Archive for the 'Mortgage Rates' category

...and interest rates and housing prices are rising!

The American Dream..."Baseball, Hot Dogs, Apple Pie and..."

Work hard, and have a family.  The government and banks will help you buy a home that's affordable.  Live a good wholesome life, retire and leave your debt-free home to your kids. 

The American Nightmare...

Work hard, and have a family.  Buy a home you may not be able to afford, then have your wages drop or worse - lose your job, and lose your home!  Then realize you will have little or nothing left to give to your kids when you're gone.

The tax law subsidizing home ownership has and does help us have and enjoy the American Dream, the 'Apple Pie'.  Now, some say we've had too much pie, that it costs too much, it 'makes us fat' or worse, it kills us...

Recent propsals to remove ingredients from our Great Americal Apple Pie Recipe would result in loss of a fixed rate mortgage and removal of the IRS tax deduction of mortgage interest and real estate taxes on your primary residence..both are no better than a plain baloney sandwich!

The Obama administration released a proposal this past Friday that would make major changes to the U.S. housing finance system; restructuring it to reduce its dependence on federal subsidies.  Fannie Mae, Freddie Mac, and the Federal Housing Administration currently finance more than 90% of mortgages. 

The plan is to slowly put Fannie and Freddie out of business by gradually reducing the value of the loans they can guarantee and raising the prices they charge lenders. Plans will also require larger down payments from borrowers. The Treasury secretary, Timmothy F. Geithner, has indicated he expects these changes to take 5-7 years to fully implement, stressing that the housing market will dictate how slowly or quickly the agencies close.

So do we have to dream a new dream?  Go on this kind of fiscal diet?  Will we ever eat Great American Apple Pie again? 

Don't worry!  Home ownership has been and should be the engine that helps drives this country.  History has shown that in the long run, property values increase. 

Housing, like many other businesses, is cyclical- and despite the fact that there have been some bad patches,  no one should change this system without either coming up with an alternative plan, or make changes over a long period of time and include some protections for certain situations/owners.  If not, housing will devalue once again, and this time, there will be many who will be "under water" who would not have been of these changes dp come about.  At best they may have to change their lifestyle, be locked into staying in their homes that they cannot afford and worse yet, they could lose their homes.  

We do not want to see people on the street trying to find the Great American "Apple Pie" that is no longer available to any of  us.

Here is more of what may be coming:

New York Time - Shockwaves on the housing market?  

FORTUNE - Earthquake, are we really capable of handling this change to the mortgage industry?

Earlier this year, renowned economist Karl E. Case wrote a summation of the housing crisis and the 'Great Recession' in the form of a poem called, 'Reflections on the Housing Market'.

Dr. Case is the Professor of Economics at Wellesley College, a Founding Partner of the real estate research firm Fiserv Case Shiller Weiss, Inc., and he also co-developed the Case-Shiller Home Price Index, which is the most widely referenced source of housing market prices in the U.S. today.  

Dr. Case was one of the economists that predicted the current collapse of the U.S. housing bubble.  In his poem below, he writes about the early indicators of the troubles to come, the crisis as it unfolded, the effects the collapse is still having today.

He closes the poem by acknowledging that markets will correct themselves in time, no matter what, and calls for politicians to work towards a solution to the problems created by the housing bubble collapse.       

Do you agree with Dr. Case's summation?  What do you think politicians can do to 'help find solutions'?  Share your thoughts in the comment section below.  

Reflections on the Housing Market
By Karl E. Case

"For the last few years, we have shed many tears
Living through a recession.
The economy's broke and it's not a joke,
When we talk of another depression.
Fifteen million without a job,
Foreclosures and banks that fail,
401K's became 201K's,
And everything's up for sale.

How can it be? What didn't we see
That led to all of this trouble?
There is little doubt that the proximal cause
Was a bursting housing bubble.
But other than that, who can we blame?
And what do they lament?
Millions of people contributed to
This hundred-year event."

Read the full poem by Chip Case.

The collapse of the housing bubble really emphasizes the importance of  investing in a home that has intrinsic value to you and to future buyers.  If you need help finding a Boston property you can feel confident in investing in, you can rely on the experience and knowledge of a Boston Realty Advisor to help you find the ideal Boston real estate to meet your needs.

Last night Boston Realty Advisors' CEO David Friedberg, lobbied Congressman Barney Frank for another housing tax credit program based on the success of the First-Time Buyer Tax Credit Programs of 2009!

