You’ve probably heard plenty of talk about whether it’s a buyer’s market or a seller’s market, with people saying not to buy in a seller’s market and not to sell in a buyer’s market. But does it really matter what kind of market it is? Maybe not as much as you may think. To understand the importance—or rather lack of importance—of whether it’s a buyer’s or seller’s market, we’ll first need to define each type of market. In simplest terms, market conditions are based on the ba

With rental rates on the rise, if you’ve ever thought about buying a new home and renting out your current home, now may be a great time to do just that. Buying and renting out your home at the same time can be a little bit tricky, however, so you’ll need to plan ahead and make sure this is the right step for you. Why Do You Want to Rent Out Your Home? Many homeowners who opt to rent out their home do so as a way to generate income. According to the latest figures from Zillow

You’ve found the perfect home, in the right neighborhood with the right number of bedrooms and bathrooms. The home inspection is done, but a few issues have been found. Now, you have some decisions to make: What repairs can I ask the seller to make? Ideally, the issues would be small enough—and inexpensive—that the seller would be happy to fix them before the sale. However, it’s often a fine line between what the seller should fix and what the seller must fix. Fortunately, yo

One crucial financial task to complete before you buy is to improve your debt-to-income ratio. What Is Debt-To-Income Ratio? Your debt-to-income (DTI) ratio is the percentage of your gross monthly income that goes toward paying all of your debts and liabilities, which includes your mortgage, credit card debt, student loans, and housing expenses. In simple terms, it’s the percentage of your income that goes towards your debt payments. Your DTI ratio is important because lender

One of the best ways to add value to your house is through a home improvement project. However, there are plenty of pitfalls when it comes to remodeling. Here are six critical mistakes to avoid: 1. Not talking to your real estate agent ahead of time. Before you decide on any renovations or remodeling projects, it’s imperative that you sit down and discuss your plans with your real estate agent first. Their knowledge of which home improvements projects are beneficial—as well a

I’VE HEARD THAT SMART HOMES ARE ALL THE RAGE LATELY. IF I’M GOING TO SELL MY HOME, IS IT WORTH IT FOR ME TO MAKE UPGRADES TO MY HOME TO INCORPORATE SMART TECHNOLOGY?" The answer to that question may be found in the old saying about “knowing your audience.” Smart home improvements—technology upgrades that make your home more convenient and efficient—can make your home more attractive or unique, but it may be more of a turn-off (no pun intended) to many buyers. Although control

Do you think that the services of a real estate agent and a mortgage broker are useful only when you’re getting ready to buy, sell or refinance? You might want to think again. Even if you’re not ready to buy, sell or refinance, you should stay in touch with your real estate and mortgage professionals. Here’s why: Why You Should Keep in Contact With Your Mortgage Broker: Having good credit is essential when you buy or refinance and since fixing your credit won’t happen overnig

"I RECENTLY READ THAT FICO CREDIT SCORES MAY NO LONGER BE USED IN THE FUTURE. INSTEAD, LENDERS WILL BE USING ALTERNATE SCORING MODELS. IS THIS TRUE?" Although any movement away from the current FICO credit scoring model isn’t a done deal, there has been some serious discussion—both inside the federal government and in Congress—about alternate scoring models. Not only are federal regulators putting pressure on mortgage giants Fannie Mae and Freddie Mac to come up with alternat

How can you find the home near the schools that are best for you and your kids? Here are a few tips: Your search for schools should begin with researching schools online. Almost all states and local municipalities will have online resources. When starting your research, make sure to plan out what’s important to you in a school. Also, keep in mind that some of the contributors to these sites may be biased, so take all rankings with a grain of salt. If you have specific schools

"I’VE FOUND A BEAUTIFUL OLD HOME THAT I’D LIKE TO BUY, BUT I’M AFRAID THAT IT WILL HAVE REPAIR ISSUES IN THE FUTURE. I’M GETTING AN INSPECTION DONE, BUT WHAT ELSE CAN I DO TO MAKE SURE IT’S NOT GOING TO BE A MONEY PIT?" Although there’s no way to guarantee that you won’t have issues down the line, a home’s repair history and its current condition are decent indicators of what kind of problems you may have in the future. Your home inspection will be your biggest and most impor

