August 9, 2019

Author: New England Home Mortgage

When buying a home, you need to have proof of income and savings for a down payment and closing costs. In some instances, the borrower also needs to provide proof of mortgage reserves. Mortgage reserves are savings that are available to the borrower after closing on a home. Reserves, or emergency funds, help to show the lender that the borrower is not a significant risk.

November 12, 2019

Author: New England Home Mortgage

At New England Home Mortgage, requests for VA loans are at an all-time high, and it’s easy to understand why. A loan program established by the United States Department of Veterans Affairs, VA loans help veterans obtain home financing with no down payment, no PMI, and in some cases, no closing costs.

August 9, 2019

Author: New England Home Mortgage

When buying or selling a home, the buyer and seller have a neutral third party act as an escrow agent. When a purchase agreement is signed, a buyer puts a deposit, or earnest money, in escrow. The earnest money stays in escrow until closing day.

August 9, 2019

Author: New England Home Mortgage

Even when pre-approved for a loan, mortgages are not set in stone until you get your final approval, which is often called a commitment letter. Between the time you sign a purchase agreement and close on a new home, there are many steps to complete before you can move in and call it yours. Contingencies are clauses in the purchase agreement stating the sale of the home will not be finalized until certain conditions are met. There are various contingencies that can be included in a contract, and must be signed off on by both the buyer and the seller.

August 9, 2019

Author: New England Home Mortgage

Our customer service is what separates us. ‍At New England Home Mortgage, we want to achieve the end result - getting you into a new home - but we also want to make sure the process is as smooth as possible.

August 9, 2019

Author: New England Home Mortgage

While interest rates continue to remain low in 2019, more people are looking at refinancing as an option. And it makes sense; if you bought a home with a 5% interest rate and could lower it to today’s rates of 4% or lower, that will save you monthly and long-term.

August 9, 2019

Author: New England Home Mortgage

An FHA 203k loan allows you to finance the house and the renovations needed. Backed by the federal government, these loans enable you to purchase a run-down or older home that other lenders would not be able to approve. With a 203k loan, you can buy and fix up a house in one transaction because the lender verifies repairs being made. These can be either fixed-rate for adjustable rate mortgages.

August 9, 2019

Author: New England Home Mortgage

Closing costs, along with your down payment, can vary depending on your loan and your financial situation. On top of that, you may be able to buy points from lenders or negotiate for credits with sellers, which all changes the amount you will owe on closing day. These additions and subtractions can make it difficult to determine the exact amount you will need to bring the day you close on your new home.

August 9, 2019

Author: New England Home Mortgage

We want to talk about something going on right now in the spring market, which is generally the busiest time of the year in real estate. ‍Often, first time home buyers make a big mistake when looking during a busy season.

August 9, 2019

Author: New England Home Mortgage

You need to have at least decent credit to buy a home. Even though might be able to secure a home loan, you will pay more in other ways.

August 9, 2019

Author: New England Home Mortgage

It’s no secret that the spring market is the busiest season for buying and selling real estate. Combine that with the low mortgage interest rates of Quarter 1, and we can anticipate that the spring buying market will be strong this year.

August 9, 2019

Author: New England Home Mortgage

While many marketplaces across the country are preparing to slow down, Hartford County has seen similar sales in quarter one of 2019 as last year, combined with low mortgage rates.

August 9, 2019

Author: New England Home Mortgage

The final step in buying a home is closing day. Closing is exciting because it means your home search is over, and the property is legally yours! While it is exciting, many buyers have questions about what to expect on closing day.

August 9, 2019

Author: New England Home Mortgage

Closing on a new home brings many to-dos and dates to remember. You need to be organized, stay in constant communication with your mortgage broker and Realtor, and know what to expect as moving day comes closer.

August 9, 2019

Author: New England Home Mortgage

Condominiums are a housing choice many people are drawn to - whether they are looking to downsize, live in a city, or don’t want to deal with the upkeep of a yard and exterior. But obtaining a mortgage for a condo comes with an additional set of requirements.