1% increase in mortgage rates will cost you $50k in Buying Power!

We have seen mortgage rates as low as 3.250% in Fall of 2016 to a high of 5.25%  in October 2018.  We have to readjust our purchasing power and how these rates can affect how much we can afford for a home.  This means going to your lender and having your “Pre-Approval” updated to reflect the currentContinue reading “1% increase in mortgage rates will cost you $50k in Buying Power!”

3% Down and No Mortgage Insurance on 2, 3 and 4 Family Homes

With the announcement from Fannie Mae of increased loan limits for 2019. Not only are the Fannie Mae loans benefiting, so are the MassHousing loans!  Did you know that Mass Housing (MHFA) loans are a safe and affordable alternative to FHA Mortgages.  Did you know the Mortgage Insurance for FHA never goes away!  Mass HousingContinue reading “3% Down and No Mortgage Insurance on 2, 3 and 4 Family Homes”

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?”

Can I give you a Piggy Back?

Whether you call them Piggy Back Loans, Blended Mortgages, A first and second, 80-10-10, these loans are extremely helpful in avoiding Private Mortgage Insurance (PMI). When you have less than 20% to put down on a home, you are charged Private Mortgage Insurance, this added cost is based on the actual down payment as wellContinue reading “Can I give you a Piggy Back?”

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”

A Proper Moving Checklist 8 Weeks Prior to Closing

So, you bought a new home!!  Congratulations!!! Now it is time to plan the Move.  Are you Ready?  Excited? Anxious?  Purchasing a new home is the American Dream and you have worked hard to get here.  Moving can be overwhelming, but  If you have a written out plan of attack, it will make things goContinue reading “A Proper Moving Checklist 8 Weeks Prior to Closing”

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?”