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.
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?
When purchasing real estate, there are several financing approaches a buyer might take.
If a homeowner's primary mortgage is underwater, does he or she have a chance at refinancing or taking out a second mortgage?
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 many Massachusetts workers, buying a house is the quintessential American dream. Such a goal often involves years of saving and planning. For example, in order to qualify for the most favorable mortgage rates, a homebuyer may need to make a sizable down payment, perhaps as much as 20 percent.
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.
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.
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.
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 rising rates will slow down interest in buying homes, though Worcester residents with limited budgets may disagree.