Consumers thinking about getting a mortgage
should know where they stand. Here is what you might not know about your credit
score when it comes to applying for a mortgage.
The truth is not all credit reports are
created equal. Many of the consumer credit reporting services that are
available in the market place today such as Credit Karma do not give you the
same type of data that a mortgage credit report does. The granddaddy credit
report bar none is a financial services credit report. A financial services credit
report is the most accurate type of credit report because it provides a credit
score from each bureau.
Most of the consumer credit reports available
in the market place only provide one score or no scores or a combination of
multiple reports with inconsistent information as it pertains to accurateness.
For example, if your credit score is 700 from
Credit Karma then when you go apply for a mortgage, your credit score is 650.
This disparity might be because the credit report that the mortgage provider
obtains is all 3 credit scores and they use the middle of the score.
The other misconception in the marketplace is
that applying for a mortgage makes your score tank. That is just not true.
The federal government encourages you to shop for a mortgage and does not
penalize you from a credit reporting standpoint if you’re having mortgage
lenders pull your credit report.
Consumers can get into trouble when they are
applying for a mortgage and diverse types of credit entities at the same time
e.g. a mortgage inquiry, a cell phone inquiry and a cable inquiry.
Another reason that there could be a disparity
in your credit score versus the credit score that the lender obtains is that
each creditor you have reports to the different bureaus at separate times of
the month and there is not an accurate way to pin point in time when the
optimal time to pull a copy of your credit report is.
A credit report is an accurate reporting of your
credit 30 days ago. Put another way, you might see some debts on your credit
report that are already paid off based on when your creditor reports your
activity to the bureaus. If you need to get your credit score up most mortgage
companies can do what’s called a rapid score to show that you’ve paid down a
credit card for example to get your credit score up a couple of notches to
change your mortgage loan program or your down payment or get you into a more
affordable mortgage loan. Let the mortgage company help with your financial
situation including your credit.
Give us a call at 978-422-2311 or email firstname.lastname@example.org
Licensed by the State of New Hampshire Banking Department- License Number 5430-MBR Premiere Mortgage Services Inc. NMLS #1498 is a licensed broker and not a lender. We arrange but do not make loans.
One of the smartest ways to
build wealth is by buying real estate (particularly rental properties); just
ask Warren Buffett. He was recently quoted as saying he’d buy “a couple hundred
thousand single family homes [as an investment]” right now if he could Buffett
realizes the value that rental properties can bring not just in terms of
monthly cash flow but also in appreciation and deductions.
Read more at:
Another benefit of owning a
multi-family unit and living in one of the units while renting out the others
is that you’ll always be close to your rental properties so that you can check
on the condition frequently.
Premiere Mortgage Services
Inc. MA Lic. NMLS: 1498 Dana Bain
President NMLS: 18693
We Can Help With
mortgage Financing Purchasing on a multi-family owner occupied Home - up to 4 Units
with as little as 5% Down with No Income Limitations in Worcester & Hampden
Counties In Addition Your Appraisal Fee Up
To $525.00 can be reimbursed back at closing.
Finding the Best Mortgage Loan: We can help:
Welcome to Premiere Mortgage Services, Inc., where you’ll find the best mortgage rates and a loan program
that's best for you. We’re Robin and Dana Bain, and we provide
Massachusetts and New Hampshire mortgage loans for home purchases and
refinancing. Dana Bain has been originating mortgage loans for over
30 years and we treat our clients like family.
If You Would Like Any Information
On Mortgage Financing please call us at 978-422-2311 or email Dana@BainMortgage.com or Download My
App at http://danabain.mortgagemapp.com/
with home equity loans may no longer be able to deduct from their taxes the
interest paid on those loans, according to new legislation. This is the result
of the sweeping tax law signed by President Trump in December.
you need to know about these tax-code changes 2018,.
