Still Renting?

If You Can Afford to Rent…Then You Can Probably Afford to Own. The cost of renting in many areas is now greater than the cost to buy. Even with mortgage rates on the rise, it is still more affordable than renting. Some say mortgage loans are impossible to obtain without perfect credit and/or 20% down. WantContinue reading “Still Renting?”

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. So, follow the steps/directions on the document checklist carefully and you will have a smoother andContinue reading “Mortgage Document Checklist”

Over-improving your Home: doing too much of a good thing

Homeowners doing major renovations this summer may not want to hear it, but there’s actually such a thing as doing too much. Spending too much. Adding too much. Bankrate‘s Dana Dratch says over-improving means you may be bringing a curse upon yourself: sinking so much into upgrades, renovations or additions that you’ve burned nearly allContinue reading “Over-improving your Home: doing too much of a good thing”

Can you answer Yes to any of these questions??

If you or someone you know can answer Yes to any of these questions, we should talk!! Paying PMI (private mortgage insurance) Have an Adjustable Rate Mortgage Credit Card Balances over $10,000 Need cash for renovations to your home Have a First and Second mortgage to combine Your Home Equity Line of Credit keeps goingContinue reading “Can you answer Yes to any of these questions??”

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 scoreContinue reading “Let’s Talk Credit: Understanding your Credit Score”

Have a Great Labor Day!

What does Labor Day mean to us? To many, it means the end of summer. To others, it means the beginning of school. Those are accurate assumptions but Labor Day is really much more. Labor Day  will be observed on Monday, Sept. 3 2018. Labor Day: How it Came About & What it Means LaborContinue reading “Have a Great Labor Day!”

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?”

Adjustable Rates 101

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 “Adjustable Rates 101”

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”