Mark R. Chaffee's Blog

You may have noted the many recent news stories regarding rates being down due to the recent 'Fed cuts'. Unfortunately, the press often misinterprets the facts regarding how Fed cuts affect mortgage rates. Here is the way things really work: Fed cuts and mortgage rates are not directly related. I...

Are you thinking about becoming a landlord?  Single-family and multi family homes are popular real estate investments.  These properties can be an excellent source of income.  The number one question for prospective landlords is how to finance such a purchase. Typically non-owner occupied one thr...

  Having credit checked is an important and necessary step in the home buying process. However, very few people realize that each time their credit is checked, the "inquiry data" that the credit bureaus (Equifax, TransUnion, Innovis or Experian) has on file has now become a commodity. This inform...

Earlier this year Fannie Mae and Freddie Mac (the agencies that provide the majority of the funding for mortgage loans) announced yet another layer of "loan level" price adjustments. These changes are making credit more expensive for both homebuyers and current homeowners looking to refinance- ev...

  Buying vs. renting a home is a big decision that takes careful consideration. Although there are many costs and responsibilities associated with home ownership, the rewards can be significant. Look at it this way: If you are paying $1,000 per month for an apartment, and your rent increases 5% e...

Reverse mortgages are becoming more popular with homeowners over age 62.  The number of these loans surged 39 percent last year and the number of inquiries about reverse mortgages jumped by nearly 30 percent, according to the National Reverse Mortgage Lenders Association. Reverse mortgages are a ...

       Many borrowers are confused by the additional costs that are associated with mortgage loans.  Federal law requires mortgage companies to disclose the loan's annual percentage rate (APR) in writing. The APR adds in the "other" costs of borrowing money.  Unfortunately, these costs are not ca...

With lending agencies scrutinizing your financial affairs, shopping for a mortgage loan can be an anxiety producing experience. Faced with the biggest debt you will assume in a lifetime, it is wise to do your homework when preparing to apply for a loan. Before you submit an application that will ...

       When you obtain a mortgage to purchase a new home, the lender will require that you show that you have prepaid for one year of homeowner's insurance.  In the past, insurance companies could provide such a policy on short notice. In today's market obtaining the appropriate coverage can take...

A recent report shows that borrowers tend to purchase too many points when selecting a mortgage. The study by Freddie Mac looked at points paid, interest rates and loan length. The results showed that those who paid points were drastically underestimating the amount of time they would hold their ...