buying a home in ma

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Lenders Putting Borrowers Through More Scrutiny

May 16, 2012 in MA Home Buyers, MA Home Owners, MA Mortgages | No comments

Lenders Putting Borrowers Through More Scrutiny
By Amy Hoak, The Wall Street Journal

As a home buyer or refinancer, you’d expect to submit recent pay stubs and bank-account statements when applying for a mortgage loan.

But a copy of your divorce decree?

That’s exactly what happened to a recent borrower who was asked to explain a deposit of about $200 to her bank account, says Frank Donnelly, president of the Mortgage Bankers Association of Metropolitan Washington.

The borrower explained that the money was from her ex-husband, with whom she is raising a child, Mr. Donnelly says. The lender, in turn, asked her for a copy of her divorce decree–even though the two had been divorced for 17 years.

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Prepare Yourself for a Slow Mortgage Closing

May 11, 2012 in MA Home Buyers, MA Home Sellers, MA Mortgages | No comments

Prepare Yourself for a Slow Mortgage Closing
By Jeff Brown, The Street

NEW YORK (MainStreet) — Want to move into a new home by Labor Day? Sept 3, the deadline for many who want to be relocated by the start of school, seems like a long way off, but really isn’t given the glacial pace of mortgage approvals.

Many lenders are taking 90 days to approve loans. For the majority of applicants — people who are refinancing — that’s just an inconvenience and minor expense, adding a month or two of payments at the old loan’s higher rate. But for buyers with a deadline like the start of school or a new job, delay can be serious.

It’s a problem for sellers, too.

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6 Ways to Get a Great Mortgage Deal

April 30, 2012 in MA Home Buyers, MA Mortgages | No comments

6 Ways to Get a Great Mortgage Deal
Finding a great deal on an affordable house is no longer a problem but qualifying for a mortgage can be
By Ismat Sarah Mangla @Money

(MONEY Magazine) — Finding an affordable house is no longer a problem but qualifying for a mortgage can be. Six tips to getting a mortgage and a good rate.

Put your credit on ice. The higher your credit score, the lower your rate: The best rates go to those with a 760 or more, says credit-score expert John Ulzheimer.

So keep that plastic in your wallet (and don’t apply for new cards or other loans) for at least three months before you go loan shopping. One large balance — even if it’s paid off at the end of the month — can ding your score by 20 points or more.

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Mortgage Payments at Lowest Level in Decades

April 23, 2012 in MA Home Buyers, MA Mortgages | No comments

Mortgage Payments at Lowest Level in Decades
By Beth Braverman, @Money

(MONEY Magazine) — For today’s homebuyers, the weight of the monthly mortgage bill is the lightest it’s been in decades.

Put 20% down on a median-priced ($154,400) existing home, and your payment will come to $616 a month, only 12.1% of the median U.S. family income.

In 98 of the top 100 metro areas, it’s now cheaper to buy than rent.

“If you have good credit,” says IHS Global Insight economist Patrick Newport, “this is the best time in 40 years to buy.”

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8 Home-Buying Tips for 2012

March 28, 2012 in MA Home Buyers | No comments

8 Home-Buying Tips for 2012

The housing depression has produced roughly 5 million foreclosures and short sales on underwater properties, and wiped out more than $7 trillion in homeowners’ equity. But real estate agents say the spring 2012 season is starting off on a positive note. Activity is increasing as motivated sellers are sensing that the time to purchase homes is now, meanwhile eager buyers want to cash in on homes with low mortgages before rates head higher. And with experts predicting the housing market will bottom out this year, the spring bloom will certainly bring out buyers.

If you’re ready to jump into the housing market, these tips can help you find a home that’s right for you, your family and your wallet.

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Requirements for FHA Mortgages Getting Tougher

March 28, 2012 in MA Home Buyers, MA Mortgages | 1 comment

Requirements for FHA Mortgages Getting Tougher

It’s going to be tougher to get a government-backed mortgage on Monday.

Next week, home buyers with ongoing credit disputes over $1,000 will no longer be approved for a mortgage backed by the Federal Housing Administration. Buyers with collection accounts will either have to pay the debt off or enter into a documented payment plan.

Buyers will also have to show that three payments have …

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Buying a Home Much Cheaper Than Renting

March 28, 2012 in MA Home Buyers, MA Renters | No comments

Buying a Home Much Cheaper Than Renting

NEW YORK (CNNMoney) — It’s the eternal question in real estate: Should I buy or rent?

The answer has never been clearer: Buy.

In 98 of the top 100 housing markets, buying a home is more affordable than renting, according to the online real estate company Trulia. Only Honolulu and San Francisco buck the trend.

There are several reasons. Home prices are falling. Mortgage interest rates are at historically low levels. And rents are on the rise.

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Five Rookie Homebuying Mistakes and How to Avoid Them

March 19, 2012 in MA Real Estate Market | No comments

Five Rookie Homebuying Mistakes and How to Avoid Them

With today’s unprecedented low mortgage rates and home prices, you may be thinking of making the big leap into home ownership.

If you’re a mortgage newbie, don’t get caught making an error that could cost you big money. Here are five home financing mistakes that rookie homebuyers make, along with tips on how to avoid them.

1. Getting one or two mortgage quotes, tops

Why it’s a mistake:

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Renting vs Buying a Home

March 18, 2012 in MA Renters | No comments

Renting vs Buying a Home

Whether to rent or buy is a personal decision, with many important factors to consider. Many people prefer the flexibility of renting, and others want to the security of owning their own homes.

To help you choose the right path, here is a guide to the advantages and disadvantages of buying versus renting:

Buying Pros

When you buy a house, you are building equity and contributing to your investment portfolio. You may be find more personal enjoyment in owning your own house, as you can do almost anything to that home (barring any historical or zoning regulations)…

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Could 2012 Be the Best Year to Buy a Home in Decades?

March 15, 2012 in MA Real Estate Market | No comments

Could 2012 Be the Best Year to Buy a Home in Decades?

As spring buying season approaches, potential first-time homebuyers would be excused for feeling uneasy about jumping into the real estate market. After all, pretty much all housing news since the bubble burst has been, well, bad news.

But this may be the perfect time for prospective buyers to test the waters.

As of December, home prices had plummeted 34 percent since the housing bust, according to the S&P Case-Shiller index. That means you could buy a home, on average, for the same price it would have cost in 2002. Along with retro prices, mortgage interest rates continue to hover around record lows. The rate on a 30-year fixed-rate mortgage was …

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