Welcome! Finance Basics For a Hot Foreclosure Market

Jeremy B. Shapiro and Sheila Farragher-Gemma
If our February Turning the Key meeting is any indication, people in Massachusetts want to know more about the real estate investment market. We had over 150 people register for our event on financing a deal - so many showed up in fact, we had to open a second room!

New people to the investing scene mean lots of questions - especially regarding financial matters. This month we have four specialists, including our monthly columnist Debbie Siegel, share their financial expertise. Whether you're exploring the market or are ready to make your first deal, you'll find the nitty-gritty information you need to make the best choices financially.

If you read or listen to the news, you're starting to think the ARM - or adjustable rate mortgage - is the basis for Massachusetts' real estate ills. The fact of the matter is, an ARM is still a great loan option for investors. In his article, Don't Become Another Statistic! Choose Your ARM Program Wisely, Jeffrey Chalmers, president of Real Solutions LLC, explains the differences between the various ARM programs, the terminology you'll hear, and how to use this information to choose the right ARM for your situation and the Massachusetts real estate market.

Quick - what FICO score do you need to get 100% financing on a 3 - 4 family property? Don't know? You will once you read Tammi Koza's and Carl Phinney's article, What Banks See When They Look at Your Credit File. As mortgage specialists for Family First Mortgage Corp., Tammi and Carl are in the trenches . . . where they see hundreds of credit files. They tell you the seven things banks look for - plus how you can pro-actively maintain an excellent credit file. (Hint: don't burn those mortgage and bank statements.)

Have you wondered if you should consult a financial planner regarding your real estate investing? In our Interview with the Expert, licensed financial advisor Judy Carryl-Young talks about why keeping your financial portfolio diversified will prevent you from crashing and burning. She also gives you the questions you should ask when interviewing prospective financial planners.

This Article is an excerpt from the 16 Page Print Edition!

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In this month's Mortgage Minute, Debbie Siegel explains the federal credit law that gives consumers the right to cancel a loan. That's right, you have three days to rescind or cancel on a loan - but only if it's a loan for a primary residence. Because there is no rescission period for loans on investment properties or second homes, it's extremely important you receive the proper disclosures before you get to the closing table.

Best regards,


Jeremy Shapiro   Sheila Farragher-Gemma
Jeremy B. Shapiro Sheila Farragher-Gemma
Co-Founders, ForeclosuresMass.com

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