Blog

Is an FHA-backed Loan the Right Option for You?

Rick Grant in a recent Zillow blog post does a good job looking at the Federal Housing Administration’s mortgage product, the FHA-insured loan, and why it may or may not be right for each buyer. The FHA-backed loan was established to help certain borrowers, such a first-time home buyers or low-income buyers, get approved for [...]

10 Common Mortgage Misconceptions

In a Zillow blog post, “10 Mortgage Misconceptions,” Alison Paoli does a great job shedding light on some misconceptions people often have when it comes to mortgages, which can definitely cost them in the long run. Your interest rate reflects the true cost of your mortgage. Your annual percentage rate (APR) actually the figure that [...]

Real estate myths for April Fool’s Day!

In honor of April Fool’s Day, Brendon Desimone takes a look at the myths that often trick potential sellers and buyers in a Zillow  blog post, “Don’t Be Fooled By These 3 Real Estate Myths.” These assumptions are often based on outdated assumptions or generalizations that can hinder a buyer from finding the perfect home. [...]

A Few No-Nos for First-Time Home Buyers

In a Zillow blog post, “First-Time Home Buyer? Here’s What Not to Do,” the staff of the financial website LearnVest offers some sound advice for first-time homeowners who are feeling the pressure to buy now while mortgage rates are low. While you definitely should take advantage of the mortgage if you can, LearnVest has three [...]

Home Values up 6.2% from Jan. 2012

Average national home values rose to $158,100 last month, up 0.7 percent from December and 6.2 percent from January 2012, according to the January Zillow Real Estate Market Reports. According to a Zillow blog post from Feb. 21, January marked the 15th consecutive month of home value gains. “The 6.2 percent annual gain is the [...]

Owning a home = Tax breaks!

For those who have yet to file their taxes for 2012, Zillow has a useful blog post by Mary Boone highlighting the tax breaks available to homeowners. It’s important to note you must file an itemized return to take advantage of the breaks, but the savings are well worth the extra work, or the extra [...]

What Buyers Should Know About Sellers

In his Zillow blog post “3 Things Home Buyers Should Know About Today’s Sellers,” Brendon Desimone explains that it’s important for buyers to understand the mindset of sellers to make the process easier on both parties. Desimone says there are three qualities that many sellers these days share: Many homeowners are in negative equity. According [...]

Anticipated housing trends for 2013

In her MSN Real Estate article, “8 ways the housing market has changed for 2013,” Melinda Fulmer sheds some light on anticipated housing trends and changes for 2013, and what people looking to buy a home this year can expect to see as a result. 1. Home prices should increase, but only by a bit. [...]

More Homeowners Mortgage-Free Than Underwater

We so often hear about people being underwater on their mortgages, so who would have thought that more people actually have no mortgage debt at all? According to Zillow’s post “More Homeowners are Mortgage-Free Than Underwater,” there are more Americans who own their homes outright – about 21 million – than those who are in [...]

Tips to Buy in 2013

home prices continue to rise!

Zillow.com recently announced that home values rose for the 12 consecutive month in October, up 1.1 percent from September and 4.7 percent from October 2011! The month-over increase is the highest its been since August 2005, which saw a 1.2 percent increase, and the year-over increase is the highest since September 2006, proving that the [...]

A home is an investment – Treat it like one!

When buying a home, people don’t always consider it an investment, but it is. It’s actually one of the most common, smart investments people make. But as in any other kind of investments, a home can be an asset, a good investment, or a liability, a bad investment. A Zillow post by ProfessorBaron.com “Is a [...]

One happy customer!

One of our clients and friends, Julia Bentley, recently became a homeowner once again. She and her husband documented their experience in a blog, in which Julia gave Acadia Lending a little  shout out: Heather Rose of Acadia Lending was our mortgage broker. Along with being one of my sister’s good friends and a genuinely sweet person, [...]

How to snag a home that’s a good deal

With the housing market beginning to bounce back, it’s becoming harder to get a home in a desirable area below real estate value. There are still ways to get a home you love for less than top dollar, though, as Brendon Desimone points out in his blog post, “How to Buy a Home Below Current [...]

What is mortgage insurance?

With foreclosures still higher than usual, some may think mortgage insurance is a good idea for protecting their very big investment. But, as Justin McHood points out in his Zillow post “4 Things to Know About Mortgage Insurance,” this type of insurance is meant to protect the lender, not you. Some types of mortgages require [...]

