Mortgage Equity Partners of New England | Methuen Branch
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Understanding home loan basics Do you know what a mortgage is? There are a lot of moving parts when it comes to getting a Massachusetts home loan, but do you really know what each term means and how it impacts you as a homebuyer? Understanding the basic terms in advance can make the process less stressful and help you …
Continue Reading about 10 essential components of a home loan
What is the benefit of down payment assistance? DPA is one of the best tools homeowners have in today's market to make homeownership more affordable for Massachusetts Residents. These programs provide a possible solution to help homebuyers who need financial support. With a shortage of affordable housing across the …
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What is mortgage insurance? Mortgage insurance, or MI, gives eligible Massachusetts homebuyers the flexibility of making a smaller down payment by lowering the risk to the lender originating the loan. Without mortgage insurance protection, lenders normally require a borrower to make a down payment of at least 20% of …
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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8 key requirements of an FHA loan An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). It is particularly popular with first-time homebuyers in New England because it allows borrowers to finance homes with low down payments, sometimes as low as 3.5% of the sales price. Borrowers with lower …
What is Down Payment Assistance? Of the many steps to homeownership, the one that is often the most difficult for credit-worthy first-time homebuyers is coming up with funds for a down payment and closing costs. For example, borrowers with high student loan payments or low to middle income may not have extra cash to …
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