Mortgage FAQs & Articles | omega-financial

May 9, 2019
2 min

Your Offer Was Just Accepted. Now What?

When you make an offer on a home, you wait anxiously to see if it will be accepted. Sometimes you’re lucky enough to hear back within hours. Other times you could wait days or even longer. But once you get that good news that your offer has been accepted, what happens next? There Will Be a Home Inspection. A home inspection needs to be conducted in order to assess the condition of the home for financing needs. This is a stage where issues may come up that require negotiation.

Mortgage FAQ: Should I use an agent from outside my area?

omegafinancialinco

Feb 12, 2019
2 min

Mortgage FAQ: Should I use an agent from outside my area?

"I’M THINKING ABOUT SELLING. A FRIEND REFERRED ME TO HER REAL ESTATE AGENT, BUT HER AGENT MAINLY WORKS IN A DIFFERENT AREA THAN WHERE I LIVE. SHOULD I CONSIDER USING HER AGENT?" Although many real estate agents do concentrate on specific areas, that doesn’t mean that an agent isn’t knowledgeable about other areas and neighborhoods nearby. In fact, many agents are well-versed in the market conditions of quite a large region and are able to apply their experience and knowledge

omegafinancialinco

Feb 7, 2019
2 min

Maxing Out Your Home's Deductions

If you’re a homeowner and you want to maximize your tax deductions, here are four areas that can help you do that: Mortgage interest, mortgage points and property taxes. This is likely to be the biggest portion of your home-related tax deductions. You can deduct the interest on your mortgage on loans of up to $1,000,000 ($750,000 for new mortgages) as well as any mortgage points you paid on a new loan. As for property taxes, you can deduct up to $10,000 in combination with sa

Mortgage FAQ: Can I Use a Tax Refund for a Down Payment on a Home?

omegafinancialinco

Apr 17, 2018
2 min

Mortgage FAQ: Can I Use a Tax Refund for a Down Payment on a Home?

"I’D LIKE TO PUT MY TAX REFUND TOWARDS MY DOWN PAYMENT, BUT I KNOW THAT THE FUNDS FOR MY DOWN PAYMENT NEED TO BE IN MY ACCOUNT WELL BEFORE MY LOAN CLOSES. WILL THIS BE A PROBLEM?" Normally, lenders require that your down payment be “sourced and seasoned.” What does that mean? Having sourced funds mean that you can provide a paper trail of where the money came from. Seasoned funds are funds that have been in your account for a particular length of time, usually between 60-90 d

omegafinancialinco

Feb 7, 2018
2 min

Start Your Prep for Homebuying Now

If you’re considering buying a new home this year—whether it’s going to be in the peak spring and summer months or later in the year—you’ll need to start the homebuying process well before your targeted date to be in your new home. As Early as Possible: Get your finances in line. This includes making a budget, working to improve your credit and lowering your debt-to-income ratio. These aspects of your financial situation will greatly impact your interest rate and what kind of

omegafinancialinco

Jan 20, 2018
1 min

Come Home to the Mortgage Experts!

Learn about the difference an experienced mortgage broker can make when it comes to mortgage rates! Apply online at http://www.OmegaFin.com For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are locate

Mortgage FAQ: Will an "Authorized User" Credit Card Show Up in a Credit Report?

omegafinancialinco

Sep 8, 2017
2 min

Mortgage FAQ: Will an "Authorized User" Credit Card Show Up in a Credit Report?

"WE HAVE A CREDIT CARD IN OUR NAME THAT OUR DAUGHTER IS ALSO AUTHORIZED TO USE (IN CASE OF AN EMERGENCY). SHE’S GETTING READY TO BUY HER FIRST HOME. WILL THIS CREDIT CARD SHOW UP ON HER CREDIT REPORT?" Yes, the credit card will show up on her credit report and she will be listed as an “authorized user.” An authorized user of a credit card is someone who has access to draw on the account, but was not originally considered when the account was approved and opened. Even though s

The Best (and Worst) Bang For Your Remodeling Buck

omegafinancialinco

Apr 12, 2017
2 min

The Best (and Worst) Bang For Your Remodeling Buck

Whether you’re considering making upgrades before you put your home on the market or simply looking to add to the overall value of your home, figuring out which remodeling projects will give you the best bang for your buck can be tricky. Should you replace your front door? Do a minor kitchen remodel? Or do something larger such as adding in another bathroom? If you’re unsure of which project to tackle, Remodeling magazine’s “Cost vs. Value Report” for 2017 may be helpful. The

omegafinancialinco

Dec 7, 2015
2 min

FAQs About the New Mortgage Rules

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

omegafinancialinco

Dec 17, 2014
2 min

10 Guidelines for Buying and Borrowing

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)

Mortgage FAQ: What is Homebuilder Confidence?

omegafinancialinco

Nov 17, 2014
1 min

Mortgage FAQ: What is Homebuilder Confidence?

"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

Options for Paying—or Not Paying—Your Closing Costs

omegafinancialinco

Oct 30, 2014
2 min

Options for Paying—or Not Paying—Your Closing Costs

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

Thinking of Buying? Don't Let the Down Payment Get in Your Way

omegafinancialinco

Jul 22, 2014
2 min

Thinking of Buying? Don't Let the Down Payment Get in Your Way

“I’d love to buy a home, but I just can’t afford it.” Sound familiar? This is a common refrain from people who want to buy a home, but feel that being a homeowner is beyond their reach financially. The idea of having a monthly mortgage payment for 15, 20 or 30 years can be overwhelming for those who are used to having a six-month or one-year lease. However, it’s often not the idea of having a mortgage that scares people away from buying, but rather the down payment. Having to

omegafinancialinco

Jun 3, 2014
2 min

Making Your Home Equity Work for You

According to real estate data firm CoreLogic, home values have risen more than 11 percent nationally in the past year. If you’re a homeowner, this is great news because a rise in home values means that you’re gaining more equity in your home. So what can you do with an increase in home equity? Although the answer to that depends on how much equity you actually have, here are a few options you may want to consider: Reinvest your equity back into your home. Remodeling your home

FAQ: How Do 401K Contributions Affect Mortgage Approval?

omegafinancialinco

Mar 17, 2014
2 min

FAQ: How Do 401K Contributions Affect Mortgage Approval?

“We were just pre-approved on a loan and we’ve been very vigilant with our credit, but I need to make changes to my 401k contribution. Is this going to affect our mortgage approval?" The important thing to keep in mind about being approved for a loan is that lenders are looking for steady and verifiable income and the borrower’s ability to repay the loan. As a borrower, a good rule of thumb is to stay the course with your income, debt and spending. Although changing the amoun

omegafinancialinco

Oct 15, 2013
2 min

Buy or Rent? It's Often an Easy Choice

Should you buy or should you rent? Here’s why buying is almost always the clear choice: Real estate is a quality investment. Even with the drop in home prices and values in many areas over the last few years, real estate has remained a very good investment. And today—with prices and values increasing nationwide—real estate can truly be considered an outstanding investment. In looking at real estate historically, home prices have risen over any 10-year period since the 1940’s