Home Equity Loan Tax Deductions Eliminated
past, most homeowners with home equity loans were able to deduct the interest
paid on those loans, up to $100,000 in most cases (or $50,000 for married
couples filing separately). With the passage of the Tax Cuts and Jobs Act,
however, that deduction is going away.
changes apply to home equity loans taken out in 2018 and onward, as well as
those that were taken out in the past. In other words, the old deduction will
not be grandfathered.
these changes, home equity loans can be still a useful financing tool for some
homeowners. It’s one of the cheaper ways to borrow money. That’s because the
average rates assigned to these loans are typically much lower than credit card
rates and other forms of financing. The new law just means that the interest
paid on a home equity loans in may no longer be deductible, in
question is, what now? Is there anything homeowners in this situation can do to
regain some of their tax deductions? Consolidating might be an option here.
Refinancing to Consolidate First and Second Mortgage
strategy that might work is consolidation refinancing. This is where the
borrower / homeowner refinances in order to combine or “consolidate” a first
and second mortgage, including an equity-based loan. And by adding a “cash-out”
component, homeowners could still convert some of their equity into cash. The
end result would be that the entire loan balance is once more tax-deductible,
up to a certain limit.
Definition: Cash-out mortgage
refinancing is when a borrower refinances an existing mortgage loan, or even
two loans, for a larger amount and then receives the difference in cash. This
strategy allows homeowners to turn some of the equity they’ve built up in their
homes into cash. The money received could be used for a variety of purposes,
including home improvements and educational expenses.
mortgage interest deduction for a first mortgage on a primary residence still
exists. Mortgage interest deductions were reduced from a cap of $1 million
(before the new law), to a lower limit of $750,000. But they are still
allowable under the new tax legislation. So, in some cases,
homeowners might be able to refinance a first and second mortgage into one,
thereby regaining their tax deduction benefits.
mortgage rates are still hovering near 4.32%, according to the weekly survey
conducted by Freddie Mac (as of February 8, 2018). See http://www.freddiemac.com/pmms/pmms_archives.html And home prices have risen
over the last few years, boosting equity levels. So a lot of homeowners might be in a good position to refinance, possibly by consolidating
a first and second mortgage with cash-out benefits.
However if you look at 30-Year Fixed-Rate Mortgages Since 1971 http://www.freddiemac.com/pmms/pmms30.html you will see that the current mortgage rates are still at historical low's.
revisions can be downright confusing, especially when there are multiple
versions of a bill leading up to its final passage. That’s why it is so important
to speak to a knowledgeable mortgage professional about your financing options.
Please contact our team http://www.bainmortgage.com/Home Dana Bain NMLS # 18693& Robin Dunbar Bain NMLS # 18699
Premiere Mortgage Services Inc. / Boston Harbor Mortgage Your
Mortgage Home Loan Market Price Leader. where
you’ll find the best mortgage rates and a loan program that's best for you.
We’re Robin and Dana Bain, and we provide Massachusetts and New
Hampshire mortgage loans for home purchases and refinancing. Dana
Bain has been originating mortgage loans for over 30 years and we
treat our clients like family.
Premiere Mortgage Services Inc. and its affiliates do not
provide tax, legal or accounting advice. This material has been prepared for
informational purposes only, and is not intended to provide, and should not be
relied on for, tax, legal or accounting advice. You should consult your own
tax, legal and accounting advisors before engaging in any transaction.
There is so much to talk about
with the Tax Cuts and Jobs Act of 2017 it’s hard to know where to start.
What we do know is that 2018 is going to be a year of changes.
Today we are going to talk about itemized deduction:
On a good note in an act to try and simplify taxes for the
“regular” person, the standard deduction has now been raised. So for a
married couple filing jointly, the standard deduction is now $24,000. For
a single person the standard deduction is now $12,000. What does this
mean? Well the government says that you, the taxpayer, are allowed to
choose whether you want to take the standard deduction or the itemized
deductions. Further, they say that you can take whichever deduction is
worth more to you. Due to the increased amounts for the standard
deduction and restrictions as described above on the itemized deductions, there
will be more people that will opt for the standard deduction in 2018.
