Mortgage Network, Inc., one of the largest independent mortgage lenders in the eastern U.S., recently hired Michael McSharry as a mortgage loan officer for the company's Boston branch, the company announced in a release. McSharry will be responsible for serving homebuyers and homeowners throughout the Boston area.
“Michael knows a lot about the South Shore area and its people, so we’re happy to have him join us,” Branch Manager Ben McKillop said in the release. “With his deep knowledge of market conditions and strong connections in our community, I have no doubt he’ll be able to assist many area residents make the best mortgage decisions to fit their home financing needs.”
McSharry’s career in the mortgage industry began 20 years ago working for a brokerage in Abington and later for Metlife Home Loans in Braintree. He also has over a decade of marketing experience and said the demand for homes in the Boston area is outpacing supply, so buyers need to prepare.
“I’m excited to be part of the Mortgage Network team and helping homeowners and home buyers in the Boston area with their home financing needs,” McSharry said. “This company is very well respected and has high consumer rankings, and now is definitely the time to be speaking to a trusted lender if you’re in the market to buy a home.”
“Most listings are bringing in multiple offers, which is driving sales prices up well above asking price,” McSharry said. “Before dipping into the market, buyers should first work with a trusted lender to understand their financial limits and get preapproved. Then, hire a local Realtor who knows the area and can help you make a strong offer-but be careful not to extend beyond your limit, should you find yourself in a bidding war.”
Mortgage Network’s new mortgage loan officer also indicated mortgage rates are at an all-time low but may not stay that way.
“Short-term factors to consider are the election results and the passing of another stimulus package,” he said. “Refinance rates will also be affected by the ‘adverse market’ fee, which will be imposed by both Fannie Mae and Freddie Mac starting Dec 1. This fee, imposed as a response to the economic impact and uncertainty caused by COVID-19, could raise the costs of refinancing. If you’re thinking of refinancing, it would certainly make sense to do so before Dec. 1.”