May 2, 2023 | Home Mortgage
Are you in the process of selling your home? You probably want to buy a new one right now to ensure you have another house to move into, but what happens if you do not have the cash to buy a home right now? You might need to cash from your current home before you can purchase your next home, but can you really wait to sell your house before buying another one? A bridge loan can help you fix this issue.
What Is A Bridge Loan?
A bridge loan has been specifically designed to let you tap into the equity you have in your current home and use that equity to buy another house. Essentially, you will borrow against the equity in your home, giving you the cash you need to buy your next house. Then, when you sell your current house, you will use the cash from the sale to pay off the bridge loan. That way, you don’t have to worry about selling your current house before you can buy your next one.
How Does The Repayment Process Work?
Like any other loan, you will have to make regular payments on the bridge loan even before you sell your current house. On the other hand, you might not have to pay down any of the principle until your sell your first home. Generally, you need to pay back the loan in a few months, and there is typically a balloon payment at the end that you pay when you sell your house.
Is It Right For Me?
Generally, you should consider getting a bridge loan if you need more flexibility when buying a house. Keep in mind that the loan will come with a slightly higher interest rate when compared to a mortgage, but it could make it easier for you to buy your next home.
Consider Getting A Bridge Loan If You Are Buying A Selling A House
If you are looking for some additional flexibility during the buying process, a bridge loan could help you. You should think carefully about whether you can qualify for a bridge loan and whether it is right for you. Consider reaching out to an expert who can help you.
May 8, 2020 | Buying Real Estate, Home Mortgage, Mortgage, Real Estate, Realtors
As you have probably heard, on April 27, 2020, Governor Baker signed, a new law, “An Act Providing for Virtual Notarization to Address Challenges Related to COVID- 19,” now Chapter 71 of the Acts of 2020.
The new law provides a framework and process for a Massachusetts Attorney to notarize documents with the use of video conferencing allowing the notarization of documents without meeting the statutory “in-person” requisite. Based on the requirements of the law, the following is an example breakdown of the process which would be followed under the law. If you would like more information on the law and the process contact us and we can schedule a video conference with Attorney Rocheford, you and your team to provide a detailed explanation of the law and the process.
Sample Virtual Notarization Process:
- Closing documents will be provided to the borrower/signor (individuals signing) by FedEx or another express carrier. This is the preferred method for getting documents to the signor.
- Alternative options (additional fees may apply):
- The documents can be sent securely in electronic form (PDF).
- The documents can be picked up in person.
- The documents can be delivered to the borrower/signor by courier.
- Borrower will print the documents; in the event they are provided electronically.
- Borrower will review all the documents and make note of any questions or concerns.
- Borrower will send an email with any questions or concerns they may have.
- Once questions and concerns are addressed, at a prescheduled time, borrower will join a Zoom meeting with Attorney/Notary and establish a video call.
- During the video call, the borrower will sign and acknowledge the mortgage and other documents that require notarization. All other documents will be signed prior to the video call.
- Borrower will return the original signed paper documents to the Attorneys office.
- Once the original, signed paper documents are received back a second video call with the borrower to confirm/complete the notarization will be scheduled.
- After the second video call the closing/documents will be processed as normal.
- In certain cases, some of the closing documents may be able to be signed electronically. However, any document that requires notarization will need to be processed virtually in compliance with the Act. The Act does NOT provide for electronic notarization, and the Act does not provide for electronic signatures for documents that will be record.
- To be physically located in Massachusetts
- Blue ink pen
- One government issued photo ID
- One additional form of government identification
- Ability to provide a copy or photograph of their IDs
- Internet access to Zoom.us
- Video camera with audio (Facetime is not an option)
- The ability to return original, singed documents back to our office promptly.
- A Virtual Notarization Affidavit will be executed by the notary for each transaction
- The Zoom conferences will be recorded
- The affidavit and video conference recording will be kept on file for 10 years
Providing title, escrow, closing and settlement services to clients throughout Massachusetts and New Hampshire
“I would highly recommend David as a closing attorney. I have known David and have been using his office for many years. David’s professionalism when dealing with me, my closing department and most especially my clients has been always exemplary.”
SENIOR LOAN OFFICER, SHAMROCK FINANCIAL SERVICES
“The Law Office of Attorney David R. Rocheford, Jr. is by far the most exceptional real estate law office that I have had the pleasure of working with. The professionalism is by far second to none.”
SENIOR LOAN OFFICER, SALEM FIVE MORTGAGE SERVICES
“Attorney David Rocheford has provided settlement and title services for me and Greenpark Mortgage several years. He has assisted all of my clients, including my family and friends with mortgage closings. Always providing excellent service. Reliable and trustworthy!”
Jun 21, 2018 | Home Mortgage, Real Estate
A-Frame houses have spiked in popularity over the last couple of years. These adorable homes can be quirky or sleek and modern. They are shaped like a triangle — hence the name. A-Frame houses are shaped like the letter A. The walls begin near the foundation and slope upwards in a slant. The walls meet at the top to form a triangle or A-shape.
A-Frame houses are popular all over the United States. They are ideal for second or vacation homes. The big windows make them especially popular in very picturesque locales. This feature allows homeowners to enjoy fabulous views of the ocean, mountains or countryside.
Characteristics Of An A-Frame House
A-Frame houses have very specific characteristics. Here are some of the features of an A-Frame house:
- Open floor plan
- Loft space
- Large windows
- Wood siding
- High interior ceilings
- Gables in the back and front
Benefits Of An A-Frame House
Many buyers love A-Frame houses for several reasons. They have large windows, which allows plenty of natural light to enter the home. The large windows also make them ideal for scenic views.
