The Ultimate Guide to Understanding Your Credit Score

the-ultimate-guide

Credit scores play a large role anytime you buy something over time, like a home or automobile.  Not only does your credit score play a role in qualifying for a home mortgage it is also effects your interest rate.  The lower your credit score the higher your interest rate and vice versa.   I will cover some credit score basics in this article which will help in you in understanding your credit score. I will discuss your score as it relates to getting a home mortgage.  … Continue reading...

Getting Your First Mortgage When Buying Your First Home

timeline of the mortgage process- getting your first mortgage

  Home ownership is exciting.  You have decided it is the right time to buy your first home.  Now is the time to go about getting your first mortgage.  The first thing you should do before even looking at houses is take a look at the money involved.  It is time to sit down with a mortgage officer and review your finances and discuss your options. The mortgage process is one of the more complicated and frustrating pieces when buying a home.  It is important to … Continue reading...

Trying to get the Lowest Mortgage Rate in Massachusetts

Get the Lowet Mortgage Rate Possible

You decide to buy a home and want to get the lowest mortgage rate.  Of course, who wouldn't!  But things may not always be what they appear to be. If you are looking online at mortgage rates or in the paper,  read the fine print.  Of course they advertise the lowest mortgage rate they can offer, but there is usually a slew of conditions. Here is a list of criteria that can prevent you from getting the lowest mortgage rate advertised: Is it a refinance or a … Continue reading...

What is TRID and What Should Home Buyers and Home Sellers Expect?

Time for a change with new TRID laws

What is TRID?   In short TRID is a new rule implemented by the Consumer Financial Protection Bureau.  TRID takes effect for any loans initiated after October 1st 2015.  The rule is intended to rid any inconsistencies by two federal acts that regulate the current mortgage qualification process.  TRID stands for TILA RESPA Integrated Disclusure.  Besides preventing inconsistencies between the Truth in Lending Act (TIL) and the Real Estate Settlement Procedures Act (RESPA), TRID is also meant to … Continue reading...

Top Credit Don’ts While Buying a House

My Fico Laon Savings Calculator

Today we will discuss the top credit don'ts while buying a house.  When you get a pre-approval and you are in the process of buying a home in is important to keep your credit status quo.  Your credit score is a complicated thing.  It is calculated by "mystical" alogrithyms from the major credit reporting agencies.   Something that you think makes sense can send your credit into a tail spin.  Alternately some home buyers will just plain do stupid things. 4 Top Credit Don'ts While Buying a … Continue reading...

The Power of a Mortgage Pre-approval Letter

Looking at houses is fun, but talking about money is not.  Do yourself a favor and before you go to crazy looking at houses, take the time to get pre-approved first.  It will prevent a lot of aggravation and heartache to have a good mortgage pr-approval letter. Tip- Do not under estimate the power of a good mortgage pre-approval letter.  A good mortgage pre-approval letter can save you time money and aggravation. The difference between a pre-qualification letter and a pre-approval … Continue reading...