He also talked about a new Boston property plan for HUD (Housing and Urban Development) similar to those from the early 70's which created housing for the moderate and poor while creating 1,000's of jobs for the Bay State.

 

Mortgage Market
Mortgage Interest Rates are up .125% the past 48 hours and .25% on some mortgage products.  I would expect to see worsening Mortgage Rates this afternoon as well.  And possibly tomorrow. Yikes.

Economic Data
 Thursday's bond market has opened in negative territory again following stronger than expected inflation news. The bond market is currently down 9/32, which will likely push this morning's mortgage rates higher by approximately .375 of a discount point. The Labor Department reports that January's Producer Price Index (PPI) rose 1.4% while the core data reading rose 0.3%. Both of these readings were well above forecasts, meaning inflationary pressures were stronger at the producer level of the economy than many had thought. This is certainly bad news for the bond market and mortgage rates because inflation erodes the value of a bond's future fixed interest payments, making them less appealing to investors. They are then sold at a discount, leading to higher yields and rising mortgage rates.

Yesterday's afternoon release of the FOMC meeting minutes didn't reveal many surprises. The most notable was a minor upward revision of their expectation for this year's unemployment rate. They also reiterated a prolonged period of high unemployment and slightly raised inflation targets for this year. But the news was not welcomed in the bond market and is likely contributing to today's selling, especially after this morning's stronger than expected inflation readings.

The Labor Department will be in the forefront again tomorrow when they post the more important Consumer Price Index (CPI) for January. This index measures inflationary pressures at the very important consumer level of the economy compared to today's release that measured the producer level. With exception to maybe the Employment report, the CPI is the most important report that we see each month. Its results can have a huge impact on the financial markets, especially on long-term securities such as mortgage-related bonds. It is expected to show a 0.3% increase in the overall index and a 0.1% rise in the more important core data. If we see weaker than expected readings, bond prices should rise and mortgage rates would likely fall. However, after today's PPI results, traders may be skeptical of getting favorable results tomorrow.
 

Overall, the most important day of the week will likely be Friday/tomorrow with the CPI being released, but this week has been very active days for mortgage rates. In other words, be prepared for an active week or two in the markets and mortgage rates.

Lock/Float
If I was closing on a Home Mortgage in the next 0 to 15 Days - LOCK
If I was closing on a Home Mortgage in the next 15 to 30 Days - LOCK
If I was closing on a Home Mortgage in the next 30 to 60 Days - LOCK
If I was closing on a Home Mortgage in the next 60+ - LOCK

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Questions? Comments? Use the form in the sidebar or call me!

Brian Cav is a Mortgage Banker in the Greater Boston Area with over 10 year of experience in the Financial Industry. Feel free to contact him at:

bc@SmarterBorrowing.com   617.771.5021

Reprinted with the permission from www.SmarterBorrowing.com

Please visit http://smarterborrowing.com/ for additional Blog Posts, etc.

Buyers, do you get sick of Realtors telling you to buy NOW NOW NOW? Well, this is the time to listen, because it doesn't seem like it's going to get any better than, you guessed it, right NOW.

Today's Boston Herald has a story on why you should buy now (of course, assuming you're someone with good credit and a stable job):

1. Rising Mortgage Rates: the Feds are going to end a $1Trillion program, and that means higher rates. Experts expect it to go from the current ~5% to a little over 6% by year end, according to the Mortgage Banker's Association.
2. TAX CREDIT: It's a FREE $8,000 (or $6,500 for non-1st time buyers) I mean... seriously. Buy something. You have to be at accepted Purchase & Sale Agreement by 4/30 and closed by 7/1 to qualify. Want more details on the Tax Credit? Click here.
3. Credit Issues: Banks aren't just giving money to anyone anymore. They want good credit, and rules are just trending stricter and stricter. Government programs like FHA have gone through many changes recently, tightening requirements both on applicants and condos & properties that qualify. More info on recent changes here.

If you have any questions about the buying process or would like to discuss your options, contact one of our dedicated buyer's agents.

By Michael Ciavarini, Boston’s Certified Mortgage Planner

WASHINGTON DC - FHA like the banking sector, must also maintain capital ratios [reserves]. With the increased popularity of FHA in the absence of other alternative products they now insure about 30% of all new loans. FHA is nearing the limits of loans they can make based on their capital ratio [reserves]. In an effort to fix this problem, FHA will be raising their upfront mortgage insurance premium fees (UFMIP) from 1.75% to 2.25%. Additionally, they have requested approval for an increase in the monthly fee as well. They will also limit the high Loan-To-Value (LTV) financing to borrowers with a 580 credit score; a score under 580 will now require at least a 10% down payment (note: most lenders will not finance under a 620 FICO).