Zillow offers refinance calculator

Those looking to purchase a home already know that right now is an ideal time with historically low mortgage rates. But those who are already homeowners often aren’t sure whether refinancing is worth the effort or not. Zillow.com is now making it much easier for homeowners to make that decision with its new refinance calculator [...]

Mortgage rates hit new record low!

As unbelievable as it may sound, mortgage rates have hit yet another record low! Freddie Mac announced today that  30-year mortgages are hovering around 3.40 percent – a new record low rate. At this time last year, the 30-year rate was about 4.01 percent. The dip in rates is the result of the Federal Reserve’s [...]

Less people have negative equity now than in Q1

Zillow recently released its second quarter Negative Equity Report, which offers another sign that the housing market may be turning around. According to Zillow, “Overall, the cumulative amount of negative equity also declined. There were 15.3 million homes underwater, totaling $1.15 trillion in negative equity in the second quarter, down from 15.7 million homes and [...]

Home values up for 8th month!

Home prices in July rose for the eighth consecutive month! According to Zillow, home prices went up 0.5 percent nationally, and several cities have seen even larger increases during the last week. The increase could give the market a boom heading into the fall, as more people will begin to put their homes on the [...]

Should you pay off your mortgage early?

If you’re one of the lucky Americans who pays their bills on time and still has extra money to spare, you may consider paying down your mortgage early. Which leads to a popular question: If you can afford to pay off your mortgage early, should you? As Justin McHood states in his post, “Paying Down [...]

Buying a home, step-by-step

If you’re a first-time homebuyer, you’re probably skeptical of the real estate process. You may not know what standard procedure is, and you certainly don’t want to be taken advantage of with one of the biggest transactions you’ll ever make. In his Zillow blog post, “The Anatomy of a Real Estate Purchase,” Brendon Desimone breaks [...]

Home sales increase 26 percent in Maine!

Things are looking up across the country, but they’re looking particularly good in Maine. According to the Maine Association of Realtors, the sale of single-family homes in Maine increased more than 26 percent from June 2011 to June 2012! Nationally, the increase was about 4.8 percent, and 1.9 percent in the Northeast region – proving [...]

Get the most value from your home

With the economy at the forefront at nearly every discussion, homes are treated as investments, not just dwellings. Every homeowner hopes that his or her home will someday bring in more money than he or she put into it. Since mortgage rates and home costs are so low, many people are becoming homeowners twice over, [...]

Zillow calculator helps you look at value of buying vs. renting

Zillow is offering a new app that helps you decide whether you should rent or buy based on what they call “the breakeven horizon.” Deciding whether you should rent or buy largely depends on the amount of time you plan to stay in the same place because there’s a threshold for when buying makes more [...]

Before closing, do a final walk through

If you’re one of the lucky people who will be closing on a home in the near future, you may feel that the long journey to homeownership is just about over. But there’s at least one more thing you need to do, which Brendon Desimone discusses in “5 Tips for the Final Walk-Through.” It’s important [...]

Understanding the basics of homeowner’s insurance

When purchasing a home, people often get so caught up in the fine print of the mortgage that they pay little attention to the homeowner’s insurance, and what is and isn’t covered. It’s important to understand what that payment you make every month offers you for protection, and whether it’s adequate for your needs. In [...]

Housing market shows promise with annual gain

It appears that the housing market has reached its bottom, as Zillow reports that its home value index rose on an annual basis for the first time since 2007.  During the first quarter of 2012, home values were 0.2 percent higher than they were during the first quarter of 2011. The increase, though small, suggests [...]

Rental costs continue to rise

In a Zillow blog post, “Rents Rise as More Americans Flock Back Into Cities,” contributor John Kelly gives yet another reason why buying a home now is a good idea: Rental costs are going up monthly. Census data shows more people, particularly young ones, are moving into the cities, therefore the demand for dwellings is [...]

Why now is the perfect time to buy…

Owning your home is one of the best, most practical investments you can make to secure your financial future. There are typically two prime times to buy a home: When mortgage rates are low, or when home prices are down. But right now is an exceptionally rare occasion when both of those driving factors are [...]

A penny saved is a mortgage payment for Mass. man

One of the most basic pieces of advice for those trying to save some cash is to keep track of spending closely, because every cent counts and adds up. And for one Massachusetts man, many cents added up to his last mortgage payment. Derek McLean of the Milford Daily News in Milford, Mass. told the [...]

