As of January 10th, new lending regulations make it mandatory that borrowers provide certain documents. Among those are proving current income and assets. For a salaried employee, a few pay stubs will work. A self-employed person or someone who doesn’t have a stable income because of varying work hours can use tax returns to show
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
Mortgage pre-approval is an essential part of any offer. If you cannot show that you have already researched your ability to buy a property, you are not ready to offer money for it. This is common sense. But, not all pre-approvals are created equal. Experienced agents and agents in well-run offices know that some lenders
My awareness of universal design and visitability went up exponentially when I broke my foot this November. I had been attending an eight week program at a local university. With my crutches, I could get into the building using a ramp. But, to use a ramp, I had to travel farther on my crutches.
Rona writes: On Friday, November 2, I wrote my final entry at the blog site set up by The Boston Globe. I left to pay more attention to the real need for information for real house buyers and owners. My first obligation has always been to my clients and my friends and family. You are
Dianne Schaefer reporting: I was driving home from Maine a few weeks ago, and saw a house up on blocks about to be moved. Have you ever seen a house moved? At the end of the 19th century, this was a common practice. If something wanted to expand into a space where there was an
by Rona Fischman Housing is part of the picture in any discussion about what is wrong with the American economy. Earlier this year, the Boston.com Real Estate Now blog virtual book discussion was on The Big Short, by Michael Lewis. For those of you who missed it, here are the links: How mortgage finance changed
Twice a year or so, the Boston Globe asks me to chat live with readers. Today, I did my Fall Chat. Timely topics included: What to do if you are buying in a low inventory area. What to do if you are selling in a poor demand area. What does the real estate market look