Michael McSharry has joined Mortgage Network as a loan officer in the lender’s Boston office.
McSharry will be responsible for serving homebuyers and homeowners throughout the Boston area.
A South Shore native and active member of the local community, McSharry grew up in Rockland, Mass., and now resides in Hanson. His 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.
McSharry says the demand for homes in the Boston area is outpacing supply, so buyers need to prepare.
“Most listings are bringing in multiple offers, which is driving sales prices up well above asking price,” he says. “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.”
McSharry also said 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 says. “Refinance rates will also be affected by the ‘adverse market’ fee which will be imposed by both Fannie Mae and Freddie Mac starting December 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 December 1.”