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Know About Payment & Loan Options For Mortgages

Buying a home for the first time in a city like Massachusetts is a wonderful feeling. However, find a suitable mortgage is a tedious task here & anywhere in the world. You need to research a lot. This presentation will explain the best first time home buyer loan options. You can evaluate your finances and opt for any one that suits you. In case you need expert assistance, contact Drew Mortgage. We have various first time home buyer programs MA that will help you to own the key to your happiness, your first home soon.

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Know About Payment & Loan Options For Mortgages

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  1. Introduction When you decide to buy a new home, it is both exciting & tedious task. There is a lot of research that homeowners do before buying the home. After you find your dream home, it comes to choosing the right loan plan that fits in your budget. Well, it’s not as tiresome as it sounds. You can easily opt for a suitable mortgage plan after you work on your finances, budget, and credit score. If you are buying a home in Massachusetts, you can find many first time home buyer programs MAat Drew Mortgage. However, In this presentation, explore the various loan option available for you. 2

  2. CONVENTIONAL MORTGAGE • Conventional mortgage (fixed-rate mortgage) is a highly recommended mortgage. • The fixed interest rate makes monthly payments easy. • The payment terms are over 15 to 30 years. • You can adjust your mortgage payment by refinancing your loan. • These loans are not backed by the federal government. • Mortgage insurance is also not available. • Hence, you will have to make monthly payments without fail.

  3. The interest rate is adjustable and it depends on the economic inconstancy. This mortgage can be more expensive than conventional loans. The mortgage payment is tailored as per the market rate. Interest rates are low in the beginning for a defined period. The payments get surprisingly high with passing duration. The loan duration is either 1, 5, or 7 years. This mortgage is good for home buyers with increasing incomes. • ADJUSTABLE-RATE MORTGAGE 4

  4. Federal Housing Administration(FHA) loans are endorsed by the government. People with tainted credit or with low incomes are eligible for this loan. All FHA loans require the borrower to pay two mortgage insurance premiums: Upfront mortgage insurance premium Annual mortgage insurance premium The insurance premium cannot be terminated at any stage. FHA loan’s closing cost is only up to 3 to 5 percent. • FHA LOANS 4

  5. The interest-only mortgage enables homeowners to only repay interest. The interest repayment period is usually 5-7 years. You only pay smaller monthly payment in this duration Later, you can pay a lump sum, refinance a home or pay the principal amount. You may face a problem once the interest-only payment option is over. The mortgage payments will increase & may hamper your finances. • INTEREST-ONLY MORTGAGE 4

  6. We understand how difficult it becomes for first time home buyers to choose the right loan option for themselves. It is better to check your finances and then opt for a loan. You can get in touch with Drew Mortgage, a loan & mortgage service provider. We can help you find the best mortgage through our first time home buyer programs MA. If you are looking for a home in Massachusetts, get in touch with us. We will do our best to ease out the home loan process. To know more details on loan options visit : https://www.drewmortgage.com/payment-and-loan-options-for-mortgages/ • Conclusion 4

  7. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 10

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