Author Archive

Hull Boosters

Written by Ryan Morgan on . Posted in Local

Conference call

Hull Boosters Club Inc was established in 1960 to support Hull High School athletics and provide funds to supplement the school athletic budget. The Boosters are made up of parents and supporters of Hull High School students. In 2009, the focus of the Boosters changed dramatically due to town budget cuts – athletic department budget was slashed to $0. The focus went to providing funds for the operation of the athletic department, teams, and other high school extracurricular activities. Major fundraising campaigns were started and the club conducted fundraising events throughout the year averaging 2 events per month and contributed close to $95,000 during the 2009-2010 school year.

The athletic budget is now partially funded but the focus has not changed; the fundraising continues. Because of the tireless effort of the club, no student has missed an opportunity to participate in extracurricular activities due to the budget cuts. There has not been one team cut because of the fundraising efforts of the supporters of Hull High School and the Boosters Club.

Please visit their website at www.hullboosters.org to donate, read about the history of the club, and see the wide range list of events held throughout the year.

The Jimmy Fund

Written by Ryan Morgan on . Posted in Local

cancer child

Very few organizations have the brand name that the Jimmy Fund carries. Michael Aizenstadt has been a Jimmy Fund Supporter since 1988 through the various channels, including  the Jimmy Fund Golf Program, running tournaments to raise for research. Finding a cure for cancer is near and dear to our hearts, we believe this is especially important since most people have a personal experience with cancer, whether it be themselves or a loved one.

The Jimmy Fund has been around since 1948, most closely related with the Boston Red Sox as they are huge advocates for the Jimmy Fund and support the cause with extreme passion. You won’t be able to go to Fenway and not notice a significant presence.

The Jimmy fund is part of the Dana-Farber Cancer Institute, which is committed to providing the best cancer treatment available today for adults and children, while being developing tomorrow’s cures through cutting edge technology and an extreme devotion to research. They structure their care with an extreme dedication to collaboration between their scientists and clinicians.

They currently employ nearly 4,000 people who support over 300,000 patient visits a year, coupled with 700 clinical trials.

At Mortgage Corp East, we are proud and active supporters of the Jimmy Fund. Help support the cause: http://www.jimmyfund.org.

Pete Frates #3 Fund

Written by Ryan Morgan on . Posted in Local

Make A Difference

Pete Frates was one of Ryan Morgan’s teammates at Boston College is a truly unique and special person. He’s been diagnosed with Amyotrophic Lateral Sclerosis, more commonly known as ALS or Lou Gehrig’s disease. Please take a moment to visit his website and help spread awareness. Pete has done some amazing and special things in his battle with ALS and, has truly made this disease move to the fore front of everyone’s mind. His efforts have resulted in remarkable progress for both fundraising and awareness.

Pete was not only a teammate and friend, but a rival prior to that. Ryan and Pete played against each other in High School at rivals St. John’s Prep and BC High. After numerous heated battles, they were able to be on the same team and compete together at Boston College.

Pete was diagnosed in March 2012 with ALS, and since then he had made it his personal mission to both spread awareness and advocate a way to find a cure through various fund raising avenues. Most of you probably took place in the ice bucket challenge, which went viral and not only spread awareness in an incredible fashion, but raised a staggering amount of money for ALS.

Pete’s courage and dedication to this cause is inspirational. We would greatly appreciate you taking a moment to visit his page and learn more about Pete, as well as his fight and we expect you’ll be inspired instantly.
Please support our friend in his fight and help increase awareness against ALS: http://petefrates.com/.

What is mortgage insurance?

Written by Ryan Morgan on . Posted in Buying

Business concept

Mortgage Insurance, also known as Private Mortgage Insurance (PMI) or MI, is a fee that you should be expected to pay if you are putting less than 20% down. Depending on the loan program that you are evaluating, there are different costs associated with your mortgage insurance. Essentially, with mortgage insurance, the borrower pays the premiums, but the lender is the beneficiary. The coverage protects lenders against default by the borrower. If a borrower stops paying on a mortgage, the insurance company ensures that the lender will be paid in full.

Your mortgage company will pick insurance providers for you, but it is paid by the borrower. Usually, it is done in monthly installments, but there are programs whereby the borrower pays the entire insurance premium in a lump sum at closing, or it can be built into your rate so there is no monthly expense. Ask your lender for options when it comes to MI!

What are the costs associated with buying a home?

Written by Ryan Morgan on . Posted in Buying

Toy house and calculator on table close-up

Typically, most people only calculate the down payment when anticipating the cost of buying their home. There are a few costs that you should be expecting to encounter:

  • Your down payment: depending on loan program, you can get into your home with as little as 3.5% down payment. Different loan programs allow for a variety of down payment options so be sure to ask your loan officer to examine all available loan programs that you are eligible for.
  • Closing Costs: There are always programs that will allow the lender or seller to pay your closing costs. If this is not part of your deal, you should be expected to pay these costs out of pocket. Your closing costs are dependent on your loan amount so ask your loan officer for a complete, detailed itemization of fees expected in conjunction with your loan.
  • Escrow Items: When you close on your home, you will be expected to pay into your escrow account. This is done so in order to ensure that as you pay your mortgage, your taxes and insurance are going to be adequately funded. On a purchase, you should be expected to pay 3-5 months of taxes into your escrow account and 2 months of homeowners insurance. This is calculated depending on where in the escrow cycle you fall when you close.
  • Taxes: If your loan closes within 45 days of the next tax payment being due, it’s likely that you will prepay these taxes at the closing in order for your escrow payment schedule to be on time.
  • Homeowners Insurance: You will  be required to pay your homeowners insurance in full prior to closing. This way there will be full coverage in place at the time you close.
  • Final adjustments from the town/seller: Typically, you will be responsible for any oil that is left in the tank, final water or sewer readings, condo fees and things of that nature with the seller.