"I WAS A VICTIM OF IDENTITY THEFT AND I’M IN THE PROCESS OF REPAIRING ALL OF THE DAMAGE (CLOSING FRAUDULENT ACCOUNTS, REMOVING BOGUS CHARGES, ETC). WHAT DO I NEED TO DO IN TERMS OF CORRECTING MY CREDIT REPORT?" Although repairing the damage done when your identity is stolen can be a long and difficult process, there are laws and systems in place that can help victims of identity theft. In your specific case, assuming you’ve already stopped the identity theft and have contacte

In a way, 2015 was a Jekyll-and-Hyde year. While many aspects of real estate and mortgage were steady, others experienced several big changes. Except for the lack of movement in interest rates, the dividing line between stability and change seemed to fall squarely between the real estate industry and the mortgage industry. National housing statistics show that it was a steady but good year in real estate. Through October, the national median existing-home price was up 5.1 per

Here are a few common questions that loan providers are getting about the new loan documents and TRID rules: Will these changes affect how my loan is handled? Yes, it will affect how your loan is handled, but most of the changes are behind the scenes. The two changes that will affect you the most are the new documents (Loan Estimate and Closing Disclosure) and the time allotted for you to review those documents (you’ll receive the Loan Estimate within three days of applicatio

Buying a home and getting a new mortgage can be daunting, but if you follow a few guidelines, you’ll be more likely to have a smooth buying process: 1) Buy when it's right for you. Don't be too obsessed with the current interest rates or market conditions. The best time to buy is when you are personally and financially ready. 2) Make a solid budget. It doesn’t need to be overly complex, but a good (and realistic) budget can help you determine how much you can truly afford. 3)

"I’VE HEARD COMMENTATORS ON TV TALKING ABOUT ‘HOMEBUILDER CONFIDENCE’ RECENTLY. WHAT IS HOMEBUILDER CONFIDENCE AND WHY WOULD IT BE IMPORTANT?" “Homebuilder confidence” is a statistic from a monthly survey about current economic and housing conditions. More specifically, the survey results—conducted through a poll of the members of the National Association of Homebuilders—are compiled into a report called the Housing Market Index (also known as the “Homebuilder Confidence Surv

Much like being a buyer in today’s housing market, being a seller nowadays is different than it was just a few years ago. While market conditions vary from location to location and each home sale is different, many areas are showing a noticeable uptick in prices and a decrease in time on the market. If you’re looking to sell, here are a few things to keep in mind: Hiring a Professional. Back in the mid-2000’s, some homes were selling so fast that many sellers felt no need to

"THE LAST TIME I SOLD A HOME—IN 2010—IT TOOK A LONG TIME TO SELL. THIS SUMMER, I’M MOVING AGAIN. IS MY HOME GOING TO SIT ON THE MARKET FOR A LONG TIME AGAIN?" How long a home is on the market is one of the biggest concerns a home seller has, but in looking at the most recent housing statistics, your concerns may be unwarranted this time around. Yes, all real estate is local, but the overall housing market today is very different than the overall housing market of four or five

Andy Emanuel from Omega Financial Inc., a mortgage brokerage in Norwood, MA, answers mortgage FAQs. Although having to pay a small tax bill may not affect your credit, other tax situations—specifically how you pay or don't pay your tax bill—can indeed affect your credit and can lower your overall credit score. For 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have more than 60 years in the mortgage business. You always will receive

FAQ: "I’m trying to choose between two real estate agents. One agent works for a large agency, while the other works for a small one. Does the company they work for really matter?" Much like your choice in a mortgage professional, the real estate agency/brokerage is important, but it’s not necessarily a question of how large or how small the agency is. As with any company or service, a brokerage should be judged on its reputation, trustworthiness and track record; the number