When you sell your home, you’ll be required by law to disclose certain things about your home, namely any known material defects. The specifics of these laws—known as disclosure laws—vary by state and locality, but are on the books in almost all areas. What’s covered under disclosure laws: Generally, you’re required to disclose any material defects which can include structural problems, water and sewage issues, pest infestation, electrical or heating and cooling problems, the

Originally scheduled to end this year, the Home Affordable Refinance Program (HARP) has been extended until the end of 2018 (December 31). If you’re interested in refinancing through HARP, here’s what you need to know: What is HARP? HARP is a government refinance program created that is designed for homeowners with loans owned or guaranteed by Freddie Mac or Fannie Mae and who have little or no equity in their homes. Originally set up in March of 2009, the program has gone th

One month's rent could get you into your dream home! You put down 1%, your lender contributes 2%*, giving you 3% equity at closing. Great low rates. Close in 30 days or less. Available with no monthly Mortgage Insurance. Call 781-762-2928 or contact us via our website today to learn more about the conventional 1% down with equity boost program. *2% lender contribution may only be applied to down payment. For more than 25 years, Omega Financial has been serving mortgage client

If you’re on a budget, making major renovations to your home before you sell may not be feasible. However, there are smaller improvements that you can make that will still have an impact—but won't break the bank. 1. Faucets. Replacing all of your faucets can be expensive, so instead you might consider just replacing a couple of faucets in key areas such as your kitchen and your master bathroom. 2. Door Knobs and Door Hardware. Door knobs, hinges, strike plates, and other door

"WITH HOME PRICES STILL CLIMBING, WILL WE GET TO A POINT WHERE PEOPLE ARE BEING PRICED OUT OF THE MARKET? AND IS IT POSSIBLE THAT WE’RE GOING TO HAVE ANOTHER HOUSING BUBBLE?" According to the S&P/Case-Shiller U.S. National Home Price Index—which is a composite of single-family home prices—home prices have generally trended up since the beginning of 2012 and in many areas of the country are close to or at the peak we saw in 2006. However, that doesn’t mean that people are bein

"IS IT A GOOD TIME TO TAP INTO MY HOME EQUITY AND DO A CASH-OUT REFINANCE? I’D LIKE TO PAY OFF THE REST OF MY CREDIT CARD DEBT. I HAVE VERY GOOD CREDIT AND A DECENT AMOUNT OF EQUITY BUILT UP." Although everyone’s financial situation and mortgage needs are certainly different, now may be one of the absolute best times to tap into that home equity that you’ve built up. Why now? In a nutshell, now is a great time because of the combination of rising home values and extremely low

As a borrower, any advantage you can get in the loan approval process can be helpful in getting the best loan. Soon, you’ll have one more advantage: Fannie Mae’s introduction of trending credit data. What is trended credit? Currently, the revolving credit section of a credit report simply shows if a payment was made on-time or if a payment was made late. With trended credit data, however, credit reports will also show balances, scheduled payments amounts and actual payment am

Now that we’re into the heart of the summer real estate season, you may have competition from other potential buyers—and you may be faced with a multiple-bid situation for your dream home. However, with the right preparation and a few savvy moves, you can get an advantage over other buyers and close the deal. Here’s how: 1. Get your finances in line ahead of time. It can’t be emphasized enough: Make sure your finances are in order before you even start looking at homes. To ge

For many people, the American dream isn’t just owning a home—it’s also paying off the mortgage. But why is it important to own a home outright? Is there anything wrong with having a mortgage? Sure, not having a monthly payment is a big part of it, but in reality, having a mortgage can actually be good for you. Here’s why: Having a mortgage is good for your credit. Having a mortgage shows that you’re a responsible borrower, which is important if you plan on buying another home

"THE OWNER OF THE HOME THAT I’M RENTING HAS DECIDED TO SELL AND I’M VERY INTERESTED IN BUYING THE HOME. HOW DO I GO ABOUT DOING THAT? DO I NEED TO HIRE A REAL ESTATE AGENT?" If you want to buy the home, you should approach it like you would any real estate transaction, which includes hiring a real estate agent. The process of buying a home that you’re currently renting may seem simpler than a “normal” home purchase, but problems can arise and having an experienced agent is a

If you’ve found a home you want to buy, but your current home hasn’t sold yet, don’t fret—you do have options: Carry two mortgages for a short period of time. Although this is probably the most common route that people take when they’ve found a home to buy but haven’t sold their current home, it may be the riskiest as well. Although paying two mortgages may not be a problem for you for a month or two, anything longer than that may put you in the danger zone financially. Also,

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

At the tail end of last year, a positive economic outlook prompted the Federal Reserve to raise the federal funds rate for the first time since 2008. Since the federal funds rate is closely tied to mortgage rates, everyone began bracing themselves for the rise in interest rates which was sure to follow. However, that expected spike never materialized. In fact, interest rates have defied expectations by falling to levels we haven’t seen in over a year. Initially, the rates did

Although closing delays are sometimes unavoidable, you—as a buyer—can take steps to help ensure that you have the quickest possible closing: Get everyone on the same page. First and foremost, everyone involved in the process should know that you desire a quick closing. Whether it’s your real estate agent, mortgage lender, broker, settlement agent, or other professional, make sure you talk to them ahead of time. Not only will they be able to help speed along the process, but t

"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

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

Many borrowers have long viewed closing costs as a sort of necessary evil of getting a loan. For them, settlement day means writing a big check for all of the fees and charges associated with getting a mortgage. However, that’s not strictly the case anymore. Today, most borrowers have three options in terms of paying their closing costs—with two of those options having no out-of-pocket expenses on settlement day. Each option does have its pros and cons, so be sure to talk to

"I’M TRYING TO DECIDE IF I SHOULD MAKE UPGRADES TO MY HOME BEFORE I PUT IT ON THE MARKET. ARE THERE ANY GUIDELINES TO WHETHER OR NOT IT’S A GOOD IDEA TO REMODEL BEFORE SELLING?" Although just about every home could be upgraded in at least some small way, there’s no one-size-fits-all answer to this question. Whether or not you should remodel—and what upgrades you should make—will depend on several different factors and you’ll need to consider a few other questions first: Does

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