mortgage

Property Tax, Interest Rates, and Your Monthly Payment

What can cause your pre-approved mortgage to fail, last minute, in 2022? Property tax and interest rates. If you are borrowing the full amount of your pre-approved mortgage, you need to check the total monthly cost of a property before you make an offer. Your lender pre-approved you based on a typical property tax and

By |2022-06-07T09:37:11-04:00June 8th, 2022|Categories: Money and finance, Mortgage matters|Tags: , , , , |

Do you know what it will cost you to borrow at a higher interest rate?

As if this market isn’t hard enough on buyers, now you are getting hard-sell tactics about the rising interest rates. Buyers who are getting a mortgage to purchase need to pay attention to the interest rate that they are pre-approved at. Their buying power may go down, as interest rates rise. All mortgages are calculated

By |2022-05-01T10:09:37-04:00May 4th, 2022|Categories: Money and finance|Tags: , , |

Denied a mortgage because you are pregnant?

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. In 2008, when

By |2022-04-24T19:57:40-04:00April 13th, 2022|Categories: buying process, Fair Housing, Legal questions|Tags: , , , |

Getting a mortgage: the paper trail you will follow

If you have a new year’s resolution to buy a house in 2022, 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. The mortgage broker, also called a loan originator, is responsible to the lender to prove

By |2022-01-17T12:03:42-05:00January 18th, 2022|Categories: buying process, Mortgage matters|Tags: , , , |

Two Incomes and Your Mortgage: Covid Edition

Women who leave the workforce From March to June 2020, children were going to school via Zoom in most towns and cities in Massachusetts. Someone had to supervise children doing remote learning. Someone needed to be home, if the children were home. That someone was their mother, more often than not. Women who worked essential

By |2022-01-03T19:30:34-05:00January 5th, 2022|Categories: Happy Home Ownership, Money and finance|Tags: , , , , , , |

WBUR, You Disappoint Me

Here we are in the middle of a pandemic and in the hot a humid part of the summer. What does WBUR do? It publishes a “scare the buyers into giving up their rights” article. It is seller propaganda. It is not helpful to buyers. The advice “for buyers” mostly serves the seller’s needs. What’s

Are you Making a Mistake by Refinancing?

Given the historic lows for interest rates, it’s a good time for homeowners to review their mortgage information.  It’s easy to get excited by low rates, but everyone should evaluate a new loan based on their current financial situation as well as their long-term goals. Do the math to make a better decision on refinancing

By |2020-10-14T10:50:03-04:00October 21st, 2020|Categories: Money and finance, Mortgage matters|Tags: , , , , , |

Portfolio Lenders and Recasting Mortgages

Portfolio vs. conventional lenders A Portfolio Bank is a bank that lends their own funds into mortgages. They keep the mortgages in the bank and service the loans, which is a real advantage to homeowners. Portfolio lenders tend to be local banks and credit unions. A portfolio lender is able to make their own rules

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