Amaral & Associates, P.C. - Divorce, Family Law

Real Estate Archives

Spring Newsletter 2013

A federal government agency has issued new rules for home mortgages that will rewrite the way that banks decide who gets a home loan. If you’re thinking about buying a new home, you’ll want to know about these rules, so you’ll know what to expect when you apply for a mortgage and what you can do to increase your chances of getting the loan you want.

The rules officially take effect next January, but many lenders will begin following them as soon as possible.

For a long time, banks have been worried about being sued by homeowners if they make a loan that the homeowner can’t reasonably be expected to pay off. The new rules say that banks can no longer be sued in this way if they make loans that follow certain requirements. These loans are called “qualified” mortgages.

While it’s possible that some lenders will continue to issue “unqualified” mortgages, this will be the exception rather than the rule, because lenders will be facing potential legal liability if they do so. It’s expected that most lenders will try to issue … Read More »



What You Should Know About Buying or Selling a Home

Home ownership can provide you with many benefits: secure shelter, a long-term investment, and tax advantages. However, a home is also a major financial commitment. There are ways to avoid costly mistakes that can strain your budget and your patience. This article contains tips to help you avoid problems when buying a home.

Affordability

A home is the largest single investment of most Americans. So the first question is: can you afford the home you want to buy. At the time of your home purchase, when the legal title is transferred to you, you will have to pay the price for the home and closing costs. Usually, the bulk of the purchase price is paid with a mortgage loan. Afterward, you will need to budget for insurance premiums, maintenance monthly loan payments, property taxes, utility bills, and repairs. To avoid surprises, examine the seller’s bills to get an idea of the monthly expenses for the home. Also check the age and condition of appliances, plumbing, roof, structures and wiring since they might need repair after your purchase.

Using A Lawyer

A lawyer … Read More »



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