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Important Things To Consider Before Choosing a Mortgage

Whether you're a first-time home buyer or an existing home owner looking to refinance, there are plenty of factors that go into finding the right loan. Do some research on the types of loans available to you, the monthly payments, lock-in periods, and closing costs.

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Important Things To Consider Before Choosing a Mortgage

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  1. Home Affordable Refinance Program (HARP) Benefits Things To Consider Before Choosing A Mortgage

  2. A mortgage loan helps fulfill your aspiration of buying the house of your dreams. In today’s era, there are various types of home loan programs available, which leaves you with plethora of options to think about. We give you a list of important parameters that you should gauge before making the decision. • Study the Types of Loans • Monthly Payment • Tenure of the Loan • Lock-in-period • Additional & closing costs www.drewmortgage.com

  3. A little homework won’t hurt, even if you have an expert at your disposal. Talk to other buyers who have availed loans and study their choices. Calculate your finances and assess your ability to borrow the amount. This will be helpful in choosing a Mortgage loan program that will justify your needs. Study the Types of Loans • 1| www.drewmortgage.com

  4. Choosing the EMI that is comfortable for you is of utmost importance. You need to assess your future liabilities along with the existing ones to zero in on an amount that you will be all right with paying. Monthly Payment • 2| www.drewmortgage.com

  5. The Term of the loan impacts your monthly payments. If you’re not at ease of paying a high EMI, opt for a higher tenure, however, if you have higher liquidity at your disposal, go for a lower tenure. Although, do remember that a high tenure will entail lesser equity in your house. Monthly Payment • 3| www.drewmortgage.com

  6. Mortgage rates are of two types: floating and fixed. In case you’re okay to bear the risk of a fluctuating market, opt for a floating rate. However, if you think that risk is not your cup of tea, you can insure yourself by opting for a fixed rate. • 4| Lock-in-period www.drewmortgage.com

  7. Additional legal costs such as processing fees are involved in every type of loan. Hence, remember to read the provisions and terms carefully before signing up for any type of loan. • 5| Additional & closing costs www.drewmortgage.com

  8. Picking up the right type of mortgage loan that will justify your needs is no cakewalk, which entails hiring services of a professional essential. Getting a competitive deal is crucial for your interest. We at Drew Mortgage, one of the best Boston mortgage lenders can help you with your loan shopping and ensure a hassle-free experience. APPLY NOW

  9. Drew Mortgage Associates, Inc. 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 | Toll Free: 877-949-3739 | NMLS ID 2856 www.drewmortgage.com

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