Definition

FHA - the Federal Housing Administration is not a bank. It is an insurance company that insures loans funded by the US Treasury. FHA is not a tax payer funder agency. It is self funded by the borrowers Up Front Mortgage Insurance Premium (UFMIP). What this article is saying is FHA needs to raise this figure if they are to insure more loans.

Ratios - what the article is referring to is the amount of reserves FHA has in relations to the amout of loans they are insuring.

Example

There are two types of Mortgage Insurance in play on every FHA loan.

1. UFMIP (Up-Front Mortgage Insurance Premium)

2. MIP (Mortgage Insurance Premium)

UFMIP is calculated currently as 1.75% times the base loan amount thus for a $350,000 loan the UFMIP is:

$350,000 * 1.75% = $6,125 which is at 4.875% $32.41 per month.

This amount can be paid in cash by you or the seller as a seller concession at closing or added to your base loan amount and financed as part of the loan as most do. Where does this money go you ask? To the United State Treasury to build reserves used to pay on defaulted FHA insured loans. This is FHA’s reserves. This premium is now going up 0.5% which in this example is:

$350,000 * 2.25% = $7,875 which is at 4.875% $41.68 a month

Thus the increase for this borrower is $1,750 or at 4.875% $9.27 a month. Increases are never a good thing but the impact to you the borrower is tolerable for the opportunity to put less down.

To offset the cost have your seller buy your rate down an eight of a point. Now the increase is free for you.

For information on how an FHA loan works or a seller concession give me a call and I will walk you through it.

Michael Ciavarini is a Certified Mortgage Planner for GuaranteedRate Inc.,  and a Radio Personality on Boston Money Matters talk shows. This strategy and his others have been featured on WBZ TV 4 News. Michael is a YouTubber, Blogger, Videographer and the creator of the V-PMP (Video-Personalized Mortgage Plan) which are revolutionizing the way Real Estate is presented, financed and sold. To view Michael’s videos visit his blog at http://BostonMortgagePlanner.com and subscribe to his RSS feed. 

Feel free to contact Michael at: mikec@bostonmortgageplanner.com, tel (617) 532-3972 preferred.

Blog: http://www.bostonmortgageplanner.com Corporate Site: http://www.guaranteedrate.com/mikec
Follow Michael on Twitter at http://www.twitter.com/BosMtgPlanner
Subscribe to his YouTube Channel at http://www.YouTube.com/michaelciavarini
 

Welcome to the New World of Federal Housing Authority (FHA) Mortgage Financing!

Bad news for FHA borrowers looking to apply in 2010. Qualifying guidelines have tightened up significantly, and borrowers face higher costs in the form of fees associated with the application process.

There is some good news.  A rumored increase in the minimum down payment, from 3.5% to 5% of the purchase price, did not come to pass.

Here are the changes the FHA did roll out:

•    Maximum seller contributions were reduced from 6 percent to 3 percent.  Sellers can now credit a maximum of 3% to buyers for Closing Costs, Prepaids (City/Town taxes and Insurance) instead of the previous 6%.  This means borrowers will have to show up at the closing or signing of the Sales Contract with more cash.
•    The "upfront" MIP (Mortgage Insurance Premium) charged on all FHA loans is increasing from 1.75% to 2.25%
•    Applicants hoping to borrow with a 3.5% down payment will need a minimum FICO score of 580.

What do I think of all of this?
You should have seen this coming...I've been telling you for a few months now! When the subprime mortgage market collapsed, FHA loan programs picked up some of the slack. The government actually encouraged the trend by changing some of the program guidelines and working to speed up the notoriously slow approval process.
The huge increase in the number of FHA loans, however, also increased the risk profile of the average borrower. Meaning more defaults and higher costs to Uncle Sam. The highest percentage of foreclosures right now are clients with FHA mortgages. The increased insurance premium is designed to increase the funds available to pay off defaults, while tightening guidelines aim to reduce that average risk profile.

If I was a potential Borrower I would get my ducks in a row...  Make sure I have as good as possible FICO scores and a down payment.

I predict that we will see that 3.5% to 5% hike the minimum down payment soon, along with higher minimum thresholds for FICO scores.

