Mortgage matters

About Pinnacle Mortgage

Looking to borrow more than the Fannie Mae limit, but not to pay a higher rate for a jumbo mortgage? Looking to borrow with less than 20 percent down? Looking to buy a condo and your lender says the condo is "unwarrantable"? Today, I share some different lending ideas for you from Paul Sammons from

Two-Income Trap

In The Two Income Trap, Ms Warren and Ms Warren Tyagi wisely advise families to prepare for emergencies ahead of time. I am thinking of copying the chapter “The Financial Fire Drill” and giving it to my clients before they start house hunting. They pose three questions: Can your family survive for six months without one

By | 2018-04-08T15:31:05+00:00 April 18th, 2018|Categories: Money and finance, Mortgage matters|

Credit Fraud. House Hunters’ Guide

How will the Equifax data breach in 2017 affects your house hunting? Equifax's mistakes in September, 2017 gave away the social security numbers of half of us. Are you in the lucky half, or the unlucky half? Here is the story That data will be sold and resold by criminals for years to come. If you are

Credit score changes. Who loses?

You know that real estate bubble I keep saying is inflating? It just got a pump of air. I agree with Jim Morrison at Banker and Tradesman that easing credit restrictions is the wrong thing to do. It didn’t go well in 2006, and it won’t end well this time. What’s happened? Credit reporting has

Higher interest rates

Do you know what it will cost you to borrow at a higher interest rate? If your rate changed from 3.5 percent to 3.75 percent, the cost would be an additional $14 per month, per $100,000 of principal. This increases slowly to $15 per month, per $100,000 when the interest rate changes from 4.5 to

Scare the buyers, sales hype 2017

Dear Boston Globe, It is February 28, 2017.  Too early for your annual “scare the buyers” article. Please wait until spring. But, since you chose to publish now. I will translate for my clients. Definitions: Sales volume: the number of housing units sold in a given period. Median sales price: The middle price from a

The Chinese government is helping our clients

Q: How does monetary control policy in China affect buyers in Boston? A: Strict control of cash leaving China has slowed or stopped the flow of money used for down payments by Chinese people buying international properties. This is good news for our buyers. Source Since the Great Recession in America (2008), one of the

That break for FHA mortgages just disappeared

It took the Trump a New-York-minute to start making it harder for moderate income American to buy a house. On Friday, he revoked a reduction that was set to begin on January 27, 2017. The reduction would have lowered the annual mortgage insurance premium (MIP) that borrowers pay on FHA loans through HUD.  The premium

By | 2017-01-27T10:03:28+00:00 February 1st, 2017|Categories: Mortgage matters|Tags: , , , |

Forecast 2017 for buyers

General: most of the number-crunching services are predicting that housing prices will be stable. This means they will increase, but at a slower rate than we have been seeing over the past three years. Deregulation will loosen mortgage requirements. This is a positive for first-time buyers who are on the brink of purchasing. Some will

By | 2016-12-28T14:00:57+00:00 December 28th, 2016|Categories: Buying trends, Market data and conditions, Mortgage matters|