Most people do not anticipate everything that is truly going to be included in the process, you should be prepared for these costs beyond simply your down payment and closing costs. Ask your loan officer for more information.

What fees go into your closing costs?

Written by Ryan Morgan on . Posted in Buying

Real Estate Closing Costs Mortgage

Many borrowers walk into the process asking the question of what exactly closing costs cover. This is VERY important to understand. Typically, included in these fees are the following:

  • Appraisal
  • Credit Report
  • Underwriting and processing
  • IRS verifications
  • Attorney fees (including title insurance, title exam, recording fees, etc)
  • Flood certificate
  • Plot Plan

When determining which program is best suited for you, ask your loan officer for a Good Faith Estimate, which will itemize all fees associated with the closing and provide you with a transparent reference point. You will want to know exactly which fees are being estimated at the time of your application and you want to be aware of any potential costs that you will incur.

What documentation should I have prepared when I am looking to be preapproved?

Written by Ryan Morgan on . Posted in Buying

The documents required in a mortgage application

One thing you want to ensure when you are starting your house hunt, is that you are getting a quality, accurate preapproval done by your loan officer. You should be prepared to have the following on hand:

  • Most recent 2 years tax returns
  • Most recent 2 years W2s
  • Most recent 60 days bank statements
  • Most recent statement for any 401K, IRA, or investment account
  • Most recent one month’s paystubs

There will most likely be additional information required depending on your unique situation, but that will largely satisfy the initial paperwork. If your loan officer is not asking for these items, you should be cautious! Part of the underwriting process is verifying your ability to repay the loan, and a large part of that is being able to verify consistent income and steady employment. If your loan officer is not analyzing your tax returns and the other documentation, you could potentially run into a problem in underwriting. Additional to these items, you should be expected to provide any business tax return if you are self employed, divorce decree or separation agreement and evidence of any other property that you may own. Your income, assets and credit will determine which loan programs you are eligible for so it is important to ensure there are no stones left unturned when you are evaluating your options.

The importance of a quality pre-approval when putting in an offer

Written by Ryan Morgan on . Posted in Buying

Home For Sale Real Estate Sign in Front of Beautiful New House.

When you are putting in an offer on your dream home, you may be the only prospective buyer or you may find yourself in a multiple offer situation. Any time there are multiple offers, it can be extremely stressful and competitive.
One of the best things you can do to make your offer stand out is have a thorough, complete pre-approval so that you are showing your strength as a buyer.

Often times, in multiple offer scenarios, your loan officer will get a call from the listing agent to verify the information on your pre-approval and ensure that they accept the best offer for their client.

As your loan officer, there are confidentiality agreements in place, so we can not share any of your information with the listing agent. But what we can do, is assure the agent that your credit has been pulled and is satisfactory, your pay stubs, tax returns and W2s have been reviewed as well and that your strength as a buyer is substantial.

It may seem trivial to most people, but ask any listing agent that you know and they will tell you the importance of your loan officer being accessible and responsive, starting as soon as you submit your offer!

How important is credit and what is the best way to monitor?

Written by Ryan Morgan on . Posted in Buying

credit score

In today’s mortgage market, your credit score is going to dictate everything from your down payment requirements, to your rate and your closing costs. You can not put enough stress on the importance of your credit score. Borrowers with lower credit scores are going to have limited options for their mortgage, and often times will pay higher interest rates on account of this.

The best thing you can do is have your credit pulled as soon as you are thinking of buying a house. There are several reasons for this, there may be information on your credit report that is not accurate or being misreported, and this may be damaging your score. It is best to address any issue similar to this and be able to increase your score and get yourself a better rate.

At Mortgage Corp East, we utilize a quick score program, where we can analyze your credit report and tell you if there is anything that can be fixed, paid down, etc in order to immediately boost your credit score. We often do this with numerous borrowers and the end result is a better rate for the client.

With the mortgage landscape these days being extremely credit sensitive, you can save yourself a significant amount of money both up front and over the long term if you are proactive in your approach to the credit piece of your mortgage application.

The best way to monitor your credit score is to consult directly with your loan officer. Certain website may not be reporting the same information that will be seen on your mortgage credit report so it is best to be proactive and eliminate any surprises.

How much of a down payment do you really need?

Written by Ryan Morgan on . Posted in Buying

Mortgage and down payment

One of the great parts of the current mortgage market, is there are many different loan programs. Each client has their own unique set of needs and goals with their house hunt, and these plans should be taken into account when choosing the right loan program for you.

You can get into an FHA Loan program with as little as 3.5% down, with 100% of your down payment being a gift. There are other loan programs where you can get in with 5% down as well.

The bottom line, there are a variety of loan programs available for you. Most people believe that unless they have 20% down payment, their mortgage options will be limited and this is simply not the case! Please consult your loan officer in order to review your loan options!

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Phone: 781.982.3500
Fax: 781.982.3511
Email: pboretti@mortgagecorpeast.com

Mortgage Corp East
NMLS 2674
800 Hingham Street Suite 104N
Rockland, MA 02370

 

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