August 9, 2019

Author: New England Home Mortgage

Lenders use debt-to-income ratio, or DTI, to help determine the monthly mortgage payment you can afford. This ratio, calculated as a percentage, is found by dividing your monthly debts by your gross monthly income (your total pay before taxes).

August 9, 2019

Author: New England Home Mortgage

When you are buying a home, the list of items included in the closing costs can be daunting. One of the charges, if you get a mortgage, is a loan origination fee.

August 9, 2019

Author: New England Home Mortgage

We know it’s not anybody’s favorite subject, but tax season is one of the reasons we believe in the value of homeownership. With tax breaks on mortgage interest and property taxes, tax season doesn’t have to be quite so scary for homeowners.

August 9, 2019

Author: New England Home Mortgage

This question will undoubtedly come up as you begin your home search. To be considered a serious buyer, you must be pre-approved for a mortgage loan. But at New England Home Mortgage, we don’t approve you for a certain amount.

August 9, 2019

Author: New England Home Mortgage

Leading housing authorities have all predicted a rise in mortgage rates, with all but one forecasting rates going above 5% in 2019, according to The Mortgage Reports.

August 9, 2019

Author: New England Home Mortgage

With low mortgage rates of recent years, people want to be sure the rates stay low before their closing date. This often raises the question: when should I lock my mortgage rate?

August 9, 2019

Author: New England Home Mortgage

With over 50 years of industry experience, we have worked with a lot of homeowners and real estate agents. Connecting with other people is part of why we love our job - and we also believe in homeownership. Whether we are helping individuals find the best loan for their personal situation or meeting with realtors, we want to share the information we have learned over the years. That is why we created Lunch and Learn; a time to sit down and connect with Realtors while sharing information we have learned over the years.

August 9, 2019

Author: New England Home Mortgage

A mortgage broker is a licensed financial professional. With access to various lenders, mortgage brokers can help you compare different loans and lenders to find the best fit for your personal situation. Because mortgage professionals develop relationships with several lenders, they are able to provide you with information and connect you with lenders you may not even be aware of.

August 9, 2019

Author: New England Home Mortgage

Most mortgage loans come with an option for term length: 30-year or 15-year. Many homeowners select a 30-year fixed rate mortgage as a way to save money on monthly payments. Here, we go through the pros and cons of each type of loan.

August 9, 2019

Author: New England Home Mortgage

The process for getting a mortgage shouldn’t be a guessing game. We’ve broken it down into 10 steps so you know what you - and your loan processor - are doing next.

August 9, 2019

Author: New England Home Mortgage

On most mortgage transactions, lenders require an appraisal. Brian Faye and Brian Taylor go through some of the most asked questions to help you understand this process.

August 9, 2019

Author: New England Home Mortgage

If you plan on staying in your home for an extended period of time, you may have thought about prepaying your mortgage. This means you make extra payments in order to pay off the loan before your term is up.

August 9, 2019

Author: New England Home Mortgage

The process of getting a loan and buying a home can be confusing and overwhelming, especially if you don’t know the mortgage jargon. Here are mortgage terms to know and understand to aid you in your home buying process.

August 9, 2019

Author: New England Home Mortgage

You are ready to buy a home and have been pre-approved for a mortgage. As you begin to look at houses in your price range, you think you have completed all you need to get a loan. But pre-approvals, especially in a competitive market, are not enough to show you are serious about buying. The next step is obtaining a mortgage commitment letter.

August 9, 2019

Author: New England Home Mortgage

Title insurance protects both the home buyer and lender. This is necessary if the seller does not have clear ownership of the property. The one time payment for title insurance insures that you have full ownership of the home after closing.