4 tips for financial independence

In spirit of the Fourth of July, Vera Gibbons suggests 4 possible ways to become financially independent in her Zillow blog post, “4 Steps to Financial Freedom.” Refinance. Mortgage rates are still at historic lows, and if you haven’t refinanced in the past few years, you should at least consider it. You could save thousands [...]

Home values increase in May

Home values increased for the third consecutive month in May, according to Lauren Riefflin of Zillow, up 0.5 percent from April. While home values continue to decline annually, the decrease from May 2011 to May 2012, which was 0.9 percent, was the smallest decline we’ve seen since October 2007, Riefflin explains. A chart from Zillow [...]

Things that make a home a good home

When looking to buy a house, people often don’t think about what others value in a home. Of course, what you want is most important, but remember, you may want to sell the home one day. In his blog post, “10 Things That Make a Home a Good Home,” Brandon Desimone looks at 10 qualities [...]

5 questions to consider before buying the home

You hear so much about now being the ideal time to buy. And it is. But don’t let that pressure you into buying a home that isn’t the right home. In his blog post, “Five Questions to Ask Yourself Before Deciding to Buy,” Leonard Baron covers the major questions that may seem obvious, but that [...]

What should and shouldn’t be included in your home purchase

Interesting blog post by Brendon Desimone regards the things that are and aren’t included with a home purchase. In “5 Things Not Necessarily Included in Your Home Purchase,” Desimone offers an antidotal account of one buyer who fell in love with the large, unique mirror in the foyer of the home she was purchasing. When [...]

Moms share real estate advice

We know it’s a little late, but this idea was too cute to pass over. In her blog post, “Moms Share Their Advice for Real Estate,” Erika Riggs shares the advice mothers have given their children in regards to purchasing a home. The number one word of advice, Riggs said, was to have financial sense. [...]

Reasons why now is the best time to buy

In his MSN Money article, “Why now is a good time to buy a home,” Eric Pianin sums up the primary reasons why now is a good time to buy a home. Housing affordability is the best it has been in more than two decades, Pianin explains, as both mortgage rates and home prices are [...]

Money Mistakes to Avoid with Housing

In her blog post “Foolish Money Mistakes to Avoid,” Vera Gibbons highlights some of the big money mistakes that people make when it comes to housing. Here’s her list: Trying to time the market. This is a big one. Professionals have been saying for a few years that it’s critical to take advantage of low [...]

Organize Your Finances Once and For All

It’s not too late to start a New Year’s resolution. If one of your goals is to get your personal finances under control, Brian O’Connell’s article “5 Tips to Organize Your Financial Records Once and For All” may be just what you need. Here are some of his suggestions: Reduce paperwork: O’Connell offers a good [...]

Get More out of Your Cash

In her blog post “Put More Cash in Your Pocket,” Vera Gibbons offers some tips and tricks for getting the most bang for your buck.  Give yourself a raise: If you typically get a big tax return, Gibbons suggests changing your allowances on your W-4 so that less cash gets taken out of each check. [...]

Should You Buy a Home in 2012?

Open House This Sunday!

5 Things To Do As Soon As You Move In!

If you’re a new homeowner, it probably feels like there are a million things that need to be done. But before you get to the rest of your to-do list, there are several things you should make sure you do ASAP. In her blog post “5 Things to Do When You First Move In,” Erika [...]

What’s Your Buyer IQ?

Zillow recently released the results to their Buyer IQ Test, which tested potential home buyers to see how familiar they are with the home buying process. Much of home buying is undoubtedly confusing, but those who participated in the survey did pretty well (see results below). One surprising result, was that 42 percent of buyers thought that [...]

Major Changes to The Home Affordable Refinance Program

This week the federal government and the Federal Housing Finance Agency announced some major changes to the Home Affordable Refinance Program (HARP), which aims at helping underwater homeowners. Changes from this overhaul include: No underwater limits: Loan-to-value limits were previously set at 125 percent. Now homeowners will be able to refinance regardless of how much [...]

Reject for a mortgage? Don’t give up!

If you’ve recently been rejected for a mortgage or refinance, you’re not alone, and you shouldn’t give up. Standards for borrowing have tightened, but that doesn’t mean you should give up on this prime time to buy. In her blog post, “Rejected For A Mortgage Loan? Here’s What You Need To Do,” Vivian Giang offers [...]

