The Refinancing Conundrum

30-year mortgage interest rates are at historical lows, and it seems that all homeowners are looking to refinance their property. Just the thought of refinancing can be overwhelming…with the application, the document gathering, the phone calls, etc., etc.. Who has time for that? Well, even though it may feel like a hassle, the prospect of saving money, in some cases lots of money, may be well worth it. To prepare you for the refinance process Jesse Stein of Mortgage Master, one of our business partners, provides the following refinance primer:

Before calling your lender, answer the following questions:

-What county is your home located?
-Do you own a single family, multifamily or condo?
-What is the approximate value?
-What is your current mortgage interest rate? Is it fixed or adjustable?
-How much is your current principal and interest payment?
-How is your credit? Do you know your credit score?

You should also gather the following documentation:

-Copy of driver’s license (or equivalent) and social security card;
-W2s for the past two (2) years;
-Paystubs for the past month;
-Bank statements (for all accounts) for the past two (2) months;
-Most recent insurance bill;
-Most recent real estate tax bill;
-Most recent mortgage statement.

Jesse says that most of this information and documentation can be faxed or emailed to your lender to get the process rolling.

Jesse Stein is a senior loan office at Mortgage Master and can be reached at (617) 875-6479 or jstein@mortgagemasterinc.com.

For more information about the legal process, please contact your attorney.

Firm Partners to take Disadvantaged Children to the Bruins Game

Patrick F. Dwyer & Associates is pleased to announce that it has partnered with the Cambridge Salvation Army, the Cambridge Community of Realtors and TD Banknorth to bring a group of deserving children from the Cambridge Salvation Army to a Boston Bruins Game as part of the TD Banknorth Kids Clubhouse program (Kids Clubhouse). The Kids Clubhouse is a TD Banknorth initiative that provides children from non-profit organizations all over Massachusetts, Maine and New Hampshire with an opportunity to attend a Bruins or Celtics game.

On January 6th, 2009, the children will be in attendance at the TD Banknorth Garden as the Boston Bruins face off against the Minnesota Wild. The children will be chauffeured to the game in a limousine and treated to dinner at the Garden. They will also be spotlighted on the Garden video scoreboard and during the television broadcast.

This partnership was spawned at the Cambridge Community of Realtors Holiday Party in December, which benefits the efforts of the Cambridge Salvation Army. The Cambridge Community of Realtors is a non-profit organization comprised primarily of Cambridge real estate professionals dedicated to helping raise awareness to the homeless. At the event, Attorney Adam Goncalves saw an opportunity to partner both the Cambridge Salvation Army and the Cambridge Community of Realtors with TD Banknorth. Adam contacted Pier Bruno, TD Banknorth’s Boston Business Banking Officer, with the idea. Mr. Bruno was impressed and touched by the efforts of the organizations and was immediately on board.

If you would like to learn more about the organizations mentioned above or would like information about the Kids Clubhouse or one of the organizations please see the links below.

http://www.salvationarmy.org/

http://www.cambridgecommunityofrealtors.com/
http://www.tdbanknorth.com/

Happy New Year!

We would like to wish all of our friends a happy and prosperous 2009!

Adam Goncalves to speak at annual conference

We’re pleased to announce that attorney Adam W.P. Goncalves has been asked to speak at the 2nd Annual Conference of the Northeast Members Business Services, LLC (Conference) on January 27, 2009 at the Liberty Bay Credit Union in Plymouth, Massachusetts. Northeast Members Business Services, LLC (Northeast) is a credit union service organization headquartered in Keene, New Hampshire. Northeast’s business is to help credit unions enter the small business loan/deposit market, safely and profitably. Adam will be addressing the rights and remedies afforded to credit unions, pertaining to the terms and provisions of the loan documents, which will include loan workouts, guaranties, and foreclosures. For more information on Northeast, please visit their website at http://www.nembs.com/.

'Tis The Season

If you enjoy the holiday season, then there’s no better place to be than Boston. The Greater Boston area has many great events to choose from. If you enjoy the theater, there’s “How the Grinch Stole Christmas”, playing at the Wang Theater, and “The Nutcracker”, playing at the Boston Opera House. However, our favorite event of the season is the Holiday Pops with Keith Lockhart at Symphony Hall. You could also choose to attend one of the many free events in the area, like listening to The Bells of Boston at Faneuil Hall or taking a holiday stroll through Beacon Hill. If you’re looking for other holiday ideas, check out Boston.com and the City of Boston's website.

The holiday season is also a time for giving, and there are many charitable causes to choose from. The most visible is the Salvation Army’s Christmas Charity, with volunteers all over the city. Another great charity is the Marine’s Toys for Tots Program. Our friends at Charlesgate Realty are supporters of this cause and serve as a drop-off point for new, unwrapped toys for children under the age of 10. You can read more about Charlesgate’s efforts on their blog.

If you have any unique holiday events or traditions that you'd like to share, please post them in our "comments" section.

Just in time for the holidays!

Breaking news! It’s official! According to an Associated Press article published today on Boston.com, we’re in a recession. In fact, we’ve been in a recession all year (insert sarcasm)! This may be news to the White House, who apparently still won’t use the term “recession”, but it’s not really “news” to most of us. At least we’re calling it a recession now. Admitting that there is a problem is the first step to recovery.

On a more positive note, interest rates have fallen below 6%, and according to Federal Reserve Chairman Ben Bernanke in today’s BusinessWeek, further interest-rate cuts are "certainly feasible".

Happy Thanksgiving!

We just wanted to take a moment to wish all of our friends and clients a happy and safe Thanksgiving holiday. In observance of the holiday, we'll be closing early on Wednesday, November 26th and re-opening on Monday, December 1.

Also, if you haven't noticed already, mortgage interest rates are down. So, now's a good time to speak to your lender about refinancing.