparing the costs of renting and owning than the dollar cost of payments. Even with numbers like these, some still say renting is better: “Investing in a home is riskier than renting.” No risk, no reward. Besides, even studies conducted by the Federal Reserve show that owning can provide a net worth that isContinue reading “The true costs of Renting vs. Owning”

Don’t lose that bid!!

In the housing market, the best deal doesn’t always come with the lowest price. Price vs. Payments – If you’re financing your purchase, you’ll probably never come close to paying the actual price. You’re making a comparatively small down payment and then paying interest on the loan until you refinance or sell. Yes, you will haveContinue reading “Don’t lose that bid!!”

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 doesContinue reading “The Dreaded Blank Page”

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 withContinue reading “Using Gift Funds for your Mortgage?”

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 USContinue reading “A Commitment Letter to shop for a home”

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 uncoversContinue reading “Why it is so important to get Pre-Approved!”

Do You Know How To OPT OUT?

In the recent events that took place with Equifax that compromised 140 Million consumers. It is extremely important to know how to OPT OUT of any of these solicitations so that you don’t become one of the statistics.  The bad news: It is common practice for the three credit repositories (Experian, Equifax and TransUnion) toContinue reading “Do You Know How To OPT OUT?”