It’s All About The Numbers…

Recently there’s been a lot of talk about financial goals and being financially responsible, but many of us don’t really know what those goals are, or what being responsible means. Besides checking your credit score, it can be difficult to gauge where you match up to others. In her blog post “Money by the Numbers,” [...]

mortgage checklist for first time buyers

Hey, first time home buyers – Check out this mortgage checklist from Zillow. It helps break the complex process of getting a mortgage down into steps that are manageable, and it will help you make sure you don’t miss anything. Check it out!

Credit score tips that don’t make sense, but work!

If you’re considering purchasing a home in the future, you may be paying extra attention to your credit score. Your level of risk, which is demonstrated by your credit score, determines the interest rate you pay on your mortgage. Therefore, it’s critical to get your score as high as possible to take advantage of the [...]

5 Tips for Saving Cash on Home Energy Costs

We often tell potential homeowners to consider all expenses when building a budget to determine how much they can afford for a home. One of these expenses is utility, including gas and electric. With long, cold winters and oil at around $90 a barrel, this is especially important for Maine homeowners. Fall is the perfect [...]

Tips for Protecting Your Vacant Property

Vacation and rental properties are a growing trend, and it’s important for such homeowners to minimize the risk associating with owning a property that you rent out. Owning a home is a risk in its self, but owning a home that you don’t inhabit regularly adds a different level of risk. There will be times [...]

Vet the ‘hood before you buy the house

If you’re a potential home buyer, you probably have an idea of what your dream home would look like. But have you thought about your dream neighborhood? With the instability of the housing market, it’s important to look for a home that you can bet will keep its value. And the neighborhood/surrounding area has a [...]

Four Lessons Learned by Home Buyers

In her article “4 Home Buying Lessons We Should Never Forget Again,” Tara-Nicholle Nelson offers some insight into the lessons homeowners have learned through the housing market disaster. These lessons have created 4 trends that many real estate professionals support, and hope stay around. 1. Buying less than you are approved for. Not many people [...]

The Basics of Homeowner’s Insurance

When purchasing a home, you’ll have to decide on your home insurance policy. And unless you live in an area where natural disasters are common, you may not give it much thought. But you should. With all the risk that’s inherently part of buying a home, you should minimize risk whenever possible. One way of doing this [...]

Buying Tips for DINKs

Most first time home buyers are DINKs, or dual-income-no-kids. They’re young couples that are typically just starting off on their own. In her blog post “Are you a DINK?” Erika Riggs offers some real estate tips for these buyers. First she notes that most DINKs will become DEWKS, or dually-employed-with-kids – so it’s important to find a [...]

Help for Unemployed Homeowners in Maine!

Unemployed homeowners in Maine now have until Sept. 15 to apply for the new Emergency Homeowners’ Loan Program, which is designed to assist those out of work with their mortgage payments. All borrowers must be approved by Sept. 30. With this program, up to 30,000 homeowners will receive zero-interest loans of up to $50,000, which [...]

Breaking down your monthly mortgage payment…

In his blog post “What’s in your mortgage payment?” Justin Mchood breaks down the average monthly mortgage payment. P/I stands for principal and interest. This is the most basic component of your mortgage that you should have figured out long before you sign closing papers. Each month you’ll pay some towards principal, or the actual [...]

The first three (and most important) steps in the home buying process…

When potential first time home buyers start thinking about making the big purchase they often head straight for the real estate sites. But in her blog post “What’s the first step in the buying process?” Erin Lantz suggests that buyers think about the mortgage before they chose the home. First, speak to a lender. Disappointment [...]

To refinance, or Not to Refinance…

For those who aren’t yet homeowners, the decision of whether or not to take advantage of current mortgage rates seems like a no-brainer. But what about current homeowners? Many aren’t sure whether or not it makes sense to refinance. In her blog post “Refinancing Tips to Save You Money,” Jill Simmons offers some tips for [...]

Looking For a Place to Retire? Consider Brunswick, ME!

If you’re looking to downsize and buy a retirement property, consider Brunswick, Maine. Voted one of the Top 25 Places to Retire by CNNMoney, Brunswick is your ideal New England town with lots of mom and pop shops and a village green. In the summer there’s farmer’s markets and festivals, and in the winter there’s [...]

