credit: Combining Education with Mortgages: My Job is Much More than Just Writing Loans - 02/24/10 11:12 AM
Combining Education with Mortgages: My Job is Much More than Just Writing Loans
Education is important.
Without education, income levels are lower. According to the macroeconomics textbook used in the course I'm teaching right now, in the United States, each year of education accrues a 10% average increase in income for its recipient. Education can help consumers avoid traps like sub-prime mortgages. Education may be the key to the next technological innovation that will spur economic growth.
I have made a commitment to education, both in my business, and in my personal life. I've certainly consumed a lot of it (18 … (0 comments)

credit: 2010 FHA Loan Limits for Massachusetts - A New Year, Same Numbers - 12/31/09 06:39 AM
2010 FHA Loan Limits for Massachusetts - A New Year, Same Numbers
As I reported previously for Rhode Island and Connecticut, 2010 is an year off from changes in maximum FHA loan amounts, and the same holds true for Massachusetts. Here are the area loan limits, by county:
Barnstable County: $462,500
Berkshire County: $271,050
Bristol County: $475,000
Dukes County: $729,750
Essex County: $523,750
Franklin County: $318,750
Hampden County: $318,750
Hampshire County: $318,750
Middlesex County: $523,750
Nantucket County: $729,750
Norfolk County: $523,750
Plymouth County: $523,750
Suffolk County: $523,750
Worcester County: $385,000
For those who have read the Connecticut article, you'll notice that … (0 comments)

credit: 2010 FHA Loan Limits for Rhode Island - Unchanged from 2009 - 12/31/09 05:28 AM
2010 FHA Loan Limits for Rhode Island - Unchanged from 2009
Yesterday, I wrote about the updated FHA lending limits for Connecticut. To learn more about the methodology used in calculating limits, I would suggest circling back to that article. Today, I want to pass along the same information for Rhode Island.
This year has been a relatively quiet one in real estate pricing in Rhode Island. Almost all areas saw a decline in value, some very significant. If anything, I believe Rhode Island is fortunate not to have seen its FHA loan limits cut for this year. FHA limits are … (0 comments)

credit: 2010 FHA Loan Limits for Connecticut - Just How Much Can You Borrow with less than a 5% Down Payment? - 12/30/09 06:15 AM
2010 FHA Loan Limits for Connecticut - Just How Much Can You Borrow with less than a 5% Down Payment?
There are fewer than 36 hours left until 2010, so it's time to start thinking about some of the changes we'll see in mortgages in the New Year. One aspect of lending that changes eery year is the amount that can be borrowed using the government's Federal Housing Administration (FHA) insurance program. Each county across the country is given a different amount based on average home prices within that county.
For 2010, as 2009, certain counties have received higher than normal … (2 comments)

credit: 6.5 steps to $6500: Getting the Move-up buyer's tax credit in 2010 for Providence and beyond! - 12/29/09 08:12 AM
6.5 steps to $6500: Getting the Move-up buyer's tax credit in 2010 for Providence and beyond!
Throughout 2009 there was a lot of talk about further means to stimulate activity in the real estate market. Many things were happening already: the Federal Reserve preserved the mortgage market by inserting itself as the largest, and sometimes only, buyer of mortgage backed securities; and an $8000 tax credit for first time homebuyers was instituted quite successfully, among other efforts. For 2010, congress has presented additional buyer incentives to maintain activity.
If a flaw can be found in the original 2009 homebuyer tax … (3 comments)

credit: Economic Stimulus Act Signed Into Law - What does it mean for homebuyers? - 02/17/09 04:02 AM
As I write this, the president is poised to sign the American Recovery and Reinvestment Act of 2009, better known as the $787 billion Economic Stimulus Plan. There has been much speculation about what this plan might do for housing, real estate, homebuyers, and mortgages, ranging from 2.99% to 4.5% mortgage rates, $15,000 tax credits, and more, but when the dust settles and the plan is signed into law, the final effect will be quite different. 
The most important thing the finaliztion of this plan will accomplish is it will end that speculation. Over the past few weeks, I have spoken … (29 comments)