But wait - it's even worse than that!
Banks, Brokers, Direct Lenders, etc.  have their own set of "FHA guidelines."  In most cases, these are even stricter than FHA guidelines.  I know of one Bank that will be going to a 700 minimal FICO score requirement for FHA financing in the near future!
The answer is to start to lay the foundation immediately, even if you don't expect to borrow the money for some time. Establish a relationship with a bank. Do some research (or have a qualified loan officer do it for you) on which lenders have the best guidelines for your situation. It may mean switching your accounts to a new bank to start building a solid borrower profile. Make sure you have yourself aligned with a lender that will approve your FHA financing based on their FHA guidelines.

FHA - Federal Housing Authority Website http://www.hud.gov/offices/hsg/fhahistory.cfm

bc@SmarterBorrowing  617.771.5021

Brian Cav is a Mortgage Banker in the Greater Boston Area with over 10 year of experience in the Financial Industry.
Feel free to contact him at:
bc@SmarterBorrowing.com, tel 617.771.5021
Reprinted with the permission from www.SmarterBorrowing.com

Please visit http://smarterborrowing.com/ for additional Blog Posts, etc.
 

FHA has recently announced that it is raising the requirements of buyers and the properties they wish to finance. The changes are going to take place when the weather gets a little warmer, so speak to your mortgage planner / broker about how this may affect you.

Here are the major changes:

- FICO / Credit Scores below 580 will require a 10% downpayment. This is 80 points above the current requirement of a 500 credit score.

- Upfront Premiums are increasing from 1.75% to 2.25%

- Seller Contributions will be reduced by half - from a maximum of 6%, now down to 3%!

The good news is first-time homebuyers that qualify will still be sitting pretty due to the homebuyer credit, competitive home prices and low rates. So, buyers, take advantage!

Have we ever come into a year with so many questions regarding mortgage financing?

•    What will happen with mortgage interest rates?
•    Will banks continue to have tighter lending guidelines?
•    How much will you need as a down payment?
•    How important is my credit score?

Please memorize this Blog Post for answers to your mortgage questions.

1.  Credit Scores

Please, please, please have the best possible credit scores when you submit your mortgage application for purchase or refinancing.  A mid FICO score of 740 or higher for a borrower and/or co-borrower will get you the best mortgage financing interest rates you can get today.  Keep a close eye on your credit scores, check them to make sure there are no errors.  You can get one free Credit Report per year from the three credit bureaus (Experian/Equifax/TransUnion) from www.annualcreditreport.com. Do it.

2.  Down Payments

The more the merrier...  I can't stand this saying.  The larger the down  payment, the lower the interest rate on your mortgage. Pretty simple. We've returned to an old rule of thumb on down payments: 20% down will get you the best mortgage interest rate. After a few years of lowered required down payments, the minimums are back with a vengeance.  An example:  A condominium in Greater Boston a few years ago could be financed with no money down. Today financing for that same condo requires at least 10% down payment. One important exception: FHA loans, which are backed by the Federal Housing Administration http://www.hud.gov/offices/hsg/fhahistory.cfm, require only a 3.5% down payment.

3.  Mortgage Interest Rates

Folks...  They are going up, and they are going up soon!  Homeowners: if you are considering refinancing but have not pulled the trigger, please think about it.  Refinance with a lower Mortgage Interest rate and lower your term? Home buyers: if you are on the fence with a specific home to purchase I see Mortgage Interest Rates at 6% by mid to late 2010. Please contact your Real Estate Agent.

Get my take on where mortgage interest rates are headed with my weekly Boston Massachusetts Mortgage Market Update

Here's a link to my recent post on whether to refinance now. Also, the Fed's purchase program is expiring mid 2010 and I would not plan on this being extended again.  No one wants mortgage-backed securities these days so I would expect mortgage interest rates to go up because of this.  All things are pointing towards higher mortgage interest rates in 2010.

4.  FHA

FHA mortgages are amazing and very popular right n0w!  For mortgage borrowers who cannot meet the current tighter guidelines we have in our market, the FHA Mortgage may be the answer.  The average credit score requirement for an FHA borrower is around 690, so if you don't have a 720 or better credit score and a minimal down payment this is a mortgage program you can look at.  Now for the bad news...  FHA loans are more expensive than conventional Mortgage products (although not by much) because there is a insurance premium as well as a tiny bit higher Mortgage Interest Rate.

