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 mostContinue reading “Before Putting Your Home on the Market”

Feds leave rates unchanged

The Federal Reserve left borrowing costs unchanged, continuing to delay any rate moves amid persistently low inflation. The U.S. central bank voted unanimously Wednesday to maintain its benchmark interest rate in a range of 2.25 percent and 2.5 percent, a move that many anticipated despite stronger-than-expected growth in the first quarter of 2019 and anContinue reading “Feds leave rates unchanged”

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?”

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.   Continue reading “So Why Do Mortgage Rates Change So Much?”

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 knowContinue reading “Selling your Home in less than 10 Years?”

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 isContinue reading “Pre-Qualification vs. Pre-Approval”

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 underwritingContinue reading “The Perfect Loan File”

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.Continue reading “What’s the Point?”

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 blankContinue reading “Mortgage Document Checklist”

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 becomeContinue reading “Understanding how your Credit Works”