A-Frame homes are also quite inexpensive and straightforward, which is another reason that they are prevalent vacation homes.
Who are A-Frame Homes Ideal for?
Many outdoor types of families love A-Frame houses because they are ideal for beautiful natural settings. A-Frame homes are also ideal for buyers looking for a vacation home in a pretty location. They are also great for investors or first-time home buyers.
If you are looking to buy in a prime waterfront location, you might consider an A-Frame house, as well. They are perfect for buyers wanting to build a private escape on a couple of acres of land.
Who Should Not Buy An A-Frame Home?
A-Frame homes aren’t for everyone. While they are an excellent option for first-time home buyers or buyers looking for a vacation property, they are not ideal for all buyers.
For example, buyers in Florida would be better served looking for a different type of home. A-Frames may not be suitable in some climates since they are constructed with wood. This fact makes them potentially more susceptible to storm and termite damage.
Also, A-Frame homes are probably not ideal for larger families that need a lot of storage space. A-Frame houses typically have limited storage space because of the shape of the roof.
Contact your trusted real estate for updates on what unique and interesting properties are available in your area.
Feb 1, 2017 | Home Mortgage, Uncategorized
November home prices grew by 5.60 percent year-over-year on a seasonally adjusted basis according to Case-Shiller’s reading on National Home Prices. National average home prices rose 0.80 percent from October to November. Case-Shiller’s 20-City home price index revealed that the West and Mountain regions continue to hold the top three growth rates for home prices. Seattle posted a seasonally adjusted growth rate of 10.40 percent which was closely followed by Portland, Oregon’s year-over year average home price gain of 10.10 percent. Denver rounded out the top three home price growth rates included in the 20-CityiIndex with a year-over-year gain of 8.70 percent.
Top readings for month-to-month home price gains for the 20-City home price index were 0.20 percent for Seattle, Washington and Portland, Oregon. Denver, Colorado posted a month-to-month gain of 0.60 percent. Analysts said that home prices may be topping out in some cities; San Francisco, California was one of two cities posting lower home prices in November than for October. San Francisco home prices enjoyed rapid and stratospheric gains in recent years, but may have reached a threshold as fewer buyers can afford to purchase such high-priced homes.
Home Prices Approach Pre–Recession Levels
September’s national home price gains matched the pre-recession peak achieved in mid- 2006. While this is positive news, the 20-city index currently averages 7 percent below its prior peak level. It’s important to note that the 20-city index does not include Philadelphia, Pennsylvania and Houston, Texas metro areas, which have enjoyed significant growth in home prices. Home prices for cities included in the 20-city index remain about 7 percent lower than their previous peak, but are 40 percent higher than their lowest point in 2012.
David M. Blitzer, Managing Director and Chairman of the S&P Dow Jones Indices committee, said that November’s readings on home prices appear to indicate that home price gains have escaped the boom-or-bust cycles seen in the last dozen years or so.
Rising Mortgage Rates, Home Prices Present Obstacles for Buyers
While homeowners listing their homes for sale continue to enjoy appreciation home values, would-be home buyers are being sidelined by the effects of accelerating home price growth and higher mortgage rates, which are expected to continue increasing. As with San Francisco, more cities included in the Case-Shiller home price indices may see slowdowns in home price growth and home sales as affordable homes and home loans slip out of reach.
Oct 6, 2016 | Home Mortgage
Home prices dipped slightly in July according to the S&P Case-Shiller 20-City Home Price Index. Year-over-year, home price growth dipped to 5.00 percent from June’s reading of 5.10 percent. The Pacific Northwest led the nation in home price appreciation. Portland, Oregon had the highest year-over-year home price growth with a rate of 12.40 percent. Seattle, Washington posted year-over-year home price growth of 11.20 percent. Denver, Colorado was third with a year-over-year home price growth rate of 9.40 percent.
Home prices in San Francisco, California slowed; year-over-year, home prices grew by 6.00 percent in contrast to home price growth topping the 20-city index in recent months. Analysts observed that cooling home prices in San Francisco could represent the end of the area’s housing bubble.
Year-over-year home price growth was lowest in New York, New York with a reading of 1.70 percent. Washington, D.C. posted a year-over-year reading of 2.00 percent; Cleveland, Ohio posted a year-over-year home price growth rate of 2.50 percent.
Month–to–Month Home Price Growth Provides Surprises
The largest month-to-month gains in home prices were posted by Portland, Oregon at 1.20 percent, Denver, Colorado with a reading of 0.90 percent and Detroit, Michigan with a July reading of 0.80 percent. While year-over-year home price growth readings are less volatile than month-to-month readings, signs of increasing home values in cities with depressed home price growth rates are a positive sign.
On the other hand, San Francisco, California posted a flat reading for month-to-month growth after recently topping year-over-year readings in the 20-City Home Price Index. With skyrocketing prices and limited inventories of available homes, it appears that San Francisco home prices may have reached their upward limit.
David M. Blitzer, Managing Director and Chair of the S&P Index Committee, said that July’s readings indicate further improvement of the economy and housing markets. This progress could prove difficult to sustain as house prices continue to outpace wages and rising home prices continue to sideline first-time buyers. Slim supplies of homes for sale are creating higher-than-average demand for homes that fuels rapidly rising home prices. This further complicates home purchase options for home buyers who compete with investors and others who are able to meet or exceed asking prices and purchase homes with cash.
Home buyers requiring mortgages have been supported by relatively low mortgage rates, but strict mortgage credit standards continue to provide obstacles for credit-challenged buyers. Financial institutions continue to take a conservative stance on mortgage lending after sustaining severe losses and government ridicule in the wake of the Great Recession.
