Over the last couple of years, the Consumer Financial Protection Bureau has been working around the clock to introduce more borrowing requirements, all aimed at improving the current mortgage practices.… more
Here are five tips you should know before you call your loan officer.
Tip #1: Before you call your loan officer, be realistic and have an idea of what you can afford for your monthly payments on your mortgage.… more
Most people want to save money on the front end of their loan by getting the lowest interest rate available. But what most people don’t know is that you can save money on the back end of the loan.… more
Deferred installment debts such as student loans must be included as part of the borrower’s recurring monthly debt obligations. If the borrower’s current report does not indicate the monthly amount that will be payable at the end of the deferment period, the lender must obtain copies of the borrower’s payment letters or forbearance agreements so that a monthly payment can be determined and used in the borrower’s total monthly obligations.… more
Before you start searching for the perfect house in the Greater Boston Area, you should decide on the type of house which you want. This is an important first step; not only are there many types of homes on the market, you will also be spending a great deal of money, so it’s important to buy the home you want.… more
If you plan on purchasing a house in the Greater Boston Area, and plan on living in the house/owning the house for a long period of time (10 years or greater), then it might be in your best financial interest to purchase mortgage discount points from your mortgage lender.… more
If you are living in the Greater Boston Area and thinking of purchasing a brand new vacation home, an understanding of the positives and negatives of such a purchase is a must before you finalize the deal.… more