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How can I get a fast home loan or mortgage? To increase your likelihood of getting a fast home loan or mortgage approval in New England, you should prepare to show yourself as creditworthy and financially stable in advance. Getting a mortgage is a major decision, and in today's market, you may need to be ready to make …
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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 …
Why should you get pre-approved now before the spring market? The spring season is historically one of the busiest times for buying property and getting a pre-approval in the Methuen area. As the weather gets warmer and the days get longer, the property market heats up, and so does the competition. Homebuyers must be …
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