hopkinton home buying tips: New Mortgage Rules for 2014, What you Need to Know
- 02/13/14 09:40 PM
January presented us with major changes to mortgage lending rules. These new guidelines aim to curb some of the excesses that occurred during the sub-prime years—hopefully resulting in a lower risk of default and foreclosure by borrowers and a healthier real estate climate for everyone.QM: “Qualified Mortgage”This all came about as one offshoot of the Dodd-Frank legislation that went into effect in 2014. It creates a new category, “Qualified Mortgage.” Lending institutions are required to document each loan they deem to be a QM; when they do, they benefit by being able to sell them to Freddie Mae and Fannie Mac, … (0 comments)
when a home buyer first finds that single-family homes and condominiums have been getting pricier, it shouldn't be a surprise. Nationally, the median sales price is still well below the record $230,400 reached at the height of the housing boom but that gap is shrinking. If you're a future home buyer in Metrowest of Boston, you can take steps to improve the situation. One way is to increase your negotiating leverage - to turn yourself into a highly desirable buyer from the seller's point of view. Show You're Financially Attractive: Maximize your negotiating power by getting yourself pre-approved for a … (2 comments)
hopkinton home buying tips: What You Need to Know: Adjustable Rate Mortgages
- 03/31/13 12:37 AM
Trying to decide what type of mortgage is right for you can be tricky business. So you may be wondering what is an adjustable rate mortgage? An adjustable rate mortgage or ARM, has an interest rate that is linked to an economic index. This means the interest rate, and your payments, adjust up or down as the index changes. There are three things to know about adjustable rate mortgages: index, margin and adjustment period. What is the index? The index is a guide that lenders use to measure interest rate changes. Common indexes used by lenders include the activity of one, three, and … (0 comments)
hopkinton home buying tips: Can You Predict Massachusetts Mortgage Rates?
- 12/01/12 09:51 PM
It is almost impossible to predict the future and predicting where mortgage rates may go can be difficult too. But if you know how to watch the indicators you will have some degree of advantage. It may help you decide whether to borrow funds or wait until rates drop. Consider that with any prediction there can always be a great deal of margin of error. Here are a few things to consider to make a more reliable mortgage rate prediction: History History can always be a good predictor. What is the economic climate? If rates are high in economic down times that you … (2 comments)
January presented us with major changes to mortgage lending rules. These new guidelines aim to curb some of the excesses that occurred during the sub-prime years—hopefully resulting in a lower risk of default and foreclosure by borrowers and a healthier real estate climate for everyone.QM: “Qualified Mortgage”This all came about as one offshoot of the Dodd-Frank legislation that went into effect in 2014. It creates a new category, “Qualified Mortgage.” Lending institutions are required to document each loan they deem to be a QM; when they do, they benefit by being able to sell them to Freddie Mae and Fannie Mac, … (0 comments)
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