credit: Why You Should Talk to Your Creditors - 12/15/08 05:50 AM
One night last week, I got home bright and early at 8:00 PM after a busy day of networking and loan applications. I opened my mail, and near about flipped. There on my credit card statement it said:
“11/xx Late Fee: $39.00”
People who know me well will tell you that I’m not a person who gets terribly angry, but after I read that, I have to admit that I didn’t really want to talk to anyone, and I certainly didn’t feel like addressing the problem.
So I did what a lot of people will do – I set it aside … (1 comments)

credit: CHFA and the $7500 Federal First-Time Homebuyer Credit - 11/17/08 02:11 AM
Many of you who work in Connecticut are familiar with a very effective First-Time Homebuyer mortgage program offered by the Connecticut Housing Finance Authority.  The CHFA Homebuyer Mortgage Program follows most FHA guidelines, but is restricted in regards to the buyers' income, and offers subsidized interest rates that are typically at a small discount to FHA rates.  In my experience, the only reason I ever lose a Connecticut loan is to the CHFA program; unfortunately, it is a program we are unable to offer, as it is only available to mortgage companies with offices in Connecticut.
On Thursday, I spoke with … (1 comments)

credit: Attention BlackBerry Users - Important Information to Protect Your Credit Cards - 04/10/08 03:29 AM
This happened to me, and I thought you might want to know this. 
Yesterday I was leaving the Proidence Place Mall, and I don't know if you've been down there lately, but they've changed the parking so that you pay in the mall and then use your ticket to get out.  Well, I paid, and left the garage, and got to the gate, put my ticket in, and nothing happened.  So I tried again, and nothing happened.  The third time I tried inserting my ticket, an error came up saying it couldn't be read. 
I don't know if you're familiar with … (4 comments)

credit: 8 Simple Rules For FHA Financing - 03/03/08 02:44 AM
There has been a lot of talk lately about the resurgence of the FHA loan program.  It meets many of the needs of borrowers who may have qualified for sub-prime mortgages.  Here are some basic guidelines to consider with the FHA option for your clients:
FHA requires some credit: In spite of the notion that FHA is an easy program, buyers still need to have some credit.  This can be as simple as credit reference letters from utilities, though, so don't get too worried.FHA allows some collections: For buyers with a few minor collections, it is possible to get by without paying … (15 comments)

credit: Could Rates Be Ready to Fall Again? Treasury / Mortgage Spread Hits Widest Point - 02/29/08 01:52 AM
The spread between 30-year fixed mortgage rates and 10-year treasury yields hit its highest point in over a year in the week of February 25th, at 2.52%.  Mortgage rates averaged 6.24% while treasuries closed Thursday at 3.72%. 
I have been tracking the spread between 10-year treasury yields and 30-year fixed mortgages since January, 2007. In that time, I have seen this spread, or difference, move from an average of 1.5% in early 2007, before the subprime mortgage problems led to an overall reevaluation of credit quality, to an average substantially over 2%.
At this time, the 10-week moving average stands at 2.07%, meaning that, … (9 comments)

credit: Financial Catastrophes: Divorce and your Credit: Credit Cards and Mortgages - 11/13/07 01:26 PM
"Mawage, that bwessed awangement, that dweam wifin a dweam," said the Impressive Clergyman in The Princess Bride .  Clearly, he was operating in a world where substantially less than 50% of mawages ended in divorce, however, that is the reality that we face today, and it does not appear to be something that will change anytime soon.  Marriage brings together the assets of two people relatively quickly and easily; separating those assets can be a much more challenging proposal.
Unfortunately, due to a number of things that will happen, it is almost certain that the credit scores of both people in a divorce … (2 comments)


Dan Hartman

Providence, RI

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Province Mortgage Associates - NMLS #2861

Address: 50 Office Parkway, East Providence, RI, 02914

Office: 401(490) 440-0114

Mobile: (401) 263-8655

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Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you!



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