Full Disclosure: Rehab Loans

August 13, 2019
Author: New England Home Mortgage
Rehab loans, or renovation loans, allow you to buy and upgrade a house that needs some work done. Many houses with issues, such as an old roof, will not get appraised, which means a traditional mortgage loan will not go through. With a rehab loan, you can account for the purchase price of the house and the costs to fix issues. 
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Refinance or Prepay?

August 9, 2019
Author: New England Home Mortgage
A 30-year loan is the most popular option among homeowners. When buying a home, the expenses of a down payment, closing costs, and moving costs are significant. So when comparing 30-year and 15-year mortgages, the lower monthly payment that goes along with the long-term option is more manageable for the majority of homeowners. After a few years in the home, there could be a time when your financial situation becomes more secure, and you are able to pay more than the minimum amount due. You can decide to make larger monthly payments and prepay your mortgage or refinance your loan to a shorter term.
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Multifamily Financing Options

August 9, 2019
Author: New England Home Mortgage
Owning a multifamily property in a good location can be an excellent investment choice. But when you are just getting started in real estate investment, you must determine the best way to secure financing. Whether you want to go small with a duplex or a larger multifamily complex, there are several options if you have good credit and a down payment saved.
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Full Disclosure: Market Trends in Hartford County

August 9, 2019
Author: New England Home Mortgage
What’s happening in Hartford County with real estate this year? People often ask how the market is doing. Working with buyers to obtain mortgages and get into a new home as quickly as possible, we stay up to date with market shifts and trends. Recently, the Brians sat down to disclose what is happening in the real estate market in Connecticut, why buyers should lean on their Realtor, and reasons not to worry about getting a good deal. 
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Top Reasons a Mortgage Loan can be Denied after Pre-approval

August 9, 2019
Author: New England Home Mortgage
Getting pre-approved is the first step in your journey of buying a home. But even with a pre-approval, a mortgage can be denied if there are changes to your credit history or financial situation. Working with buyers, we know how heartbreaking it can be to find out your mortgage has been denied days before closing. Here are the top reasons a mortgage loan can be denied after pre-approval.
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How much will my housing payment really be?

August 9, 2019
Author: New England Home Mortgage
The monthly expenses that go along with homeownership include more than the loan principal and interest. PITI is the acronym that is most often used for the total amount of your mortgage payment, making up the most significant monthly expense of owning a home. 
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What are Mortgage Reserves?

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.
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3 Benefits of VA Loans

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.
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Escrow in the Home Buying Process

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.
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What is a Mortgage Contingency?

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.
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The NEHM Guarantee

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.
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Should I Consider a Zero Closing Cost Refinance?

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.
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What is an FHA 203k Loan?

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.
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Cash to Close: How much do I need to bring to closing?

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.
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Home Buyers: Avoid this Mistake

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.
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