You probably haven’t heard much about interest rates lately because there’s been very little movement in the rates. However, interest rates should be front-page news becausethe lack of fluctuating rates is something we rarely see—and the rates are within striking distance of all-time lows. In the chart below, the monthly interest rates—according to Freddie Mac’s Primary Mortgage Market Survey—have remained somewhat steady, falling only slightly over the last five months. Alth

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

"Although my credit score is fairly good, my husband’s score is about 100 points lower than mine. Is his score going to be a problem when we apply for a loan?" First, keep in mind that unless you and your husband have opened joint credit accounts in both of your names, your credit score and your husband’s credit score are completely separate. Second, understand that lenders will look at the lower of the two credit scores rather than the higher score or taking the average betw

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

“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

Whether you’re buying a new home this year or refinancing your current mortgage—or simply looking to reducing your debt—getting a handle on your personal finances can be the ideal New Year’s resolution. The first step in getting your finances in order is to make a workable personal budget—and then stick to it. Your budget doesn’t need to be complex or overly detailed; a simple budget with your monthly income and expenses—household expenses, groceries, entertainment, etc.—can

"When I close on my home, how do I know if all of the fees that I’m being charged are correct? And do all lenders have the same types of fees and are they similar in terms of cost?" For any type of real estate transaction—whether it’s a new home purchase or a refinance—estimated closing fees will be listed on the Good Faith Estimate (GFE) form that lenders are required to provide all loan applicants. What’s important to note here is that you’ll receive the GFE when you apply