Buying Beats Renting in Most U.S. Cities

A recent article from CNNMoney reports that that it’s now cheaper to buy a two-bedroom home than to rent one in most major U.S. cities due to low mortgage rates and increased rental costs. In “Buying is cheaper than renting in Most U.S. cities,” Les Christie presents data from real estate web site Trulia showing [...]

Secrets to Scrapping Up Enough for a Down Payment

Coming up with enough money for a down payment is the largest challenge of purchasing a home for many young people. With rent and bills, it can take years of saving up before you have enough to put down. In her blog post “5 Insider Secrets for Coming Up With Cash for Down Payment” Tara-Nicholle [...]

What’s a Good Deal for an Investment Property?

The cost of rent is on the rise here in Maine and across the nation. This suggests that there is a rise in demand, and with demand comes opportunity. For people who can afford it, investment properties with rental units may be a great chance to make some extra cash. So how do you determine [...]

Surprises are for Birthdays, Not Real Estate Transactions

In her article “4 Insider Secrets for Avoiding Surprises at the Closing Table,” Tara-Nicholle Nelson offers several ways to minimize the chance you’ll receive any curve balls before closing on your new home. We’ve discussed some of these tips before, but they’re certainly worth re-mentioning. Keep your finances exactly the way the lender found them. [...]

The Consequences of a National Credit Downgrade on Americans

With all the budget and debt ceiling talk going on in Washington D.C., consumers want to know how the national financial situation will effect each one of us. And although we have avoided defaulting, it will indeed have an impact. In her blog post “Consequences of a U.S. Credit Downgrade,” Vera Gibbons explains that a [...]

Real Estate Acronyms You Might Not Know

When you’re checking out real estate listings, chances are you’ll stumble across acronyms that you may not know. Being familiar with these acronyms is important, especially if you’re a buyer who knows exactly what characteristics you’re looking for in a home. Take a few moments to take Erika Rigg’s quiz “10 Real Estate Acronyms You [...]

Steps to Minimizing Risk When Purchasing a Home

With the current economy, risk is a huge factor in many financial decisions. And with news of foreclosures plaguing the market, it’s no wonder why many people consider buying a home a huge risk. In her article “4 Steps to Minimize the Risk of Owning a Home” Tara-Nicholle Nelson offers some tips that will help [...]

What is an Escrow Payment, and Why Does it Change?

Homebuyers are often required to have an escrow account when they get a mortgage. What is an escrow account, you ask? It’s a third-party account that holds funds that go towards property taxes and monthly homeowners insurance. Your escrow payment is typically combined with your monthly mortgage payment to create one transaction, making it easier [...]

FHA Mortgage or Conventional Mortgage – Which Is Right For You?

Over the past 5 years, the FHA mortgage has made a huge comeback. According to the U.S. Department of Housing and Urban Development, just 6 percent of new homes were financed with FHA mortgages in 2007 – by 2011 that number had jumped to nearly 25 percent. So the question is, which is better? The [...]

Shorten the Life of Your Loan with a Bi-Weekly Mortgage Program!

In his blog post “Should You Pay Your Mortgage Bi-Weekly?” Justin McHood discusses bi-weekly mortgage programs, and whether it makes sense to enroll in one. And, as McHood concludes, for many people it makes perfect sense – including him. While conventional 30-year mortgages are extremely common, a lot of buyers are uncomfortable with having 30 [...]

Estimate Your Credit Score With This MSN Money Tool!

We stress the importance of having a good credit score , but many people often have no idea what their score actually is.  Although you are entitled to a free credit report each year, you have to pay to see your credit score – unless someone has checked your credit score and shared it with [...]

Guide to Understanding Today’s Seller

In the article “Buyer’s Guide to Understanding Today’s Seller” Brendon Desimone explains that it’s important to understand the type of person from whom you’re purchasing a home. This way you’ll know what to expect, and how to react to make the negotiation as pleasant as possible. In exploring the different kinds of sellers, Desimone breaks [...]

Secrets of a Perfect Credit Score

According to Jeanine Skowronski’s MSN Money article “How to get a perfect credit score,” there are approximately one million Americans – or less than one percent of the population – with an absolutely perfect credit score of 850. And while anything above 760 puts you in the same category of great credit, Skowronski highlights the [...]

