Are you active military? A veteran of the Armed Forces? A Firefighter? Law enforcement? First Responder? Teacher? Fitzgerald Law Offices has teamed up with Homes for Heroes as a Friend of Heroes affiliate to offer discounted legal fees to our heroes.

If you are buying, selling or refinancing your home please contact our office so you can learn how to take advantage of these savings. We can also refer you to a realtor or loan officer who is a Homes for Heroes affiliate so you can save even more money. How would you like to receive a 25% realtor commission rebate at closing? Contact my office for details, even if your deal is not imminent. scott@fitzgeraldlawoffices.com or 781-924-5326.

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Purchase loans remain steady. If you have not yet selected your closing attorney for your upcoming home purchase give us a call.

Fitzgerald Law is your home for experienced real estate counsel. 781-924-5326 or scott@fitzgeraldlawoffices.com

According to the Boston Globe, average US long-term mortgage rates continued to slide this week, raising prospects of a wave of consumers refinancing their loans. The 30-year mortgage fell further below 4 percent.

Mortgage company Freddie Mac said Thursday that the nationwide average for a 30-year loan declined to 3.92 percent from 3.97 percent last week — the lowest level since June 2013. It stood at 4.53 percent back in January. The average for a 15-year mortgage, a popular choice for people who are refinancing, fell to 3.08 percent from 3.18 percent.

It was the fifth straight week that mortgage rates retreated.

The possibility of locking in a mortgage rate below 4 percent can be tantalizing for consumers.

Before last week, many bankers, lenders, and borrowers had assumed that mortgage rates would soon start rising, based on expectations the Federal Reserve would start raising its key short-term rate next year — a move that likely would lead to higher mortgage rates.

But that assumption fell suddenly into doubt as stocks plunged last Monday and Wednesday amid fears about global economic weaknesses, the spread of Ebola, and the threat of the Islamic State militia group in the Middle East.

Now is a great time to buy or refinance. Give us a call and we’ll refer you to a loan officer who can help you buy a new home or save you thousands by refinancing. 781-924-5326 or scott@fitzgeraldlawoffices.com.

Mortgage underwriting guidelines continue to be strict but there is a huge misconception out there that you need to put down 20% to qualify for a mortgage. That is not true. There are many programs out there that allow you to put down 0% (VA Loans), 3% down (FHA) or 5%-10% down.

One of the best loan programs for Massachusetts residents is a MassHousing mortgage.

What is a MassHousing Mortgage? MassHousing Mortgage loans are affordable mortgage loans for low and moderate-income residents of Massachusetts. MassHousing mortgages are offered by MassHousing, a state agency that works to increase affordable housing in Massachusetts.

Who is eligible?

To qualify for a MassHousing mortgage:

-You can be a first-time homebuyer or a non-first-time homebuyer. You cannot own another property at the time of closing.
-You must be able to afford your monthly housing expenses (mortgage payment, taxes, insurance, maintenance, homeowner fees), taking into account your income, assets, other debts (car loans, credit card payments, etc.), and job stability.
-You must meet the MassHousing income and loan limits.
-You must have good credit.
-You must take a homebuyer counseling course if you are a first-time homebuyer.
-You must take a landlord counseling course if you are buying a multi-family property.
-You must pay a minimum down payment of 3% of the purchase price for single family homes, and 5% for 2-3 and 4 family homes.

If you’d like more information on MassHousing mortgages please give us a call. At Fitzgerald Law Offices we specialize in representing first time home buyers. We take the time to explain all of the details of the transaction and answer all of your questions throughout the entire transaction. 781-924-5326.

Mortgage Rates Plunge Amid Volatile Markets. Worries about slower growth in the global economy have unnerved financial markets in recent weeks, and mortgage shoppers are the happy beneficiaries. Mortgage rates have fallen for four consecutive weeks, with the benchmark 30-year fixed mortgage rate at the lowest level since June 2013. The 15-year fixed mortgage rate and both the 3-year and 5-year adjustable rate mortgage products are the lowest since May 2013. Both bond yields and mortgage rates have dropped sharply as nervous investors have piled into safe haven, less volatile investments. Mortgage rates are closely related to yields on long-term government bonds. This, according to Bankrate.com.

If you have a rate of 4.25% or higher or are looking to get out of an adjustable rate mortgage now is the time to speak with a qualified mortgage professional about a refinance. Give my office a call and we’ll provide you with a referral that help get you started before the rates creep back up. 781-924-5326.