Real Estate By the Numbers
Today's article comes to us from a question posed by one of our readers. We love answering our reader's questions whenever possible. Should you want answers to any of your real estate please don't hesitate to send them over to firstname.lastname@example.org.
If you haven't personally gone through the mortgage process recently be prepared to supply more documentation than ever before. In the last few years the documentation requirements for a new loan have changed significantly, which means you'll need to supply more documentation then you may think to receive your new mortgage.FULL ENTRY
"The Southie ones were a bust. One unit had multiple offers before we could even get in and there was a line for the open house."~ South Boston Home Buyer
It may not feel like it, but Spring is here. At least the Spring Home Buying Market is here and is hot throughout Greater Boston. A common compliant most home buyers have is the lack of inventory. There are reports of lines out the door at open houses with many listings going under agreement after the first open house with multiple offers. If you are not armed with a pre-approval letter before you start your home search, you could be scrambling to get your paperwork to your mortgage advisor over the weekend before final and best offers are due by Sunday night.FULL ENTRY
Do you have a college bound child? Why pay room or board or high city rents?
Boston is known for a lot of things and Higher Education ranks up at the top. With 58 total institutions of higher education inside 128 / 95 loop (excluding colleges and universities along the North Shore, South Shore and in suburbs to the west) metropolitan Boston enrolls about 250,000 students.
With so many students enrolled in the Boston area and rents on the rise many parents are taking advantage of a loan program that allows them to buy a one unit home for their college bound son or daughter.FULL ENTRY
I recently reached out to Craig Barber of Fairway Independent Mortgage, a regular contributor here, to ask about potential article ideas and from that conversation came this amazing article from Adam Wiener of Aladdin Appraisals on how to use today's increased property values to drop your private mortgage insurance premiums and save on your monthly payments.
Have you given any thought to exactly what makes up your monthly mortgage payment? If you purchased your home with less than 20% down payment, you are paying private mortgage insurance (PMI). PMI is an insurance you agreed to pay to compensate for the higher risk the lender took on your purchase. With favorable market conditions in our area many home values have increased. The question to ask is; is my mortgage balance now lower than 80% of my homes fair market value? If so, you should remove the PMI immediately and lower your monthly payments putting that money back into your pocket.FULL ENTRY
This is a common question I receive on a daily basis. Home buyers are trained to ask how much can their lender can pre-approve them for before they go out and start the home buying the process. Assuming your credit and down payment have been verified, lenders need to approve your debt to income ratio to ensure you are able and willing to repay your mortgage.FULL ENTRY
As a follow up to his post about MassHousing loans from last month Craig Barber has created this extremely useful infographic explaining some key facts about MassHousing loans. Check out the infographic here for some key facts.FULL ENTRY
We're starting a new series of posts today which will chronicle the best places to live in Boston. Today we're looking at the best neighborhoods in the Boston area for employees of Mass General Hospital to live. We're looking at neighborhoods which are close in proximity as well as those which offer other perks such as suburban feel, lower housing costs and other relevant factors.FULL ENTRY
Most buyers assume that FHA is their only option when looking for low down payment mortgage options. They also assume that because FHA products typically have the lowest rate, they will also have the lowest possible payment with their minimum down payment.
In Massachusetts, MassHousing loans may make more sense than FHA loans to pursue if your scenario requires a low down payment.
If you’re looking a buying a property in the Boston area, you’ll likely be checking out some condos. As discussed on this blog, the Boston market is extremely hot and condos are one of the reasons why. Many buyers are priced out of single family residences and therefore look at condo units to purchase. Buying a condo in Boston is a different process than buying a single family. Not all condos are eligible for traditional mortgage financing. Why Not?FULL ENTRY
About this blogJustin Rollo of RE/Max Realty Plus in South Boston provides an analytical and irreverent look at the Boston real estate market. More »
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