Understanding the Debt-to-Income ratio: what it is and why it matters When you begin the homebuying process and apply for a home loan, you will encounter a term known as debt-to-income ratio. Debt-to-income ratio, or DTI, is the sum of all your monthly debt obligations divided by your gross monthly income. This is …
Beginners guide to home improvement financing
Unlocking your dream home: guide to home improvement financing options Home improvement projects can breathe life into your living space, increasing functionality and even enhancing the value of your Massachusetts property. Whether it's a minor renovation or a complete overhaul that one is looking at, it's all about …
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Chenoa Fund down payment assistance
How does the Chenoa Fund work? The Chenoa Fund provides second mortgages to be used with FHA loans to cover the minimum down payment requirement when purchasing an FHA-insured home. In effect, pairing the DPA with an FHA loan requires no money from the borrower, and the entire cost of the house is financed. The …
MEP’s Rate Protection Program is a win-win for borrowers!
Every rental payment you make is building equity for someone else. Home values are predicted to continue to appreciate. The prices you see today are going to continue to rise. Don’t you want to realize that appreciation for yourself? MEP’s Rate Protection Program (RPP) allows you to get off the sidelines and buy the …
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A complete guide to closing costs for mortgages
A complete guide to closing costs Buying a home is an exciting milestone, but it comes with significant financial responsibilities. One of the key expenses you’ll encounter is closing costs. Understanding these expenses is crucial for all Massachusetts borrowers, especially first-time homebuyers. These additional …
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What is a mortgage pre-approval?
What is the Cash Ready Plus Program? A mortgage pre-approval is designed to make the homebuying process easier. Getting a fully underwritten pre-approval from Mortgage Equity Partners means your loan officer and an underwriter have thoroughly reviewed your financial position. By issuing a pre-approval letter, we are …
