My office keeps a list of lenders that are tried and true. We add lenders once we see that they have done a good job for one of our clients. When one of our clients comes in with their own lender — recommended by a friend, coworker or family member — we do not interfere
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
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
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
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
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
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
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
Your credit report is a full list of who you have open credit with, and how loyal you are about repaying those debts. Your credit score is a number compiled based on how you are handling that debt. The algorithm used to determine you credit score changes, but there are some basic rules. Have open
Mortgage underwriting change. What does it mean to you? There’s a new version of credit analysis that will be part of the approval process. Changes will start having an effect when the new Fannie Mae Desktop Underwriter* launches June 25th. It will allow lenders to discern between applicants who carry balances on credit cards vs.