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 a loan estimate. You're all set to go house hunting in Massachusetts or to close, and you'll know exactly how much it will cost you to be a homeowner. Not exactly.
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Topics:
Home-buying Tips,
Mortgages 101
The start of 2019 continued the recent good news on the mortgage interest rate front for Massachusetts homebuyers.
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Mortgages 101
Average U.S. mortgage interest rates increased to the highest level in more than four years for the week ending April 26, 2018, according to Freddie Mac's Weekly Primary Mortgage Market Survey.
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Topics:
Mortgages 101,
Mortgage Rates & News
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.
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Home-buying Tips,
Mortgages 101,
Loan Programs,
Video
(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.
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Mortgages 101,
Loan Programs,
Mortgage Rates & News,
FHA
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?
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Topics:
Home-buying Tips,
Mortgages 101,
Loan Programs
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.
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Home-buying Tips,
Condominium,
Mortgages 101,
Loan Programs,
Mortgage Rates & News
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.
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Home-buying Tips,
Mortgages 101,
Loan Programs,
Real Estate Misc.
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.
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Topics:
Home-buying Tips,
Mortgages 101
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.
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Topics:
Home-buying Tips,
Condominium,
Mortgages 101,
Loan Programs,
Mortgage Rates & News
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.
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Topics:
Home-buying Tips,
Condominium,
Mortgages 101
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.
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Topics:
Home-buying Tips,
Mortgages 101