Fairway Independent Mortgage Corporation - Company New England Region USA

 Here at Fairway, we strive to make the home financing process as simple as possible by providing you with the right resources. You may find the following document checklist helpful in preparing for your pre-approval* and full loan application, and understanding why all this paperwork is necessary. The reason for all of the paperwork and review of your financials and credit is so lenders can ensure that you can afford to pay your mortgage over the life of the loan. Depending on your closing date and the length of the purchase process, some of these documents may need to up-dated more than once to ensure they still accurately reflect your financial position. For self-employed borrowers, there may be additional documentation involved to verify your income. Here  is a list of the basic documents you will be asked to provide, and a separate list for self-employed borrowers. Again, based on your circumstances, and the timing of the closing, you may be asked to provide additional or...

 By now you know that your credit score is key to helping you qualify for a home loan. Recently, it has come to light that there have been a record number of errors on credit reports as a result of the pandemic. Learn how to check your credit report and what to do if you find any issues, below. In the last year, credit report errors have risen dramatically, accounting for more than 50% of complaints to the Consumer Finance Protection Bureau. Most often, incorrect information is cited as the reason. Common issues include accounts or loans that have been paid off appearing as unpaid, individual loans appearing more than once, and accounts mistakenly showing as being in collection. These errors can do lasting damage to credit, and can be costly, leading to higher interest rates on loans or denial of credit altogether. Several consumer advocacy agencies and organizations, along with Consumer Reports have partnered to help address this. First, they encourage everyone to check their Cred...

 If you’re looking for a home to purchase right now and having trouble finding one, you’re not alone. At a time like this when there are so few houses for sale, it’s normal to wonder if you’ll actually find one to buy. According to the National Association of Realtors (NAR), across the country, inventory of available homes for sale is at an all-time low – the lowest point recorded since NAR began tracking this metric in 1982. There are, however, more homes expected to hit the market later this year. Let’s break down the three key places they’ll likely come from as 2021 continues on. Check and Know First Time Home Buyers Guide . 1. Homeowners Who Didn’t Sell Last Year In 2020, many sellers decided to pause their moving plans for a number of different reasons. From health concerns about the pandemic to financial uncertainty, plenty of homeowners decided not to move last year. Now that vaccines are being distributed and there’s a light at the end of the COVID-19 tunnel, it should brin...

 Home price appreciation will be strong this year, but it won’t reach the historic levels of 2020. Let’s connect if you’d like to review your current mortgage and discuss your options. The real estate market was on fire during the second half of 2020. Buyer demand was way up, and the supply of homes available for sale hit record lows. The price of anything is determined by the supply and demand ratio, so home prices skyrocketed last year. Dr. Lynn Fisher, Deputy Director of the Federal Housing Finance Agency (FHFA) Division of Research and Statistics, explains: “House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA Home Price Index. Low mortgage rates, pent up demand from homebuyers, and a limited housing supply propelled every region of the country to experience faster growth in 2020 compared to a year ago despite the pandemic.” Here are the year-end home price appreciation numbers from the FHA Mortgage Rates and two other prominent...

  Tax season is upon us, and you may have questions about mortgage interest deduction, among other things, so be sure to consult your tax preparer. We are also here to answer any mortgage related question you may have, anytime. Check with your tax preparer if you are thinking of itemizing your deductions, including mortgage interest, rather than taking the standard deduction. Be aware of tax scams, which the IRS tracks here. Remember, the IRS will never attempt to contact you via email, text, or social media. Be sure to follow these guidelines to speed up your filing and refund. A reminder that the forbearance and eviction moratorium has been extended through the end of June. Interested in refinance home loan in USA ? Get in touch so we can run the numbers for you and see if it makes sense. Source By: https://www.fairway-newengland.com/your-home-and-your-taxes/

 Rates are low, and  demand is high, good news if you are a current homeowner thinking of selling or refinancing. Contact us to if you are interested in discussing either option, and read on to learn more about why the housing market is so strong. Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different. This time, housing supply is extremely limited The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase. In real estate, supply and demand are measured in “months’ supply of inventory,” which is based on the number of current homes for sale compared to the number of buyers in the market. The normal...