How to use a bridge loan to buy a home A bridge loan is a financing option that allows you to use the equity of your current Massachusetts home as a source of funding for a new home. A bridge loan is a short-term loan used as a financial bridge between selling your current home and purchasing a new one. Bridge loans …
5 things that impact your credit score
The importance of your credit score when applying for a mortgage When applying for a mortgage for your new home, your credit score will significantly impact the interest rate you are offered and your ability to qualify for a loan. Credit scores are important numbers that influence everything from the interest rate to …
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Differences between a HELOC and a second mortgage?
What is the difference between a HELOC and a second mortgage? Many mortgage industry terms are confusing to consumers. Multiple names often describe the same loan product or mortgage program. A second mortgage is one of those terms. A second mortgage is a loan you take out using your house as collateral while you …
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Fannie Mae and Freddie Mac offer $2500 credit for lower income families
Fannie Mae and Freddie Mac offer $2500 credit for lower income families Fannie Mae and Freddie Mac have announced a $2,500 credit for low-income borrowers to make homeownership more accessible. Fannie Mae and Freddie Mac recognize that down payment and closing costs remain a significant barrier to homeownership for …
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Conforming loan limits expected to rise in 2024
Conforming loan limits expected to rise in 2024 All signs point to the Federal Housing Finance Agency (FHFA) increasing the conforming loan limit from $726,200 in 2023 to $750,000 in 2024. The conforming loan limit refers to the annually adjusted dollar cap on the size of a mortgage that Fannie Mae and Freddie Mac …
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What to know about buying a home with student loan debt
Tips for buying a home with student loan debt Buying a house with student loan debt can be difficult, but it’s not impossible. Understanding the potential impact of student loan debt on your financial health and ability to qualify for a mortgage is essential. Student loan debt can increase your debt-to-income ratio …
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