Dec 9, 2014
It looks like new gas hookups for certain areas of Cape Cod could be on hold until 2019! Apparently a main line in the mid and lower Cape area was recently inspected by National Grid and some of the equipment was found to not meet current standards.
National Grid has stated that the line itself is not a safety concern but that the outdated equipment needs to be replaced. Also as a result they have reduced the pressure in the main line from 20 pounds per square inch to 125 pounds per square inch. Reports by National Grid is that they have 4 inch pipe where they thought they had 6 inch.Â
Apparently this will not affect the performance of heating systems or other gas powered appliances. The towns affected by this moratorium are Yarmouth, Dennis, Harwich, Brewster, Chatham, Orleans, Eastham and even certain parts of Barnstable. If a request has already been submitted and approved for a gas hook up they will honor those requests. It sounds like many of the town municipalities did not even know this was “coming down the pipe” and only just heard about it.
I find it hard to believe that National Grid will hold up the process until 2019. Gas has been the fuel of choice for conversions and new construction across Cape Cod (if the lines are available). If this is going to significantly affect their balance sheet they will complete the project as soon as they can is my guess.
We will keep you updated as more information is released by NSTAR.
Thank you for reading our blog!
Apr 5, 2013
Mortgage and Refi Process List
We recently were at a meeting with a mortgage representative and she gave us a list of what will typically be required for a loan submission. This pretty much covers new purchases and a refinance.
I added a few that are specific to those of us who are considered “self employed”.
Social Security Number
Copy of Drivers License
Current Paystub (Gov’t Loans require 1 months of paystubs)
Last 2 Years of W2’s
Last 2 Years of Complete Federal tax Returns
Pension or SS Income: 2 Months of Bank Statements auto deposits OR award letter and 1099’s for 2 years.
1 Months current Checking/Savings Statements
1 Months current Investment/Retirement Statement – include all pages for all Statements.
Current Tax Bill
Current Insurance Bill
Current Mortgage Statements
Employment Verification
If Self-Employed – Current business licenses and often a letter from your CPA saying how long you have been “self-employed”.
Upon Loan Submission the loan officer will need a credit card # to cover the appraisal.
Prior to Closing:
Insurance Binder or Declaration page of Insurance for Refi.
They will often verify employment just prior to closing.
For a PreApproval
They will need:
Full Name
Birthdate
Social Security Number
Current Home Address and how long you have lived there (they need a 2 year history).
If paying rent-how much monthly.
If you own another property they need all the info
2 year employment history- full name of the company, address, phone#, how long you have been there, your title and how long in a particular field.
Yearly gross salary or hourly wage
If retired or military they will need the gross amount of monthly or yearly income
Assets – name of checking/savings and the approximate balances
Mar 11, 2013
I received this information on credit scores from a lender so I thought I would pass it onâ¦
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What Affects My Credit Score
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IS IT TRUE THAT RUNNING CREDIT REPORTS CAN REDUCE YOUR SCORE?
Fico.com states that it doesn’t if it is a same industry report. Experience tells me differently. The good news, if it is less than 3 in a 90 day period, it doesn’t change it at all. If you run 15 in one week you will 2-4 points for each report run.
HEY, I KNOW MY SCORE; I RAN IT ON THE INTERNET. ISN’T IT THE SAME!
Not so much. The on line version is close to the real thing, but not quite. If you really need to know, have someone in the mortgage industry run it.
I HAVE BEEN WORKING ON MY CREDIT. WILL MY SCORE EVER IMPROVE?
Late pays affect the score by the number of lates, how long they were late, and more importantly, how recent were they. It is hard to quantify the damage multiple lates have on score. If the lates have been more than 2 years, they have a much smaller affect on the score.
WHY IS MY SCORE SO LOW? I NEVER MISS A PAYMENT.
IF YOU HAVE HAD PERFECT CREDIT ALL OF YOUR LIFE, WILL YOU HAVE A PERFECT SCORE?
NO!!!!!!! One of the dumbest calculations that go into credit scoring is the ratio of credit used versus the credit limit. The closer you get to 100% of your credit limit, the more points you will lose.
A card with a $100 limit and a $99 balance will lose you about 15-18 points. If that same card has $101 on it, you will lose about 25 points. Throw on a past due, and now you are talking about some serious points.
Ideally, you would never want your balance to exceed 50% of your limit.
SHOULD I CLOSE OUT MY OLD CARDS TO GET A HIGHER SCORE?
Again, NO!!! If you want a higher score, go out and use those cards just a little bit. Put $20 on a $10000 card will score some points.
The longer you have had a card or loan, the more it adds to your score. HOW DO I GET A PERFECT SCORE?
I don’t know. I have run over 10,000 reports and have never seen an 850.
Other than the obvious (paying everything on time) and keeping credit balances less than 50% of the limit, time. I have only seen one score of 847. She had credit established for 30+ years, no lates and minimal balances on credit. To top it off, she was a real estate agent.
Feb 16, 2013
USDA Loans
USDA loans on Cape Cod are no longer going to be available to the towns of Barnstable, Bourne, Dennis, Falmouth, Harwich, Mashpee, Sandwich and Yarmouth. This change, according to the mortgage rep that gave us the information, is going to take place on February 28, so there is still time, but not much.
There are a lot of sites that state they are the “official” site, but this is the “real one”: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
USDA loans are great for those that qualify. The one issue I have seen come up is that the appraisal is a much more in depth process and becomes something of an inspection. Here is a document outlining some of the guidelines: http://www.rurdev.usda.gov/Publications/WI-RHS-Originator-Manual-Section-3-Property-Eligibility.pdf
Any repairs found, under the USDA guidelines, by the home inspector, pest inspector or appraiser will, typically have to be completed prior to closing. Because of this process, USDA loans are not ideal for homes that need quite a bit of work.
If you have questions concerning USDA loans give us a call. We can put you in touch with a mortgage representative who is knowledgeable about them.
Feb 8, 2013
Already getting windy in Chatham.
Flags out at Chatham Light.
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