Questions to Ask the Home Inspector for a Full Picture of Your Future Home

When you’re a homebuyer, particularly a first-time homebuyer, it’s tough not to be a little bit skeptical of the whole buying process. You are making an investment of a lifetime, so it’s understandable to want to know the nuts and bolts of the home you’re purchasing. And since the seller and agent are trying to [...]

Great Calculator for Comparing the Costs of Buying and Renting

Trying to decide whether it makes more sense to buy or rent? This calculator provided by the New York Times allows you compare the costs of buying and renting. It even takes into consideration how fast prices and rents rise, how long you plan on staying in your home, and other advanced options. Check it [...]

Boundaries of a Great Loan!

In the article “Want a Great Loan? Work the Boundaries” Nate Moch points out that it takes a specific mix of numbers to get the very best rate possible. Limits are placed on loan amounts, down payments and credit scores, and these limits are used to determine your rate. Like Moch says,  just $1 can [...]

Should Maine Homeowners Pay Off Their Mortgages Early?

In the Zillow blog post, “Should You Pay Off Your Mortgage Early?,” Justin Mchood explores the issue of whether or not it makes sense for people to pay off their mortgage early. And what it comes down to, according to Mchood, is personal preference. He says on one hand, as his CPA cousin points out, [...]

Summer Reading List For Maine Homeowners and Potential Buyers!

When you’re making a life-altering decision – like whether to buy a home, and the best way to go about it – you clearly want to do as much research as possible. But finding trustworthy, in-depth research can take a lot of time – and with a full-time job, children, and whatever else you have [...]

Some Questions to Ask Your Home’s Seller Before The Big Move

In her article “6 Questions to Ask Your Home’s Seller Before Moving In” Tara-Nicholle Nelson offers several important questions to ask the previous home owner before you move in. Asking these will save you a lot of time and energy, and make the transition into your home much easier. What’s the history of the house? [...]

Some Simple Ways to Save…

Obviously financial well-being and homeownership go hand-in-hand. When assessing whether or not they’re in the position to become a homeowner, many people fail to consider their financial situation as a whole. If your budget is tight but you’re determined to own your own home, consider cutting from other places. You may find that all it [...]

Tips to Take the Trauma Out of Home Buying

In the article “Ten Things to Take the Trauma Out of Home Buying,” Tom Ramsey makes some interesting points for buyers in Portland to take into consideration.  A few in particular are important to remember, especially in this “buyer’s market.” If you’ve been considering purchasing a home, I’m sure you’ve heard it. “Now’s the time [...]

Simple Mistakes That Will Cost You Money…

In her article, “Is Being Lazy Costing You Money,” Vera Gibbons discusses some mistakes people make that harm their financial situation.  As foreclosure and bankruptcy are on the rise, banks and lenders aren’t as trusting as they used to be, and qualifications are tight. Whether you’re considering a mortgage now or later, these mistakes could [...]

Tips to Make Finding Your Maine Mortgage Easier!

In her article “Tips to Make Mortgage Shopping Easier,” Jill Simmons makes some great points for Maine home buyers that we haven’t recently touched upon. Use Your 30-Day Window.  Simmons points out that some people avoid shopping around for quotes because they fear that multiple credit inquiries will harm their credit score. It’s typically true [...]

3 Money/Mortgage Tips From The President

In the article “3 Money Tips from President Obama,” Editor of InvestorPlace.com Jeff Reeves discusses how he attended the White House’s first Personal Finance Online Summit last week. He said the President primarily discussed the financial situation of our country, but several tips he offered can be applied to individual financial planning. These tips are [...]

5 Credit Report Errors Maine Homebuyers Must Fix!

The housing market is undoubtedly a buyer’s dream come true at the moment. With so many affordable homes and extremely low interest rates, now’s the time to take advantage of it. And in order to make the most of the market, you want to have the best credit report and score possible. In her article [...]

5 Potential Pitfalls in Purchasing a Home

In her article “5 nasty surprises that can stop your home purchase cold,” Marilyn Lewis of MSN Real Estate gives 5 good reasons why buying a home can be trickier than it may appear. You will have a better grasp on the process of buying a home if you foresee these possible road bumps before you hit them. [...]

Can’t Afford a Big Down Payment? No Worries With The FHA Mortgage!

For many people, the toughest part of getting a mortgage is coming up with enough money for the down payment. It can take months, or even years to save the tens of thousands of dollars necessary if your mortgage product requires 5 percent or more down. In this article from The Washington Times, Henry Savage [...]

