Welcome

To the REALTOR® Association of Central Massachusetts.

Member Resources

As a member of the REALTOR® Association of Central Massachusetts., the Massachusetts Association of REALTORS® and the National Association of REALTORS®, there are plentiful benefits and services available to you – most at discounted rates – to help you keep your business running smoothly.

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The Center for Real Estate Studies and Training offers real estate professionals a full curriculum for real estate licensing, continuing education, and professional designation programs in state of the art classroom training facilities. Whether you are just starting a real estate career or are a seasoned professional in need of continuing education, RACM offers the courses that you need.

Why Join?

Your REALTOR® membership is invaluable! Enjoy benefits from vendors in industries such as:

– Business & Financial Services
– Hardware & Equipment
– Dining

and so many more!

Monthly President’s Message

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Public Service Announcement

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What's Happening

Tips and Advice for Working With Home Buyers During COVID-19

Tips and Advice for Working With Home Buyers During COVID-19  The novel coronavirus pandemic has affected businesses globally without the exception of the real estate industry. Stringent measures that were enacted to curb the spread of the virus have been...

Notes from the Legal Hotline – July 2022

MAR July 2022 Q.        I have a tenant who is offering to pay 6 months of rent upfront – is that allowed? A.        No. For tenancies greater than 100 days in duration, the provisions of the Security...

Local REALTORS® Honored at the 2022 Awards CeremonyPhoto: The 2022 RACM Board of Directors at the Awards Ceremony at the DCU Center.Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this...
A replica house on a wooden table with a key lying next to it

Be Aware: Fee Increases Set for Second Home and High-Balance Mortgages, but not at Cornerstone Bank.

Be Aware: Fee Increases Set for Second Home and High-Balance Mortgages, but not at Cornerstone Bank.

Are you planning on securing a second home or high-balance mortgage in the coming months? If so, it’s important to know that early this year the Federal Housing Finance Agency (FHFA) announced an increase in the fees charged on these loans. Loans that are sold to Fannie Mae and Freddie Mac will be subject to the fee increases. In this blog post, we are going to dive deep into what these fee increases might mean for you.

Loan-level Price Adjustments

On Jan. 5, 2022, Fannie Mae sent out a letter to lenders announcing revised pricing for second-home and high-balance loans. According to the letter, these loan-level price adjustments (LLPAs) are effective for all whole loans purchased on or after April 1, 2022, as well as for loans delivered into mortgage-backed security (MBS) pools issued on or after the same date.

But what exactly does this mean for borrowers? If you are buying a second or vacation home, these loans may have higher interest rates. Especially those lenders that sell these types of loans to the secondary market. How much of the new fees lenders absorb and how much they pass to the borrower will be up to the lender? On second homes the fees range from 1.125 percent to 4.125 percent price adjustment, depending on the loan-to-value ratio. Lenders will likely increase the interest rate to offset the increased costs passed on to the lender from the investor buying the loan.

Mortgages that have balances exceeding the limit of $647,200 are known as a high-balance mortgage, according to The Mortgage Reports. For these loans, FHFA is issuing the following price adjustments, which also depends on the loan-to-value ratio and could affect costs:

  • High-balance (Purchase or limited cash-out refinance): 0.5 percent to one percent
  • High-balance (Cash-out refinance): 1.25 percent to 1.5 percent
  • High-balance (ARM): 0.75 percent to 1.75 percent
  • These fees are cumulative, meaning if the purpose is a cash-out refinance and the loan product is an adjustable rate mortgage, both fees will be factored into the resulting interest rate.

Fannie Mae also announced that they will not charge a high-balance price adjustment for first time homebuyers with income less than or equal to 100 percent of their area’s median income.

Not Sure What to Do? We Can Help

One thing’s for sure—the homebuying and mortgage landscape can be a difficult one to grasp. Luckily, if you are thinking about obtaining a second home or high-balance mortgage in the upcoming months, our Mortgage Loan Officers are here to help you make the best financial decisions. Cornerstone Bank will not be passing on any of the newly announced fees for second homes or high balanced mortgages onto our customers. Give us a call today at 800-939-9103 or reach out to us online to get started.

The REALTOR® Association of Central Massachusetts proudly hosts an Annual Awards Ceremony, celebrating our well deserving Award-Winning members including: REALTOR® of the Year, REALTORS® Choice, Rookie of the Year, Affiliate of the Year, and the Natalie Quinlan...

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