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Bela Basile

NMLS ID 4715

413-737-1100 bela@usa-mtg.com

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Bank statements and deposits

When applying for a mortgage, the banks want to know where your money is coming from. Copies of your bank statements are always necessary in the pre-approval process. Here are some tips for making sure that you are prepared.  Always provide ALL numbered pages of each bank account statement. For example, ‘Page 1 of 18” may be nothing more than a cover sheet, and “page 8 of 8” may be nothing but a blank page or advertisement. Unfortunately, underwriters don’t know that unless they can see them. Any deposit that’s not clearly identifiable as being ...

January 31st, 2019 Bank statements and deposits

Why Do Mortgage Rates Go Up and Down?

Mortgage interest rates fluctuate from week to week and they can make huge swings from decade to decade. In the early 1980s, for example, mortgage rates were as high as 18% while roughly 30 years later they are less than a third of that rate. What causes they changes in mortgage rates? What factors affect the direction of rates? The Fed The Federal Reserve is tasked with keeping balance between inflation and the national unemployment rate. One of the ways it influences this balance is with it federal funds rate – the interest rate that banks charge each other for overnight loans. T...

January 30th, 2019 | Interest Rates, Why Do Mortgage Rates Go Up and Down?

3 Things You Need to Know About ARM Loans

Adjustable rate mortgage (ARM) loans always grow in popularity when interest rates are on the rise. Some borrowers think ARMs are the best way to save money on their mortgage in a higher rate climate. ARM loans can also be helpful for those who do not plan to stay in their home more than a few years. Whatever the reason, if you are considering an adjustable rate mortgage here are three things you need to know before signing. 1. What type of ARM are you getting? Of course, you already know that an adjustable rate mortgage means that eventually your loan interest rate can adjust higher or ...

January 23rd, 2019 | Adjustable Rate Mortgages, Interest Rates, 3 Things You Need to Know About ARM Loans

Economic News

Homeownership Tied to Financial Well-Being   Older American homeowners have a greater degree of financial well-being than those who do not own a home, while lower housing costs are also correlated to more positive financial well-being. This is according to a survey titled “Financial Well-being of Older Americans,” released by the Consumer Financial Protection Bureau (CFPB) Office of Financial Protection for Older Americans.  According to the federal agency, the survey aims to provide “detailed information on the financial wel...

January 17th, 2019 Economic News

First-time Homebuyers should avoid these 5 Mistakes

Buying a home for the first time is a very exciting adventure, but as with any new experience it can be easy to make plenty of mistakes. In order to make a satisfying purchase, try to avoid these 5 big first-timer blunders. 1. Get Pre-Approved before looking for a home If you are truly ready to make a home purchase, start with first things first. Contact USA Mortgage Network, Inc. to get pre-approved for a mortgage. This will give you a good idea of how much home you can afford and it will make you a viable buyer when you find the right house. Otherwise, you run the risk of falling in love with...

January 16th, 2019 | Purchasing a Home, First-time Homebuyers, Preapproval, First-time Homebuyers should avoid these 5 Mistakes

Todays Market Report

  Take a look at some of this week's report highlights!   The recent drop in mortgage rates has sparked a jump in applications. Mortgage applications were up 23.5% from the previous week. Just over 10% of agents surveyed by NAR said the shutdown was having an impact on their clients. Gov't and non-gov't employees alike have been affected. More first-time buyers are turning to their parents for help with down payments. A recent HUD report shows 26% of FHA borrowers got assistance from a relative. IRS Confirms Tax Filing Season To Begin Januar...

January 11th, 2019 | loan, mortgage, home, economy, government, government shutdown, rates, Todays Market Report

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