At Premiere Mortgage Services Inc. MA Lic. NMLS 1498 we can help you with great recommendations for CPA's, Financial Advisors & Real Estate Professionals. And for your home financing needs both for a purchase mortgage or refinance mortgage please reach out to us at 978-422-2311 or email@example.com
Dana Bain MLO NMLS # 18693 & Robin Dunbar Bain MLO NMLS # 18699
Stay connected with us at
Premiere Mortgage Services Inc. / Boston Harbor Mortgage Your Mortgage Home Loan Market Price Leader. where you’ll find the best mortgage rates and a loan program that's best for you. We’re Robin and Dana Bain, and we provide Massachusetts and New Hampshire mortgage loans for home purchases and refinancing. Dana Bain has been originating mortgage loans for over 30 years and we treat our clients like family. Premiere Mortgage Services Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
Dana K. Bain | President | MLO 18693
11 Malvern Hill Road, Sterling, MA 01564
P: (978) 422-2311 | C: (978)
501-0427 | F: (978) 293-9000
“The Best Compliment you can give us is an introduction to
your family, friends, neighbors and co-workers”
BainMortgage.com Stay connected with
Download my Mortgage app http://danabain.mortgagemapp.com/
MA Lic. No. MB1498
Licensed buy the State of NH | Banking Dept. Lic. No.
Like Us on Facebook | Linkedin | Our Client Feedback
The cake has been cut, the thank you notes written, and the last vendor has (finally) been paid. Depending on your budget and style, getting married may be one of the most expensive events of your life. The average wedding in the United States in 2016 cost $26,720, and even if you had help from family and loved ones, you probably had to save up quite a bit for the big day.
After spending a lot of money on a major life milestone, it might be hard to know what to save for, or to even want to save. While you can certainly give yourself a breather, don’t neglect your savings account.
If you built up good saving habits in preparation for your wedding, like paying yourself first or utilizing automatic savings, you don’t want to lose steam, particularly if you want to move towards other important life milestones. Here are 5 things to consider starting to save for:
It’s great to take some time off after your wedding to relax and recharge. But it’s becoming more popular to put off the honeymoon, which some have coined the “later-moon.” There are a lot of reasons it might make sense for you to put off your honeymoon. One of our favorites? More time to save. If you’re already spending a lot of money on a wedding, it can be hard to save up for the honeymoon you want to take. You don’t have to compromise just to get away the day after you say “I do!” Once the pressure of paying for the wedding has passed, you can devote some more dedicated saving power to your dream vacation. Plus, you can take some time to rest from any wedding craziness, helping you fully enjoy your delayed honeymoon.
We know not all couples follow the “traditional” milestone track – get married, buy a house, have kids. But even if you already own a home, getting married means you might be reprioritizing. Your current living situation might not be ideal anymore for a variety of reasons, like needing more space or having different tastes. Whether you already own or you’re first-time homebuyers, consider saving money for a house.
Are you still driving your college clunker? Channel your new-found saving skills into saving for a new ride. You may be combining finances for the first time, which could help you afford an upgrade. If you’re a two-car household, talk to your partner about which car will need to be replaced first. You may also want to consider varying what kind of cars you own. If both of you own smaller cars, you might want to save up for a vehicle with more cargo space for big purchases, or to fit more people. Which leads to…
Before the wedding bells finished ringing, you probably already had one nosy family member ask you, “When are you going to have kids?” But even if they aren’t on the direct horizon, if you plan on having kids it doesn’t hurt to start saving now. According to the USDA, the average cost of raising a child born in 2015 was $233,610, and that’s without any college expenses. While those costs will be spread out over 18 years, planning ahead of time could ease the financial burden of starting a family.
