Credit ratings can work both ways. Lenders may rely on them to assess the risk of a prospective client. Homebuyers with a good credit rating may be able to obtain more favorable mortgage financing.
But how much does a credit score really tell? Can a lender rely on credit rating agencies to measure the risk...
Closing costs for a mortgage or refinance loan are sometimes offered as an incentive in real estate transactions, but could they make or break a deal?
Admittedly, closing costs can add up. Homebuyers might pay between two and five percent of a home's purchase price in closing costs, if not more. Such costs may include...
When purchasing real estate, there are several financing approaches a buyer might take.
For someone interested in a long-term commitment, it may make sense to make a sizable down payment in order to qualify for the lowest interest rates on a 20-year or even 30-year mortgage.
For other buyers who don't want to establish permanent roots,...
If a homeowner's primary mortgage is underwater, does he or she have a chance at refinancing or taking out a second mortgage?
A real estate attorney's answer might be qualified, and perhaps dependent on the outcome of two pending appeals before the U.S. Supreme Court. The appeals, brought by Bank of America, originate in the...
Some might imagine the benefits of retirement to include a more relaxed schedule and fewer debts. For example, children might be grown, a house mortgage might be paid off, and retirement accounts may have vested. Why, then, are some retired Americans exploring a reverse mortgage?
For readers unfamiliar with the term, a reverse mortgage is...
As readers may know, Fannie Mae and Freddie Mac are stockholder-owned corporations that, according to their websites, purchase mortgage loans complying with certain guidelines. Those mortgages are then packaged into securities that investors can purchase.
In the wake of the housing crash, the underwriting guidelines of Fannie Mae and Freddie Mac remain strict. For conforming...
Some commentators may question the federal government’s level of involvement in the mortgage market. At least two entities that guarantee mortgages, Fannie Mae and Freddie Mac, are government sponsored. That involvement may raise certain expectations and policy questions.
Under the current system, a government-guaranteed mortgage might have additional requirements that a borrower must meet to...
By all indications the Massachusetts housing market is in full recovery. Many of the previous stories discussed on this blog document how experts in the real estate field predict that current trends may hold firm and improve the market in the foreseeable future.
One factor that may put a damper on the upward trajectory of...
Worcester residents thinking about buying real property or refinancing the existing homes may be interested to learn that mortgage interest rates are migrating north from their historic lows set earlier this year. The chief financial officer for Well Fargo & Co., the nation's biggest mortgage lender, does not believe that...
