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Massachusetts Mortgage Resource Center

Information about mortgage programs and obtaining a mortgage for first-time homebuyers and other home-buying consumers.

How Much Cash Do Massachusetts First-time Homebuyers Need?

One of the most difficult parts of buying a home for Massachusetts first-time homebuyers is saving for the down payment. So how much cash on hand does a homebuyer need to buy a home? The short answer is that you do not need 20 percent. Massachusetts homebuyers have mortgage loan options that allow for significantly less than a 20 percent down payment, as well as other options that might actually lower the overall cost of borrowing.

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15 Mortgage Loan Terms First-time Homebuyers Should Know

Massachusetts first-time home buyers sometimes feel like they are listening to a foreign language when learning about the many lending terms related to a mortgage loan. There are many and several sound similar. The following are 15 loan terms first-time home buyers should definitely know.

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Massachusetts First-time Home Buyers Have 'ONE Mortgage'

Massachusetts first-time home buyers who fall into the low- to moderate-income category will want to consider the "ONE Mortgage" loan program from the Massachusetts Housing Partnership. A fixed interest rate, low down payment and no PMI are just some of the benefits of the ONE Mortgage. 

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Two Important Things Home Buyers Need to Know About FHA Mortgages

There are two reasons why Federal Housing Administration mortgages typically are more expensive then other mortgage loan programs. 

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Download Our Guide to the Massachusetts Home-buying Process. 

Is Freddie Mac's Home Possible Mortgage For You?

Despite what many potential homebuyers are told by friends, family or acquaintances or learn from websites and other media, you do not need a 20 percent down payment to purchase a home. 

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HomeReady Mortgage is a Low Down Payment Option for Homebuyers

Massachusetts first-time homebuyers year after year cite saving for a down payment as the biggest obstacle to buying a home; however, many potential homebuyers mistakenly believe they need to save enough money for a 20 percent down payment.

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Costs First-time Homebuyers Should Consider Beyond Mortgage Payments

You have provided your loan officer with your pay stubs, W-2s, tax returns, bank statements and other financial documents. The lender has reviewed the documents and provided you with a pre-qualification or pre-approval letter. You're all set to go house hunting in Massachusetts, and you'll know exactly how much it will cost you to be a homeowner. Not exactly. 

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What is a Mortgage Interest Rate Lock? 

For most Massachusetts homebuyers researching lenders and home loan programs, the mortgage interest rate is one of the most important factors in deciding which lender and/or loan program to use to finance the purchase of a home.

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Download Our Guide to 103 Home-buying Terms in Massachusetts. 

Information About VA Loans

If you are a Massachusetts military veteran or current service member who is hoping to buy a home, you have access to great loan options through both the federal and state government. The two main programs available to you are the federal VA Loan and the state Operation Welcome Home.

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First-time Homebuyers Should Consider MassHousing

Many homebuyers mistakenly think that MassHousing loans are only available to low-income first-time homebuyers in Massachusetts. Although there are income limits and loan limits, homebuyers are often surprised by how much a borrower can earn and borrow and still qualify.

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5 Credit Score Myths Homebuyers Should Know

What are those 11 herbs and spices? How does that cola taste that way? How did they come up with my credit score? It may seem like Fair Isaac, the company behind the FICO Credit Score, is as secretive as KFC and Coca-Cola when it comes to its credit score recipe, but there are apparently some credit score myths we now have confirmation aren't true. 

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 • Do Mortgage Credit Inquiries Hurt a Homebuyer's Credit Score

A common concern among potential homebuyers shopping for a mortgage is that multiple credit inquiries will negatively affect their credit score. It's not exactly true, and the myth has been perpetuated by some mortgage professionals who want to discourage potential borrowers from shopping around. 

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Download Our Guide to 12 Massachusetts Mortgage Mistakes to Avoid. 

What is Debt-to-Income Ratio?

Massachusetts homebuyers should understand debt-to-income ratio when applying for a mortgage loan because it is one way lenders measure your ability to manage monthly mortgage payments.

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4 Things Homebuyers Should Not Do During the Loan-approval     Process

If you are considering the purchase of a home, you're likely aware of the importance of obtaining a mortgage loan. What you might not be aware of is that what may seem like routine financial moves can derail the home loan process and prevent you from buying a home.

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What Do Homebuyers Have to Provide Lenders to Receive a Loan Estimate

Since October 3, 2015, loan officers are required to provide consumers with a Loan Estimate once the potential borrower provides six pieces of information. Your loan officer cannot require you to provide documents verifying this information before providing you with a Loan Estimate. The lender must provide you a Loan Estimate within three business days of receiving your application.

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Who Pays for the Home Appraisal?

When you buy a single-family home or condominium in Massachusetts your mortgage lender will want to know whether the home you are buying is worth the amount of money you have agreed to pay the seller.

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Have Home-buying Questions? Schedule a Free Phone Consultation. 

What is a Closing Disclosure?

A Closing Disclosure is a five-page form that provides the final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage.

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 Homebuyers Shouldn't Confuse the Note and Mortgage at Closing

After the lender's real estate attorney, also known as the closing attorney, explains at closing to the homebuyer that by signing the "note" he or she is promising to pay the loan amount back, homebuyers are sometimes surprised when the attorney then presents the mortgage document to be signed.

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What are Closing Costs When Buying a Home in Massachusetts

In addition to the down payment, homebuyers need to pay closing costs. Closing costs are the collection of fees, expenses and charges associated with purchasing a home with a mortgage loan. The amount of closing costs will vary depending on the price of the property, the type of home loan, the lender and whether the homebuyer is paying any "points" to lower the interest rate on the loan.

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4 Mortgage Myths Massachusetts Homebuyers Should Know About

There is a lot to know and understand about mortgage loans when you're a first-time homebuyer. There also are a lot of mortgage misconceptions, but the following are four of the more common myths about getting a home loan Massachusetts homebuyers should know.

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