An Explanation Of Income To Debt Ratio For MA Financing Pre-approvals

Personal finances play a significant role in loan approvals. All mortgage companies review your assets, earnings, credit and debts. These determine whether you can obtain a mortgage and how much of a mortgage you may be able to obtain. The following is an explanation of income to debt ratio for MA … [Read more...]

Advantages And Disadvantages Of Financed Mortgage Insurance

Mortgage insurance (MI) protects lenders against home owners defaulting on loans. It is typically required by a mortgage company on loans with a low down payment and is usually due in monthly installments. For buyers trying to reduce their payments, monthly charges for mortgage insurance may result … [Read more...]

Mortgage Approval Considerations For MA Lenders

Pre-approvals do not guarantee final mortgage approval. Lenders complete a complete analysis before issuing an approval. This formal procedure does not usually start until after real estate is under agreement as they must evaluate both the personal information of borrowers and specifics of the … [Read more...]

MassHousing Mortgages For MA Real Estate Buyers

MassHousing is a non-profit public agency in Massachusetts that provides home loans. They do not use taxpayer funds and are a self-supporting agency. Home buyers may want to consider a MassHousing loan as it may be less expensive than an FHA loan. It can be applied towards a new purchase or … [Read more...]

An Overview Of Lender Paid Mortgage Insurance For MA Home Mortgages

Mortgage insurance is often mandated when a home buyer borrows more than eighty percent of the value of a property. It protects mortgage companies against loss when a homeowner default on. Even though it insures the lender, it is normally billed to the buyer as a closing cost and additional monthly … [Read more...]

Mortgage Rate Changes Affect MA Pre-approval Amounts

When you get pre-approved for a mortgage, it is based on a specific recurring payment. The mortgage rate is assumed (as well as other amounts such as taxes and homeowners insurance). Mortgage rate changes affect MA pre-approval amounts because it affects the principal and interest portion of the … [Read more...]

Details On Reverse Mortgages For MA Real Estate

Reverse mortgages can be a great option in certain circumstances. It is critical to get all the facts before getting a reverse mortgage. This article offers details on reverse mortgages for MA real estate. What Is a Reverse Mortgage A reverse mortgage is a special kind of mortgage that allows you to … [Read more...]

Details On The Qualified Mortgage Rule For MA Home Loans

The qualified mortgage rule was released by the Consumer Financial Protection Bureau in January 2013 as part of the Dodd-Frank Reform Act. It takes effect Jan. 10, 2014 and specifies the way companies must assess and verify information from borrowers. Details on the qualified mortgage rule for MA … [Read more...]

Title Searches For Massachusetts Home Purchases

Ownership of real estate is identified by its title. When real estate is sold, the title is transferred from one party to another. It is therefore a crucial component of a real estate transaction. This blog provides details on title searches for Massachusetts home purchases, what it is, and why it … [Read more...]