Hi! My name is Phil Ganz. Thank you for taking the time to visit my page.

Let me start by saying thank you to all of my customers who have helped me be in the top 1% of my industry for the past 13 years.

I have set myself apart in the mortgage industry by providing the best communication to my customers and always making myself personally available to answer any questions you may have before, during, and after the mortgage process. You will notice that's the Phil Ganz Advantage!

Another unique advantage is that our pre-approvals are guaranteed up to $7500.

Please, if you have any questions do not hesitate to contact me, directly.- Boston Mortgage Lender & Home Loans- Boston Mortgage Lender & Home Loans

Phil Ganz Boston's Mortgage Expert - Boston Mortgage

1) In Select Areas like Urban areas like Boston You do not need to be a first time home buyer
2) If You Lose your job Mass Housing will pay for your mortgage up to six months. 
3)Mass Housing Has No Private Mortgage Insurance and Private Mortgage Options so You want to ask your loan officer which loan is best for you
4) Mass Housing Loan is for primary residences only so if you are going to vacate the property you must let Mass Housing know. 
5) Mass Housing will reimburse for any recapture tax paid - Boston Mortgage Lender & Home Loans

Five Things You Need To Know About Mass Housing Loan Program Before You Buy A Home- Boston Mortgage

Do I have to pay a recapture tax on a Mass Housing Loan?

If your mortgage loan was financed with funds made available by MassHousing through the sale of tax-exempt Mortgage Revenue Bonds current federal tax law may require you to pay a subsidy recapture to the federal government if you sell or otherwise transfer your house within the first nine years after the closing date of the mortgage loan. 

If you refinance your mortgage loan within the first nine years but do not otherwise sell or transfer your home, no subsidy recapture will be due at the time of the refinancing. However, you may have to make a payment of subsidy recapture if you subsequently sell or otherwise transfer your home within the original nine-year period. 

However, if your mortgage loan was closed on or after January 1, 2006, MassHousing will reimburse you for the amount of any Recapture Tax that you pay- Boston Mortgage Lender & Home Loans

Mass Housing and The Recapture Tax Explained - Boston Mortgage

Private Mortgage Insurance, otherwise known as PMI, is insurance that protects the lender in case the borrower is unable to pay the mortgage. The benefit of PMI to the borrower, on a conventional mortgage, is that you may typically buy a home with only a 5% down payment, instead of the traditional 20%.

There are two ways to finance your PMI. The first option is to build your PMI into the mortgage, this is known as "lender paid PMI". If you are planning a down payment that is less than 10%, "Lender Paid PMI" can be financially advantageous. WHY? While Lender Paid PMI typically has a higher interest rate, it will also help your monthly payments to be lower. Depending on your situation, this may be an excellent option for you. 

The second option is to pay your PMI separately from your mortgage. In most cases, if your down payment is greater than 10%, it makes sense to pay the PMI monthly WHY? It is not worth taking a higher interest rate on a 30 year home loan, when you may only be paying PMI for just a few years.

If you have any questions on your particular situation and which PMI option is right for you, please give me a call, directly, and I will be happy to help you understand your options so you can make the best decision!- Boston Mortgage Lender & Home Loans

Private Mortgage Insurance Explained Options Explained- Boston Mortgage

A common question in the home buying  process is how much can I get pre-approved for?  The formula lenders use in qualification is  called debt to income ratio know as DTI which  is your monthly debt divided by your gross income, income before taxes are taken out.  Their are two debt to income ratio the front and the back end. 

The first part being your housing expenses    Mortgage payment, Taxes, Insurance, PMI, and condo fee.  Lender want  the front end ratio under 29% because you never want one liability too high in comparison of your income.  

The second part being your housing expenses plus your monthly obligations.  These payments are expenses like minimum monthly credit card payments, student loan payments, alimony, child support, car payments, etc. Your lender will add up all your monthly installment and revolving debts in addition to your estimated monthly mortgage payment and housing expenses and divide that number by your monthly gross income. Lenders typically  want the ratio 41% or less even though you can get approved slightly higher depending on compensating factors. 

It is extremely important to remember you never want your total housing expenses  and debts too high because  it is not always possible  in the future  to refinance or sometimes even sell your home.

How does Debt to Income Ratio effect my lifestyle?

If  your back end ratio is over 41% No vacations for you
 If Your back end ratio less than 35% one week vacation
If Your debt tom income ratio less than 30% two weeks of vacation 
 If Your debt to income ration is less than 20%  You probably have a really big house and will have lots of vacations .

If you have any questions please do not hesitate to contact me - Boston Mortgage Lender & Home Loans

How Much You Can Get Pre - Approved For And Debt To Income Ratio Explained - Boston Mortgage

Tom Williams Show Featuring Andrea Campbell Success Real Estate and Philip Ganz Guaranteedrate

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