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How to Close Your Mortgage Quicker

So you have a home in mind you’d like to buy and you want to get your family into it as soon as possible. The mortgage application process alone can take 30 days or more, and the biggest factor in how speedy this process is comes down to you. Prior to starting the mortgage application process, make sure you fully …

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Top 3 Mortgage Mistakes

Many people make mistakes when applying for their first mortgage. These mistakes can drag out the process or even get in the way of securing the best type of loan for you. Here are the top 3 most common mistakes to be aware of: 1. Not finding the right loan officer All loan officers are not created equally. Make sure …

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Investment Property Mortgage Tips

If you’re in the market to buy an investment property but are unsure what differs about the requirements compared to a regular home mortgage, you’ve come to the right place! For the most part both processes are very similar, though the requirements for an investment property are less flexible than they can be for a traditional loan. The major difference …

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How Do I Qualify for a Home Mortgage?

If you’re a first-time home buyer and need to know where to begin with the process of qualifying for a loan, then you’ve come to the right place! Before you get into the actual qualification process, there are two matters you need to answer: checking your credit score and evaluating your financial situation. Your credit score, also known as your …

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Don’t Take On an Unaffordable Mortgage

When you’re approved for a loan, you can generally be approved for up to 45% of your gross yearly income in monthly payments, provided that you have no other outstanding debt. Otherwise, you can be approved for whatever percentage would equal 45% of your yearly income when all other debts are factored in.  In the case of an FHA approved …

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The Refinance Process: A Step By Step Guide

If you’ve never refinanced before and are interested in doing so sometime soon, then you’d probably like to know all the steps involved in this process. Here are those steps in their entirety, from start to finish: You complete your loan application Your lender obtains pre-approvals for the types of mortgage loans you qualify for Your lender will give you …

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Massachusetts vs. New Hampshire Property Tax

Are you a first time home buyer currently living and working near the border of both Massachusetts and New Hampshire? Deciding which side of the state line you’d like to live on is a hard choice. One major factor in this decision should be the property tax you’ll pay on your first home, which ranges substantially depending on the city …

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Family Survival Guide for August Homebuyers

Planning for family is a lot like planning to buy a home. The moment sneaks up on you. Despite months of planning, the right house becomes available that’s perfect for the family, the wallet and your needs. But finding that perfect home in August brings one additional complication to your perfect home buying scenario: school. While such moves won’t turn …

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8 Questions to Ask Yourself Before Buying a Home

Are you thinking about purchasing a home for the first time but don’t know if you’re ready? While there are many factors that go into determining if you and your family are ready to purchase a home, here are eight simple questions that you should ask and answer before you pursue a home mortgage. 1. Are you ready to settle …

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Breaking the Seven-Year Foreclosure Credit Score Myth

Losing your home to foreclosure is emotionally taxing and extremely damaging to your credit. Your credit card rates could rise, renting an apartment gets more difficult, landing a new job gets harder and you may get billed for the amount of the mortgage that the bank didn’t recover from the sale of your home. On top of all this, that …

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Low-Income Homebuyers in Massachusetts Find Hope With MassHousing

If you’re a Massachusetts resident interested in purchasing or refinancing a home but you’re not sure if you have the income to do so, MassHousing may be your answer. MassHousing is a non-profit organization offering many special programs to low-income Massachusetts residents. The organization offers three primary programs to assist people looking to buy or refinance a home. Program #1: MassHousing …

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10 Best Mortgage Deal Tips

If you’re in the market to buy a home, then you’ll want the best mortgage deal possible. Yet, there’s no easy way to find that best deal, it take patience and planning. Apart from ensuring your financial stability and a high credit score, you’ll also need enough savings to cover a down payment, closing costs and additional expenses. The whole …

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Jumbo Loans: What You Can (And Can’t) Buy

Jumbo mortgages, also known as non-conforming mortgages, are home loans that exceed Fannie Mae and Freddie Mac’s conforming loan limit. In most U.S. locations, that means a loan amount higher than $417,000. However, in higher-income areas, a jumbo loan starts at $625,500, and for multi-family homes, they can start even higher. Until recently, fewer lenders were willing to make jumbo …

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How To Streamline Your FHA Mortgage

If you want to streamline your FHA mortgage, you need the right mortgage lender and solid knowledge of the requirements. To streamline your refinance, you must already have an FHA insured mortgage, and you must be up to date on your payments. The streamline also has to lower your monthly principle, though under certain circumstances, it can be used to …

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Does Your Loan Exceed the Value of Your Home? HARP Might Help

With the crash of the U.S. housing market, a large group of homeowners are faced with owing more than their homes are currently worth. These homeowners have been unable to refinance and are trapped in their current loans, with no escape in sight. Most feel forced to ride out the housing crash, longing for the day when their home value …

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How Mortgage Interest Rates are Determined and How to Choose a Lender

On the simplest level mortgage interest rates are determined by the amount of risk a lender assigns to making a loan.  Specific risk factors such as credit, equity, income, assets and property type are critical in determining whether or not a lender will approve a mortgage.  However, these risk factors play only a small role in determining the actual rate. …

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Purchasing Your New Home: A Step-By-Step Guide

Purchasing a home can be a stressful experience. However, with an understanding of the process and the assistance of a professional buyer’s agent, you can relieve a good deal of that stress. This step-by-step guide to purchasing your new home is your first goal in understand the process, your role in it and what needs to be done before you …

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Low Interest Rates and Lack of Available Homes Drive Up Property Prices

After bottoming out a little over a year ago, home prices have been on a steady upswing, recently posting an 4.49% gain year-over-year as of July 2015, according to the Standard & Poor’s/Case-Shiller Home Price Index. This trend is likely to continue as the inventory of homes for sale remains tight through spring. Although rising prices are drawing some sellers …

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What Is PMI and Why Do I Need It?

PMI, or Primary Mortgage Insurance, protects the lender (bank) in the event that your home ends up in foreclosure. When applying for a home loan, lenders typically require you to put a 20% down payment on the home. If you are unable to put down 20% or more, or do not have the required funds to do so, then lenders …