I blogged recently about the Obama administration announcing tighter guidelines for FHA Mortgage Borrowers in 2010.

5.  Lending Guidelines

Yes, I think guidelines will get tighter. Unemployment is around 10% and the labor market is awful. There is no way credit requirements will get better in 2010...
Questions? Comments? Use the form in the sidebar or call me!
bc@SmarterBorrowing.com
617.771.5021

Brian Cav is a Mortgage Banker in the Greater Boston Area with over 10 year of experience in the Financial Industry. Feel free to contact him at:
bc@SmarterBorrowing.com, tel 617.771.5021

Reprinted with the permission from www.SmarterBorrowing.com

Please visit http://smarterborrowing.com/ for additional Blog Posts, etc.


 

By Michael Ciavarini, Boston’s Certified Mortgage Planner

BOSTON MASSACHUSETTS - The #1 answer when I ask this question in my seminars is call a bunch of mortgage brokers and pit them against each other. That will get you a market rate and really bad service. The answer is the two most powerful words in the mortgage industry and we will get there but first let me show you what you are shopping for. Here is your mortgage.

This equation creates two completely different emotions. The consumers who are commodity based, who get a mortgage describe it in one word adjatives as [fear, debt, liability, and a big bill, ok that’s two words]. Those who plan a mortgage use [asset, value, compound-interest, wealth and arbitrage]. These are my students. Now you qualify for both mortgages. The question is which one would you rather have?

What my students learn from me is you don’t ever get a mortgage, from here on you always plan a mortgage.

There is a book you need to read and at the end of this post I have a FREE contest give-a-way for you.

Price Centric
Today’s real estate market is Price centric, [P] in the equation. But when we study the equation it becomes obvious that mortgages are centered on interest rate [I] and term [N] not price. So as a financial mathematician and mortgage planner, I ask you the question;

“As a buyer, why are you so fixated on [P]rice when it impacts your wealth the least?”

Lesson 1. Define Your Terms
To successfully purchase real estate in a any market you must first define your terms but not as a buyer, but as a seller. Every buyer becomes a seller, even in death. Trust me, your heirs will sell your house. So to properly plan a mortgage I would have you answer three questions.

(1)    What is your desired monthly payment?
(2)    How long will you live here?
(3)    What is your expectation of profit upon sale?

Lesson 2. Create Your Own Mortgage Terms
Always work from your exit which you defined in lesson 1. Those who worked from entrance, hence pre-approval have made headlines since 2006. They lost their homes due to poor to no exit planning. Their exit was based on unsustainable appreciation projections and euphoria and when both disappeared euphoria turned to depression with the disappearance of their wealth. They got a mortgage with no regard for proper exit planning. This cannot happen to you when we clearly define your exit regardless of [P]. Now, from your exit terms we work backwards to define your mortgage parameters [I] and [N] (interest and term). Let me show you.

Example
Let say your answers are $1,600, 5 years, and $58,000 (these are the #1 answers in my surveys of first time home buyers in Boston by the way). Your terms for exit will determine your interest rate [I] which is directly tied to your wealth which is answer 3, $58,000. You desire $58,000 at sale in 5 years. Simple. The final component is Appreciation. Here we consult our Realtor to calculate accurate trends right down to the street and building you are buying. It is critical that you use a Realtor.

If the appreciation rate is 0% we use zero. If it is negative we use negative. If it is slightly positive we use 0%. We paint no blue sky. This money has to be there for you. It is the basis for your buy. After all, what do you want from your Real Estate? I assume you desire profit to buy your next property, right? Without that profit ($58,000) you don’t have a down payment for your move. This is why great care is taken by myself and your Realtor to ensure accuracy.

Now, What were those TWO WORDS?
Let us recap. We have determined your exit strategy. We have found a property that satisfies our quick sell requirements. So let’s make an offer. What about [P], Price? We rely on your Realtor and if necessary my appraiser to determine the Fair-Market-Value (FMV) which is your offer. We pay FMV but we want more don’t we? We want the $58,000, the pot at the end of your rainbow. To get it, we must buy down the rate because our calculations require a rate far less than the market is offering. So what do we do?

