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New England Title & Escrow Services | Massachusetts Real Estate Attorney | Blog

New England Title | Massachusetts Real Estate Attorney | Blog

 

What you need to know about the New England real estate and lending market.

15 Year Mortgage, Pros and Cons

May 24, 2021

Once you have decided to join the ranks of homeowners, you need to decide what type of mortgage is right for you.  The most conventional choice for home loans is the 30-year mortgage.  The 30-year mortgage started to grow in popularity in the 1950s and quickly became the loan of choice.  While the 30-year mortgage is still the standard, the 15-year mortgage may be something to consider for new homeowners.

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Buying a Home on Social Security Disability Insurance

April 12, 2021

There is a common misconception that those who receive Social Security Disability Insurance (SSDI) do not qualify for home ownership.  Fortunately for them, this notion is just not true.  While there might be more steps involved and more paperwork to complete, those on SSDI often have the same chances at becoming a homeowner as anyone else.  Below we will highlight what people on SSDI need to be aware of and what is available to them. 

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Understanding Interest Rates and Annual Percentage Rate

January 18, 2021

Applying for and understanding mortgage loans can be a very confusing process for anyone.  The terms, the lingo, and the paperwork can become very overwhelming very quickly, and the confusion often leads to misunderstanding important terms in the application process.   There are two terms in particular that are used and referred to throughout the entire process, from the loan application review to the closing, and those terms are Interest Rate and Annual Percentage Rate (APR).  Since these two words refer to the amount of money you will be responsible for paying, it is extremely important to know the difference between the two and how they relate to your mortgage payments.

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How to Save Money for a Down Payment

October 19, 2020

As a prospective home-buyer who will be considering a mortgage, you will have to determine how to come up with a down payment for your new house.    The standard down payment for a conventional loan is 20 percent; however, there are other loans that might be available to you, such as the FHA loan, in which you might only be required to put down 3.5 to 5 percent of the purchase price. 

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What is a Loan Estimate?

August 27, 2020

A Loan Estimate is a document that details the terms of the home loan you are applying for.  By law, the lender you applied for a mortgage with must provide the loan estimate to you within three days of them receiving the application.  

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