Wednesday, November 30, 2016
December workshop now full
Our workshop meeting on December 3 & 4 is now full. We have plenty of room in January.
Wednesday, November 16, 2016
Registrations
We are not taking any more registrations for the November workshop. Enough people who wanted that one, but were unable to get in, have registered for the December workshop that now the December one is filling up.
Our first two workshops in 2017 will be on January 21 & 22 and on February 11 & 12, both in Newburyport.
Our first two workshops in 2017 will be on January 21 & 22 and on February 11 & 12, both in Newburyport.
Friday, November 11, 2016
Beginning to schedule
We will be scheduling our workshops for 2017 soon. To start, the first two are scheduled for January 21 & 22 and February 11 & 12, both expected to meet in Newburyport.
Wednesday, November 9, 2016
November workshop in Saugus
Our November workshop, meeting in Saugus at the North Shore Bank, is now full and going to a waiting list. We do have one more workshop coming up in 2016 on December 3 & 4 in Newburyport, meeting downtown at the Newburyport Bank. To register for the December one please email EOLeary@CoastalHB.org.
Sunday, October 30, 2016
Participating Lenders
Our participating lenders are listed below. They support Coastal Homebuyer Education financially and they take part in the actual workshops by speaking and hosting.
Mass Housing, FHLB Equity Builder
Mass Housing, NH Housing, FHA, VA,
USDA
Institution for Savings:
Nancy Taylor, 978-462-2344
ntaylor@institutionforsavings.com
ntaylor@institutionforsavings.com
in-house
first time buyer program
The Newburyport Bank
Anjelica Fontanez-Ordonez, 978.225.7704
Anjelica Fontanez-Ordonez, 978.225.7704
Mass
Housing, NH Housing , VA
Mass Housing, FHLB Equity Builder
Friday, July 29, 2016
Register for August 27 & 28.
We are now taking registrations for our next available workshop meeting in Newburyport on August 27 & 28. To receive the information sheet and the registration form please send an email to Coastal Homebuyer Education. Our Saugus workshop, meeting on the 13th and 14th is full.
Tuesday, October 27, 2015
Question: What is PITI?
Answer: PITI is the mortgage payment. You can think of it as a list including principle, interest, taxes, and insurance. Those are the components of most mortgage payments.
Principle - You borrowed money and every month you pay some of it back. The money that goes to principle reduces how much money you owe. It's how you pay down your mortgage.
Interest - It costs money to borrow money so every month you pay the lender for the use of that money. Whether or not that interest rate changes or how it is amortized was all spelled out in the beginning, before you completed the loan agreement by closing on the property. Amortized refers to how long it would take you to pay off the loan by making regular monthly payments. Most mortgages now are amortized over 30 years.
Taxes - Your lender will want to make sure the taxes are paid on the property - mainly because a tax lien would take precedence over a mortgage. This means if you did not pay your taxes and your mortgage, the taxes would be paid first in a procedure against you. The lender will collect from you monthly and pay your quarterly tax bills.
Insurance - This refers to one, possibly two, types of insurance. First, the lender wants to know that your property is insured. For a single or multi-unit building, the owner will have hazard (also known as homeowner's) insurance. A buyer will secure one year's insurance prior to the closing. The lender will collect monthly to make sure that when the bill is due again, they can pay it. For a condo, the insurance is the master insurance paid through the condo fee. A lender may also require HO6 or interior insurance. That would be handled much like the insurance on a single family or multi unit home.
Also, the lender may have required that the loan be insured. If a buyer's down payment is less than 20% of the purchase price they will have to pay mortgage insurance or do a loan program that addresses the situation otherwise. This is often called private mortgage insurance, or PMI, but actually that is the name of a company that offered it. It is correctly called mortgage insurance or MI. If you are paying mortgage insurance it will part of your mortgage payment.
Principle - You borrowed money and every month you pay some of it back. The money that goes to principle reduces how much money you owe. It's how you pay down your mortgage.
Interest - It costs money to borrow money so every month you pay the lender for the use of that money. Whether or not that interest rate changes or how it is amortized was all spelled out in the beginning, before you completed the loan agreement by closing on the property. Amortized refers to how long it would take you to pay off the loan by making regular monthly payments. Most mortgages now are amortized over 30 years.
Taxes - Your lender will want to make sure the taxes are paid on the property - mainly because a tax lien would take precedence over a mortgage. This means if you did not pay your taxes and your mortgage, the taxes would be paid first in a procedure against you. The lender will collect from you monthly and pay your quarterly tax bills.
Insurance - This refers to one, possibly two, types of insurance. First, the lender wants to know that your property is insured. For a single or multi-unit building, the owner will have hazard (also known as homeowner's) insurance. A buyer will secure one year's insurance prior to the closing. The lender will collect monthly to make sure that when the bill is due again, they can pay it. For a condo, the insurance is the master insurance paid through the condo fee. A lender may also require HO6 or interior insurance. That would be handled much like the insurance on a single family or multi unit home.
Also, the lender may have required that the loan be insured. If a buyer's down payment is less than 20% of the purchase price they will have to pay mortgage insurance or do a loan program that addresses the situation otherwise. This is often called private mortgage insurance, or PMI, but actually that is the name of a company that offered it. It is correctly called mortgage insurance or MI. If you are paying mortgage insurance it will part of your mortgage payment.
Subscribe to:
Posts (Atom)