Jan 10, 2024 | Buying Real Estate, Mortgage Lenders, News, Realtors
YOUR FIRST HOME. Purchasing one is a rite of passage that most non-homeowners dream of. Besides the intangible benefits, homeownership lets you build equity, and is the single biggest tax break available to most consumers. Here’s our look at some smart strategies for getting in the door.
First: Pay Off Your Debt
It’s a common mistake for home-buyers-to-be: They focus on saving as much money as possible for a down payment instead of paying off other debts.
How Much Can You Afford?
The answer to that is a function of two things: How much you can borrow and how much of a down payment you can muster. As a rule of thumb, your annual mortgage payment, taxes and homeowner’s insurance shouldn’t exceed 28% of your gross income.
Types of Loans
Now you’re ready to start shopping around for the right loan. A first-time home buyer with a steady job and good credit can buy a home with less than a 20% down payment.
Questionable Credit
Worried you don’t have perfect credit? You may yet qualify for a loan insured by the Federal Housing Administration, or FHA. These government-insured loans are issued with even more lenient credit criteria. You can also put down as little as 3.5% for an FHA loan. A portion of closing costs may be used to meet the 3.5% cash requirement.
Down-Payment Assistance Programs
Still having trouble coming up with that down payment? Each year HUD gives states and municipalities money to distribute to low- and moderate-income families for housing.
Read more: Tips for First-Time Home Buyers – Spending – Deals – SmartMoney.com
Dec 8, 2023 | Buying Real Estate, Mortgage Lenders, Realtors
The process starts with a real estate buyer with a property under contract. Once the settlement agent or closing attorney has been retained by the mortgage lender the begin the “title work.” That is the examination of the chain of ownership or chain of title to the property. This examination discloses the history of owners and lien holders on the property and helps the closing attorney to ensure that the buyer receives good clear title to the property and that the seller actually owns the property.
The closing attorney will also assist the lender to make certain the certain conditions of the mortgage loan are met. Like having the property insured for the proper amount of homeowner’s insurance or “hazard” insurance. The closing attorney will also help the lender and borrower meet conditions of the loan that are related to the title to the property, such as providing accurate real estate tax information. (more…)
Nov 21, 2023 | Buying Real Estate, Realtors, Selling Real Estate
Realtors® are licensed and are trained to understand all aspects of real estate sale and purchase transactions as part of that licensing. From rules and regulations to financing options a good Realtor can guide their client through the complicated process of buying or selling real estate. Realtors® are required to continue their training annually to receive training credits to renew their licenses.
Realtors® have access to resources not available to the average home buyer or seller. (more…)
Oct 13, 2023 | Buying Real Estate, Interesting Stuff, Mortgage Lenders, News, Realtors, Selling Real Estate
With all of the recent talk of improper foreclosures having taken place, and the issues with bank owned real estate title problems, the question of the need for title insurance has been a hot topic. I have always stressed the importance of purchasing an owner’s policy of title insurance. Regardless of who is selling the property, how long it has been in the family or how familiar you or the seller may be with the property you just never know (more…)
Sep 14, 2023 | Buying Real Estate, Interesting Stuff, Mortgage Lenders, Realtors
I have had a few clients ask me recently about the difference between buying a property at a foreclosure auction and buying a property owned by a bank (REO/Real Estate Owned).
A property purchased at a foreclosure auction or foreclosure sale is purchased through a bidding process by individuals at the auction. The property is sold to the highest bidder. If the foreclosing lender is not satisfied with the amount of the bids they may also bid on the property to raise the selling price. In the end the lender often ends up as the highest bidder and takes ownership of the property. Property that is acquired by the lender in this process is called REO property or Real Estate Owned property. The lender will in turn, eventually, place this property on the market with a Realtor for resale to the public. (more…)
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!”
