I spoke with Elaine Manfredi at Wakefield Cooperative Bank. She reviewed the new regulations that went into effect on January 10, 2014. In short, lenders are being told they have to be consistent and check all borrowers completely. Ability to Repay (ATR) guidelines require all borrowers to provide at least all these things: Credit report
If you have a new year’s resolution to buy a house in 2014, here are some things you can do to smooth the path to getting a mortgage. The paperwork does not have to be overwhelming, if you are prepared. Avoid - unless absolutely necessary • Don’t transfer funds between accounts within 30 days of
As a house hunter, you are under no obligation to tell your lender that you are pregnant or plan to be pregnant. Pregnancy is not a legal reason for a lender to deny you a mortgage, unless your income changes in a way that makes you no longer qualified for the mortgage. I answered this
The news of the day regarding real estate in the Boston area is that FEMA has published new flood maps. These maps determine areas for mandatory flood insurance. Flood insurance cost brings up a problem that house hunters commonly see in regard to the municipal tax cost. When a house hunter looks at a listing
Now that the season is beginning to change, home owners are thinking about how efficient and draft-free their house may be (or not be.) As the windows close and the heat starts to kick on, it is time to regret not calling sooner for an energy audit. They are free for Massachusetts utility customers. Since
There is a lot of real estate data coming out now. Now that the spring house-hunting season is passed us, the data on those closed sales are available. The first set of data is courtesy of the National Association of Realtors. Notice that, across the board, their data shows whopping double-digit increases this year. This
Rona Fischman reporting: I work with some very bright, very successful people, who are rightfully frustrated with the current seller’s market. Shun those who treat you badly. Keep a rational eye on what you are buying and under what conditions. (Republished from my stint at Boston. com ) Today, I would like to remind you
The Somerville Patch summarized the proposals for the new hotel in Davis Square. If you care about the future of Davis Square, you should be paying attention to this news. There are big changes afoot in Somerville. I see those changes as attitudinal. The battle between drivers and T-users has, I hope, settled into a
The Wall Street Journal is on the bandwagon about rising prices. More “Happy Days are Here Again” playing in the background. The number of homes listed for sale at the end of 2012 stood at the lowest level in more than five years, a development that helps explain why home prices have rebounded so strongly
A Skeptical Look at those singing “Happy Days are Here Again.” Realtors® far and wide are singing “Happy Days are Here Again.” I’m not. Increased demand and limited supply is not good for my clients, the buyers. So my song is “Ain't Nothin' Gonna Break my Stride” (Ain't nothin' gonna to break my stride. Nobody's