You're almost to the finish line.
Jan 19, 2018 4:18:36 PM
You're almost to the finish line.
Jan 14, 2017 3:24:23 PM
The bad news is the income limits just declined in December. The good news is that the income limits for MassHousing Mortgages are still higher than you might think.
Jan 13, 2017 6:34:00 PM
Many homebuyers mistakenly think that MassHousing loans are only available to low-income first-time homebuyers in Massachusetts. Although there are income limits and loan limits, homebuyers are often surprised by how much a borrower can earn and borrow and still qualify.
Jan 12, 2017 6:18:33 PM
(UPDATE: The Trump Administration on January 20, 2017 indefinitely suspended the recently announced FHA mortgage insurance premium reduction.)
Homebuyers will pay less for mortgage insurance when purchasing a home with an FHA loan starting later this month, the Federal Housing Administration (FHA) announced January 9, 2017; however, most Massachusetts homebuyers with credit scores 680 or higher still will have more appealing low down payment financing options.
Jan 12, 2017 8:55:00 AM
One of the most difficult parts of buying a home for Massachusetts first-time homebuyers is saving for the down payment. So how much cash on hand does a homebuyer need to buy a home?
Dec 1, 2016 12:36:37 PM
Massachusetts first-time homebuyers year after year cite saving for a down payment as the biggest obstacle to buying a home; however, many potential homebuyers mistakenly believe they need to save enough money for a 20 percent down payment.
Nov 16, 2016 8:58:00 AM
Massachusetts first-time home buyers sometimes feel like they are listening to a foreign language when learning about the many lending terms related to a mortgage loan. There are many and several sound similar. The following are 15 loan terms first-time home buyers should definitely know.
1. Adjustable-rate Mortgage (ARM): Frequently referred to by its acronym ARM, an adjustable-rate mortgage is a loan in which the interest rate is adjusted periodically based on a pre-selected index. An ARM is sometimes known as a variable-rate mortgage. An ARM typically isn't for first-time home buyers, mainly because rates may rise and monthly payments could become no longer affordable.
2. Annual Percentage Rate (APR): The annual percentage rate, commonly referred to as the APR, is the interest rate that reflects the true cost of borrowing. It takes into account all the costs associated with a loan. The APR allows home buyers in Massachusetts and around the country to compare different types of mortgages based on the annual cost of each loan.
Nov 9, 2016 9:45:00 AM
A common concern among potential homebuyers shopping for a mortgage is that multiple credit inquiries will negatively affect their credit score. It's not exactly true and has been perpetuated by some mortgage professionals who want to discourage potential borrowers from shopping around.
Oct 28, 2016 11:54:50 AM
You have provided your loan officer with your pay stubs, W-2s, tax returns, bank statements and other financial documents. The lender has reviewed the documents and provided you with a pre-qualification or pre-approval letter. You're all set to go house hunting in Massachusetts, and you'll know exactly how much it will cost you to be a homeowner. Not exactly.
Aug 26, 2016 9:30:00 AM
Despite what many potential homebuyers are told by friends, family or acquaintances or learn from websites and other media, you do not need a 20 percent down payment to purchase a home.
Aug 22, 2016 2:18:13 PM
For most Massachusetts homebuyers researching lenders and home loan programs, the mortgage interest rate is one of the most important factors in deciding which lender and/or loan program to use to finance the purchase of a home.
Jul 3, 2016 1:14:21 PM
There is a lot to know and understand about mortgage loans when you're a first-time homebuyer. There also are a lot of mortgage misconceptions, but the following are four of the more common myths about getting a home loan Massachusetts homebuyers should know.