We employ the most powerful two words in the mortgage dictionary, SELLER CONCESSION. Did you know the seller can give you 6% of the sale price? With that we buy down your rate, pay out closing cost preserving your wealth, pay out PMI, pay off rent left on your apartment lease and so forth. We take all of the savings and divert it to an investment vehicle that matches your term of ownership [N] so there is no surrender charge. If your closing cost are $6,000 we get the seller to pay for it and we send the $6,000 to your investment vehicle and so on. The power of the SC is the compounding of savings it creates. This is wealth beyond what you could have ever imagined. In most cases it out paces appreciation

Interest Rate
Let say the prevailing rate is 5% but we require 4% for maximum principle pay down which is Equity which is wealth generation. To get 4% we buy down the rate using discount points and bill it to the seller. We take the monthly savings and route it to your investment vehicle or extra principle payments (which I do not recommend).

Why would a seller agree to this?
Because any sale with a seller concession is a win/win. The seller in return for their generosity receives FMV for their property [P]. Remember, our offered price produces your wealth. If you can buy a property and exit out with the $58,000, enjoy living in it and the added investment from the tax benefits, wouldn’t you pay FMV for it? Sure you would. For the seller the money they give you is less than a price reduction and you are buying their property. They can now move on with their life. Also the seller can claim the funds given to you as an expense against the profit of the property on their tax return.
 
Here is the true benefit. The Secret.
I sit with the seller on your behalf and provide FREE mortgage planning for them. I determine their parameters and get them a Seller Concession twice as big as the one they gave you because they are trading up which cancels anything they gave you but they still get the tax write-off. This is the POWER of the SELLER CONCESSION. THIS IS THE PIECE EVERYONE LEAVES OUT. The seller gets what they want, a low cost mortgage on their new expensive home, an exit strategy where they had none, their home sold and you get your $58,000. Now when we come back to sell your house in 5 years, we will put a seller concession on your property using a V-PMP to entice buyers to buy it and get you one on your purchase. It never ends... Every property should have a seller concession. Those who do not know about this are placing low-ball offers on multiple properties and leaving so much wealth on the table with no guaranteed of profit or exit. They are [P]rice centric and wealth blinded. Do share this post.

The Seller Concession
It is the most powerful two words in the mortgage business but it is also the most miss-understood, miss-used and most underutilized feature to any mortgage Fixed or ARM. The Seller Concession was designed specifically to create wealth for buyers and to aid a seller in selling their property during difficult markets. To often it is miss used as a $3,000 credit only to be added to the sale price. Never ever use that strategy as that creates debt tripling the cost of what you paid off. Never agree to this type of offer.

The Contest
To learn the proper technique and to see an example of the Seller Concession the way it is intended to be used in a mortgage planning model view my video; but before you press play let’s give you the question you have to find the answer to in the video for your FREE copy of The Last Chance Millionaire.

In the video I state which lending institution does the best job of the Seller Concession?
(A)    Fannie Mae
(B)    Freddie Mac
(C)    FHA
(D)    Tony Soprano (forgit about it!)

Ok, now you can click PLAY!

http://www.youtube.com/watch?v=gPIGBtyo2w4


Give Away Contest
Everyone should read the book The Last Chance Millionaire by Douglas R. Andrew. I will give you a FREE copy if you can answer the question right during your FREE consultation. Call me to book a FREE home buying consultation and receive your book.

Take-a-Ways

1.    Never get a mortgage. You PLAN a Mortgage
2.    Always use a Realtor
3.    Start by clearly defining your exit parameters then work backwards
4.    Your Exit parameters define your rate. Never shop for a rate. Define it.
5.    Offer FMV with a Seller Concession. Low-ball offers never build wealth. It’s just a couple of bucks.
6.    Invest your savings. Compound the seller concession into massive wealth. Double what was given.
7.    If your term of ownership is 60 months or less, never buy into a building with sales constraints.


Michael Ciavarini is a Certified Mortgage Planner for GuaranteedRate Inc.,  and a Radio Personality on Boston Money Matters talk shows. This strategy and his others have been featured on WBZ TV 4 News. Michael is a YouTubber, Blogger, Videographer and the creator of the V-PMP (Video-Personalized Mortgage Plan) which are revolutionizing the way Real Estate is presented, financed and sold. To view Michael’s videos visit his blog at http://BostonMortgagePlanner.com and subscribe to his RSS feed.

Feel free to contact Michael at:
mikec@bostonmortgageplanner.com, tel (617) 532-3972 preferred.
Blog: http://www.bostonmortgageplanner.com
Corporate Site: http://www.guaranteedrate.com/mikec
Follow Michael on Twitter at http://www.twitter.com/BosMtgPlanner
Subscribe to his YouTube Channel at http://www.YouTube.com/michaelciavarini