Housing Affordability Skyrockets in Maine, Hitting 20-Year High!

With the tough economy, many make the assumption that owning a home is a difficult – if not impossible – endeavor to take on.  But new data shows that buying a home is more affordable now than it’s been in years, and not just for the wealthy. According to National Mortgage Professional Magazine, data from [...]

Facing Foreclosure in Maine: How To Avoid It

Recently the Press Herald ran a two-part series on home foreclosure, and how it can be avoided. In the article “Facing foreclosure,” Ray Routhier points out that Maine residents are being foreclosed on less frequently, and by the end of 2010, the number of foreclosures had gone down for three straight quarters. Routhier partly attributes [...]

Tricks For Shortening The Life of Your Mortgage

For many people, the thought of a 30-year mortgage – 30 years of debt – is a scary thought. Though 15-year fixed-rate mortgages are available, and the interest rates are much lower, the payments are often too high for the average first time homebuyer to afford on a monthly payment. Luckily, there are ways to [...]

What is Interest and Who Decides the Rate of It?

We hear talk about current interest rates on a daily basis. We’re told that they’re at a historical low, and that they’re due to rise in the near future. But many people may not know what the actual purpose of interest rates are in the first place, and what it is that determines them. In [...]

5 Tips For Navigating The Summer Housing Market In Maine

In her article “5 Strategies for Navigating the Summer Clearance Sale – on Real Estate!” Tara-Nicholle Nelson offers some tips for making the most of the housing market this summer. 1. Have visions in place. First, you need to have a financial vision. What will your debt-to-income ratio be after you purchase the home? You [...]

Now’s The Time to Buy That Vacation Home In Maine You’ve Always Wanted!

Have you always wished you had a cabin at Sugarloaf Mountain, or a cottage near Sebago lake? Now may be the ideal time to purchase that vacation home! In the CNN Money article, “Want a vacation home? Prices are falling” Les Christie points out that families who previously could not afford a vacation home may [...]

Some Reasons Why You Should Buy Now If You Can!

I know we’ve done the “renting versus buying” discussion before,  but in his article, “The Modern 2011 Riddle of the Sphinx: To Rent or Buy,” Logan Mohtashami makes some points worth revisiting. First off, Mohtashami seems like a good guy.  Although he’s a senior loan officer himself, he’s realistic, like we are at Acadia Lending [...]

Mortgage Lingo from A to Z

For first time homebuyers, learning all the mortgage lingo can be tough. Trulia.com’s  glossary of mortgage terms from a to z covers some of the major ones (see below). Also, never hesitate to ask the loan advisor what a certain term means. Since they’re working with people within the mortgage industry on a daily basis, [...]

3 Reasons Current Mortgage Rates Won’t Last in Maine, or Anywhere!

In his article “3 reasons current mortgage rates won’t last,“ Richard Barrington offers three solid pieces of evidence suggesting that mortgage rates will soon rise. 1. The Freddie and Fannie Catastrophe. Within the last few years,  mortgage companies Freddie Mac and Fannie Mae gave too many mortgages to unqualified people, which often led to foreclosure [...]

Why Rent When You Could Own Your Own Home in Maine?

In her article “4 Signals It Might be Time to Buy (vs. Rent) Your Home,” Tara-Nicholle Nelson gives several critical reasons why you should consider buying now if you can afford to do so. The first two points that Nelson makes are that mortgage rates are going up, and so are rents. She writes, Rates [...]

Considering Buying a Home? Get Pre-Approved!

For people looking to purchase their first home, figuring out where to begin can be a tricky process. Many people assume that the first step is to find the right house, so they go directly to a realtor. But that’s actually not the best way to go about it. We’ve said it once, and it’s [...]

Considering a 15-Year Mortgage? You Should!

In her article “A 15-Year Mortage Isn’t for Everyone,” Amy Hoak discusses how many homeowners are opting for 15-year mortgages over 30-year due to historically low interest rates. She says, “From January through June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic, a provider of financial, property and [...]

Fannie Mae Offers HomePath Buyer Incentive!

Fannie Mae has a new offer: HomePath Buyer Incentive! Now through June 30, 2011, buyers may get up to 3.5% in closing cost assistance and flexible mortgage terms with a low down payment, no appraisal, and no mortgage insurance fees on HomePath properties, such as this one: Portland, Maine, 2 br/2 ba 1,325 sq. ft. [...]