If you’re enjoying the early days of wedded bliss, you probably aren’t think about retirement. But now’s actually a great time to consider how much you’re saving for retirement. In addition to banking on good savings habits, you likely need to swing by the HR department at work to update your marital status. While you’re there, get a refresher on any retirement plans, like 401ks, your company offers, as well as if they’re willing to match your contribution.
Mortgage companies, Banks and Credit Unions are subject to potential
daily and even hourly shifts in the market. Interest rates fluctuate on
the simple principal of supply and demand.
Mortgage rates trade based on Mortgage Back Securities and The Bond
Markets as well as the overall economy. The vehicles that mortgage
rates are based on are considered very conservative, stable and tend not
to have the wild swings that one would find in the Stock Market. If
the Stock market begins to see large increases or decreases, Investors
will shift Billions of dollars in and out of the Stock Market and move
them in to the Mortgage Markets. This will cause mortgage rates to
either rise or fall. Stock Market tanks, good news for Mortgage Rates,
Stock Market rallies and rates suffer. Investors and Traders will
constantly shift funds out of the riskier stocks into the safe haven of
the mortgage markets. These shifts can occur as little as once a day or
in some cases can happen multiple times during a trading day. Thus
causing mortgage rates to possibly change multiple times in a day.
These markets are affected globally as well; so even after the
markets are closed in US, whatever is happening in Europe, Asia and
around the world will cause our markets to move one way or the other.
Here are some of the variables that are being watched in today’s market:
Any of these items can trigger a rally one way or another. Even a
simple comment at a breakfast meeting by the President, the Fed Chairman
or someone in power is enough to influence the markets.
Additional Mortgage Rate and Index Information:
To help us understand why mortgage rates change, it is important to
realize that there is not one interest rate, but multiple ones. Below
are some of the most prevalent interest rates and indexes that also have
an impact on mortgage rates:
Prime rate – This rate is often offered to a bank’s best
customers. If you are shopping for a home equity line of credit, then it
is important to familiarize yourself with the prime rate. HELOCs are
typically based upon the prime rate -plus or minus a certain percentage.
LIBOR – Stands for London Inter-bank Offered Rates. Libor
rates are based upon the rates that a select group of London Banks offer
each other for inter-bank deposits. Many adjustable rate mortgage
programs use the Libor index.
Treasury bill rates ”T-bills” and Treasury Notes –
These are short-term and intermediate debt instruments used by our
Government to finance their debt. The treasury index is based upon the
auctions of U.S. Treasury bills or on the Treasury’s yield curve. Like
the LIBOR index, the U.S. Treasury index is a popular index for
adjustable rate mortgage products. Also, the Twelve Month Treasury
Average (12 Month MTA) is a popular index which is based upon the twelve
month average of the monthly yields of U.S. Treasury securities
(maturing in one year). The MTA is a popular choice for option arm
Treasury Bonds – Unlike T-bills and Treasury Notes, treasury
bonds are long-debt instruments. These bonds are used by the U.S.
Government to finance its debt.
Cost of Savings Index – often referred to as the COSI index.
This index is based upon the annual average of interest rates on World
Savings deposit accounts. The average is pulled on the last day of each
11th District Cost of Funds – Often referred to as the COFI
index – The COFI index is based upon the average of the borrowing cost
to member banks of the Home Loan Bank of San Francisco of the 11th
District. Unless you are shopping for an option arm mortgage, it is
unlikely that your loan will be affected by this rate.
Certificates of Deposit Index – Often referred to as the CODI
index – this index is arrived at by calculating the average of the past
twelve months rates of 3 month CD rates.
Federal Funds Rate – The fed funds target rate is the rate
which federally chartered banking institutions lend balances to other
depository banks overnight.
This is a lot of information to weigh each day when calculating
mortgage rates. In general, most Banks, Investors, Lenders etc. will
set rates around 10:30am once most of the morning economic reports have
been released and the markets have had time to react to the
information. In a calm trading day on Wall Street, these rates would be
good for that day.
