Massachusetts Real Estate Lawyer Blog Feed

Massachusetts Real Estate Lawyer Blog

News and information on Massachusetts real estate law.

Consumer Financial Protection Bureau Mortgage Bill Pushed Back

Monday, June 4th, 2012 @ 02:35PM | General

It appears likely that the ability-to-repay/qualified mortgage rule by the CFFB will not occur after the November elections.  The bill will require all creditors to determine a consumer’s ability to repay a mortgage before making a loan.  The rule would “prohibit creditors from making a mortgage loan without considering and verifying the consumer’s ability to repay the loan, establish a “Qualified Mortgage” category that would set forth standards for a safe harbor or a presumption of compliance, establish new restrictions on prepayment penalties, provide for a special balloon mortgage “qualified mortgage” exemption for rural or underserved areas, and special provisions to permit the refinance of mortgages with risky features into more stable standard mortgages with lower monthly payments.”’ It would apply to all consumer mortgages except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans. The Bureau is attempting to reshape mortgage lending after the poor underwriting that led to the housing crash triggering the financial crisis.  Banks are opposing many of the proposals because it will make it more difficult for them to extend loans.

Mortgage Rates Are At Their Lowest Since The 1950s

Friday, June 1st, 2012 @ 03:34PM | General

Current low interest rates suggest that if you are thinking of obtaining a mortgage or refinancing an existing one, now is the time to act.  According to Freddie Mac, interest rates have recently fallen, with the 30-year rate at 3.75 percent, down from 3.78 just last week, and the 15-year rate down below 3 percent from 3.04.  Today’s 30-year rate is lower than what the 20 or 25-year rate was averaging in the 1950s.  This is good news for those buying houses, as affordability to purchase a home has reached an all time high.  In the beginning of 2012, The National Association of Realtor’s composite quarterly Housing Affordability Index reached 205.9, which is a record high, with statistics showing that a median income family earning $61,000 could afford a home costing $325,500 in the first quarter.  The index for first time homebuyers being able to afford a home is at an all time high as well.

The best time to get an attorney involved is when you are looking to make an offer to purchase, not after a purchase and sale agreement is signed.  At Brooks & Crowley, we can help with all stages of your purchase or refinance, and can answer your questions.  Call us today.

Low Mortgage Rates Make Refinancing Rather Tempting

Sunday, August 15th, 2010 @ 07:14PM | General

WASHINGTON — With mortgage interest rates setting record lows almost every week for more than two months, two questions naturally come to mind: How low can they go? And should I refinance — again? Find out here!

Mass. Home Sales in June Best in Four Years

Tuesday, August 3rd, 2010 @ 04:52PM | General

Motivated by the looming expiration of a federal tax credit, Massachusetts buyers snapped up 5,726 single-family homes in June, the highest number of monthly sales in four years, according to new data.

Forbes Ranks Boston #3 in Top 20 Cities for Working Mothers

Saturday, July 31st, 2010 @ 07:15PM | General

It’s no secret Boston is a prime location in the U.S. for people to move to, with its many great institutions of higher education, some of the world’s finest inpatient hospitals, and numerous cultural and professional sports organizations. But another great facet of our amazing city is that Forbes has now ranked it #3 in the top 20 cities for working mothers.

Right To A View: Neighbor Disputes Over Views

Tuesday, July 13th, 2010 @ 07:15PM | Mass Real Estate Law

What do you do when your neighbor decides to renovate his home, plant a tree, or somehow obstruct the nice view you have? Well, it seems that you may be out of luck. Most homeowners do not have a right to a view unless it has been granted by an ordinance in the homeowners’ municipality or subdivision. Check out the full article here.

Reasons Your Home Isn’t Selling

Tuesday, July 6th, 2010 @ 05:56PM | General

Home not selling? Do you know why? I bet you have an idea, but you may not be able to grasp it fully. Here are 5 reasons why your home hasn’t sold and what you can do about it.

Mortgage Application Volume Fell Off Last Week

Wednesday, June 23rd, 2010 @ 01:07PM | Mass Real Estate Law

Mortgage applications volume dropped off by 5.9 percent last week even as mortgage rates decreased, a sign the housing market is struggling with government incentives… full story.

Mortgage Fraud Arrests Hit 500

Friday, June 18th, 2010 @ 12:09PM | General

Some 500 people have been arrested in a nationwide crackdown on mortgage fraud, and federal officials pointed to Las Vegas as one of the centers of the scams that pumped up home prices until the housing market bubble finally burst. Read the full story.

Potential Tax Credit Extension

Thursday, June 17th, 2010 @ 12:28PM | General

The U.S. Senate has passed an amendment that would extend the closing deadline of the homebuyer tax credit by three months. Right now, qualifying homebuyers who were under contract by April 30 have until June 30 to close the deal. But because of the large volume of applications for lenders to process, concerns have begun to surface that some buyers may miss out on the tax break simply because of the backlogged pipeline.

The National Association of Realtors (NAR) says it has received reports that as many as a third of the buyers eligible for the credit have already been notified by their lender that they won’t make the June 30 closing deadline. The Senate’s amendment, approved Wednesday by a vote of 60 to 37, would give homebuyers and their lenders until September 30 to complete their transactions.

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Massachusetts Real Estate Lawyer Stephen Brooks
Mass Real Estate Lawyer Steven Brooks

Cell Phone: (617) 224-7410

Massachusetts Real Estate Lawyer Neil Crowley
Mass Real Estate Lawyer Neil Crowley

Cell Phone: (617) 312-7621

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