Personal finances play a large role in loan pre-approvals. All finance companies evaluate your assets, income, credit and debts. These determine whether you can obtain a loan and the amount. The following is an overview of income vs. debt ratio for MA financing pre-approvals. Earnings Analysis Lenders will consider your gross monthly earnings. This includes […]

Adjustable rate mortgages are attractive to many home buyers because of the lower loan payments in the first years of the mortgage. The rate can be below fixed rate mortgages, but this is not always true. Home buyers should examine how these loans work and how they differ from other alternatives. This article offers an […]

When purchasing a property, part of the purchase process typically involves earnest money deposits from buyers to demonstrate that they are acting in good faith. These deposits must be submitted in a certain manner in order not to delay the mortgage approval process. This blog provides information on earnest money deposits for MA property transactions. […]

Borrowers with VA loans have the option to easily refinance to a reduced interest rate through a special program. This is commonly called IRRRL which stands for Interest Rate Reduction Refinancing Loan. Any VA authorized mortgage company can provide this option. The following is an introduction to IRRRL VA home loan programs in MA. Benefits […]

Veterans have use of VA loans offered by private lenders but guaranteed by the federal government. The guarantee insures mortgage companies from loss up to a specific amount if a borrower defaults on the loan. Because of this guarantee, lenders are able to extend veterans options not easily found in other financing. The following is […]

It is important to find out what is included in MA recurring mortgage payments for budgeting purposes. The acronym PITI is commonly used to remember the items, which are principal, interest, taxes, and insurance. All mortgages do not automatically include all of these. It can differ based on your specific program. What Is Included In […]

All consumers have the ability to dispute incorrect items on their credit report. However, home buyers should be conscious of the impact that it can have on obtaining home financing. This blog offers important details on disputed trade accounts and the affect on MA mortgages. Preparing for a Real Estate Purchase If you are thinking […]

Mortgage insurance is generally required when a home buyer borrows more than eighty percent of the value of a home. It protects mortgage companies against financial loss should a homeowner default on. Even though it is for the benefit of the lender, it is normally billed to the buyer as a closing cost and additional […]

Credit ratings are generated by three major credit bureaus (Experian, Equifax, and Transunion). They all use differing techniques to calculate a numerical credit score that reflects your credit worthiness. The higher the score, the better your credit standing. Specific activities can have a detrimental effect on your score and can possibly prevent mortgage companies from […]

Closing costs generally refer to fees charged by mortgage companies and third parties. Pre-paid expenses and escrows are also included in closing settlement statements and are sometimes referred to as closing costs, but they are really a separate category. Information on pre-paid expenses and escrows for MA mortgage closings is offered in this blog. Pre-paid Expenses Pre-paid […]