Monthly Archives: January 2013

A Guide to Buying Condo Insurance in Massachusetts

The Mortgage Buddy would like to welcome guest blogger Tom Coonan to the site. Tom is the owner of  Coonan Insurance in Oxford MA. Coonan Insurance is a family owned and operated establishment that has been fulfilling the insurance coverage needs of Worcester County residents for over 20 years. In this article Mr. Coonan shares his knowledge of condominium insurance coverage with the Mortgage Buddy audience. Read more…

The Mortgage Buddy Housing Plan

The following Mortgage Buddy Housing Plan is a simple but effective plan to increase liquidity in the market place without printing more money or raising taxes until the economy is growing by at least annual GPD rate of 3%. As a mortgage professional for the past eight and half years, I have been on the front lines of the housing crisis. I have seen the rise and fall of the sub-prime market, overly inflated home values, and now increased government mortgage programs and ever changing mortgage underwriting. But more important than what I have seen is what I have heard. Every day I speak with families in all different types of financial situations when working on their mortgage application. To me, a mortgage application is a highly personal interaction with someone. By the end of the conversation I know their credit rating, their job history, their financial hiccups and their financial goals. What I hear is a growing frustration with the economy and the growing lack of faith that America will come out of our post recession blues. My philosophy has always been that if I’m not doing anything to offer ideas of change I’m part of the problem, and not the solution, and for that reason I propose The Mortgage Buddy Housing Plan with a hope that the residents of Central MA will offer their ideas
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How to Do I Read My Home Appraisal Report

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How to Understand your Appraisal

A home purchase is the largest, single investment most people will ever make. Whether it’s a primary residence, a vacation home or an investment property, the purchase of real property is a complex financial transaction that requires multiple parties. Most of the people involved are very familiar. The Realtor is the most common face of the transaction. The mortgage company provides the financial capital necessary to fund the transaction. The attorney ensures that all aspects of the transaction are completed and that a clear title passes from the seller to the buyer. So who makes sure the value of the property is in line with the amount being paid? Read more…

5 Ways to Boost Your Credit Score

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There has been an increase in positive data coming out of the housing market in recent months, and it looks as if we have finally turned the corner towards a recovery. Sure, there may be some road blocks along the way such as a lack of confidence in the job market or still tightened lending guidelines, but all the news suggests that 2013 will be a huge year for the Mass real estate market. If you want to be ready to take advantage of low interest rates combined with low sale prices, now is the time to improve your credit. A strong credit score is the backbone of all mortgage underwriting. The following tips will help you boost your score in just a couple of months and better position yourself for a smooth transaction. Read more…

How To Refinance Your Underwater Home

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A mortgage refinance is the process by which your current mortgage is paid off by a new loan. The federal government has expanded the underwriting guidelines of several mortgage programs to help upside down home owner’s take advantage of the recent historically low interest rate environment.

Step 1: Am I eligible?: Read more…

10 Spring Home Buying Tips

(1) Get Your Free Credit Report. You are allowed to get 1 credit report from each of the 3 major credit bureaus once every 12 months. Utilize this free opportunity to make certain that your credit is being accurately reported.

(2) Decide What You Can Afford? Make an honest evaluation as to what a comfortable monthly payment is for you and your family by doing a detailed budget. It’s better to determine a comfortable monthly payment first before you look at homes for sale so you are not tempted to “over buy”. Be sure to include costs such as Read more…