If you are a home buyer or property seller, please read the excerpts below from the recent inc.com article: Beware of This Scam Targeting People Buying Homes:
Sellers Beware Of Wire Fraud
"In one common form of the scam, the sender impersonates a seller or a seller's agent and sends the buyer "Wire Instructions" either for a deposit or for the final settlement payment. Of course, the wire instructions are not legitimate - they deliver to an account controlled by criminals, and, any payments sent will be stolen, not go toward a home purchase. The email may have an explanation that seems to make sense - some attack emails begin, for example, with "We have changed banks, please see the attached updated wiring instructions." Unfortunately, there are already known cases of criminals utilizing this scam to steal people's life savings - and, thereby, make them unable to purchase the home that they thought they had bought".
Buyers Beware Of Identity Theft
In another form of the scam, the criminals ask the buyer to send copies of IDs; considering that people normally do have to provide ID at a closing, asking for such materials may seem normal; of course, the criminals asking for this information are not using it to ensure identities for a home purchase; they are obtaining it in order to commit identity theft themselves, or to sell it to other crooks who will misuse it."
Unfortunately, criminals have stolen people's life savings using this trick. These new devious scams target people buying or selling homes with truly negative life-changing attacks. So, if you are buying or selling a home, or are thinking of doing so in the near future, be careful! Click here to read the full article on Inc.com as it explains what you need to know. Home buying is a complex process....
Per this recent article by David Payne, Staff Economist at Kiplinger.com:
While mortgage rates are steady now, most economists expect rates to rise as the year progresses.
If you are buying a new home her in MA, RI or anywhere in New England, NOW is the time to
LOCK IN a LOW RATE. Click here to contact Don Lambert for immediate advice and assistance.
If you read this recent article from Housing Wire:
it features the following positive insights about the 2017 housing market outlook:
In t his recent article from The Mortgage Reports, the 2017 outlook features continued growth for the housing sector:
"Based on these indicators, Richardson expects 2017 will bring a more normalized housing market -- one that still boasts a healthy number of sales but a moderate rate of price growth."
Read more at:
I want to thank all my co workers past and present who helped shape the last 12 years into an incredible journey. I truly consider you all my friends. You have made coming to work over the last twelve years a real blessing.
I am also extending this heartfelt thank you to the over 13,000 families who chose Accutrust to help with their mortgage needs over these past 12 years.
After 30 years in this business, I still get a charge out of helping people accomplish their dreams. I am looking forward to the next 12 years.
Getting a Mortgage is no simple task. It's a complex and time consuming process and perhaps one of the most significant events of our lives, at least in financial terms.
Here are 10 potential pitfalls to avoid:
1. Not checking your credit.
Before you look for a mortgage, you should know where your credit score stands. After all, a bad credit score can bump up your mortgage interest rate several percentage points or leave you with no approval.
Be sure you check your credit early - several months before seeking a loan - in case any changes are needed to get it back up to snuff.
2. Applying for new credit alongside the mortgage.
Avoid applying for any other type of credit before and during the mortgage application process. Whenever you apply for new credit, you're considered a greater risk, at least initially. If you apply for a credit card or auto loan around the same time you apply for a mortgage, your credit score might get dinged enough to kill your eligibility or bump up your interest rate.
3. Failing to look at the total housing payment.
A mortgage payment includes principal, interest, taxes and insurance or PITI. Prospective homebuyers often mistakenly do not factor their property taxes and insurance premium into their overall mortgage budget.
The debt-to-income ratio, used to determine if a borrower can make a certain mortgage payment, is the proposed cost of PITI divided by the gross monthly income. A $1200 homeowners insurance policiy would add $100 per month to an escrowed mortgage payment.
4. Not seasoning your assets.
The bank or lender will want to see that you can actually pay your mortgage each month. But without seasoned assets, or money that has been in your accounty for at least a few months, you could be out of lukc. Some borrowers think they can transfer funds from a relatives account days before applying, but this won't fly once the underwriter uncovers the paper trail.
Another key to mortgage approval is steady employment and income. An underwriter will want to know that your monthly income is consistent and is expected to continue into the foresee-able future. So don't jump from job to job too much before applying for a mortgage. If a new job is in the same field, it shouldn't be a deal killer, but a career change will lead to problems.
6. Chasing exotic loan programs.
Shop around for the lowest rate and closing costs, but not at the expense of your mortgage. Anything that sounds to good to be true most likely is. Ifthe payment seems too low, you might be paying interest - only or even negatively amortizing, which means your mortgage balance is growing each month.
It's best to keep it simple to go with a loan program that you can get your head around, such as a fixed rate mortgage.
9. Forgetting to lock your rate.
A mortgage rate means little if it's not locked in. If you're happy with your rate, lock it. Mortgage rates change daily - and sometimes, several times daily. All of those mortgage quotes you obtain are just quotes until you actually tell the bank , lender or broker to "lock it in". Once locked, your rate is guaranteed for a certain period, be it seven days, 15 days or a month. Never assume your rate is locked until you get it in writing.
10. Not reading your loan documents.
It's your responsibility to read and ccept the terms of your new mortgage. Sure, it might be a pain to go through all of the loan documents before signing, but it's a bigger pain to sign up for something that youdon't want or disagree with. Take the time at closing to ensure that you understand everything you're signing and thereby agreeing to. Don't be afraid to ask questions. Otherwise, you could wind up with a mortgage with predatory terms and no place to turn.
YOU DESERVE EXPERT ADVICE!
Click here to see your credit score with complimentary credit report.
Know your Credit Score
As you begin your journey to home ownership the first step is to make sure you have your credit house in order. Credit scores matter when applying for a mortgage. It affects the programs available, lender overlays and most importantly the rate. I am pleased to offer you this FREE and powerful credit counseling tool.
Mortgage Pre-Qualification in MA, RI & CT
Looking to get a Mortgage pre-qualification letter, so you can buy property in RI, MA or CT? We will provide you with access to your credit report and credit score at no cost, and get your mortgage application reviewed by one of our lenders, before you make an offer to buy or start a refinance application.