In a day where lots of Economic reports and World events are occurring,
these rates can be reset a few times as the Markets fluctuate. It is
important to call your lender or bank often to check on these rates as
they can and will change. It also important not to follow online rate
sites that may be posting Average Rates as this information can be old
as well a different Financial Picture then you may have. The Freddie
Mac rates are based on closed loans from last week and an average of .7
Points of fees in the rate. This may give you a range, but not accurate
enough to base your mortgage payment on or what is happening today in
Loan officers at broker shops have an
advantage over those at big banks and mega retail lenders because they have
access to hundreds of lending options. They can shop around on behalf of their
borrowers to find the best mortgage for their needs. One borrower’s top
priority might be to find the lowest rate possible, whereas another borrower
may be most concerned with using the lender that can close their loan the
Whatever the situation, loan officers in
the wholesale channel have that flexibility to match their clients with the
right lender, program, price and guidelines. This means that they can provide
better service to more borrowers, giving them a great sales pitch for growing
their business. With the ability to accommodate more peoples’ needs, it makes
sense for loan officers or bankers to choose the wholesale route.https://www.youtube.com/watch?v=sGGDVcQJk6g
Dana Bain Mortgage Home Loan Services Market Price Leader For Over 30 Years Strong! Highest Rating On BBB, Bankrate, Zillow.
Mortgage bond prices finished the week slightly positive which helped rates remain favorable. The Case-Shiller 20-City Index showed housing prices rose 5.7% as expected. Housing has been a bright spot in the economy showing steady gains. Consumer confidence printed at 122.9, better than the expected 120.3 reading. ADP payrolls data was stronger than expected. The US economy grew at a 3% pace in Q2/2017. Economists expected GDP to increase 2.7%. Personal income rose 0.4% as expected. Spending increased 0.3% versus the expected 0.5% increase. Core PCE prices rose 0.1% as expected. Weekly jobless claims were 236K versus the expected 240K. Unemployment was 156K versus the expected 173K with an unemployment rate of 4.4% versus the expected 4.3%.
We ended the week better by approximately 1/8 of a discount point.
ReleaseDate & Time
Tuesday, Sept. 5, 10:00 am, et
Wednesday, Sept. 6, 8:30 am, et
Wednesday, Sept. 6, 2:00 pm, et
Thursday, Sept. 7, 8:30 am, et
Thursday, Sept. 7, 3:00 pm, et
In the distant past the US economy tended to be viewed as relatively unaffected by economic activity in other countries. However, increased trades with other countries and an increased reliance on foreign purchases of US debt have generated a market awareness of trade-related issues. The exchange rate of the dollar and foreign trade flows are interrelated. One must buy dollars to purchase US exports, and sell dollars to buy imports. Likewise, foreign investment in US debt requires the purchase of US dollars, and is thus affected by exchange rates.
Each month the Commerce Department gathers an enormous amount of detailed data on exports and imports. The data is broken between goods and services trade. The overall trade balance is the dollar difference between US exports and imports on a seasonally adjusted basis. The report also highlights trade flows between the US and various partners. Since the mid-1970’s, US imports of consumer and capital goods have exceeded exports, so a merchandise trade deficit has existed. The US has always maintained a service trade surplus, and because this surplus is not enough to offset the merchandise trade deficit, a net export deficit has resulted.
Due to the overwhelming amount of data considered, trade is difficult to forecast, and can present surprises. For a variety of reasons, the financial markets will often be unaffected by surprises in trade data. However, the data still has the ability to cause mortgage interest rate volatility.
Rates remain historically very favorable. Now is a great time to take advantage of these levels. Dana Bain Mortgage Home Loan Services - Market Price Leader For Over 30 Years Strong. 978-422-2311 Stay Connected with me anywhere! danabain.mortgagemapp.com