QUESTIONS & ANSWERS
Here are answers to some commonly asked questions. If you have questions that aren't listed, contact us at 508-456-4346. You can email us at .
It shouldn't be a problem. There are many programs available today that
require less than a 5% down payment. The best thing to do would be to call
us and we can find the right program for you.
Yes, the different types of loan programs being offered are changing
every day. We find the best loan scenario for all of our clients.
Unlike big banks that are restricted to using loan programs and
rates being offered at that time by the bank, we have access to
many different lenders. What we do is find the lender that best fits your needs.
Call us today and let us show you what we can do for you.
Yes you can as long as your IRA or 401(k) plan allows for withdrawals.
With a fixed rate mortgage, the interest rate and the amount you
pay each month remain the same over the entire mortgage term,
traditionally 15, 20 or 30 years. A number of variations are
available, including three, five, seven and ten year adjustable rate loans. With an adjustable rate mortgage
(ARM), the interest rate fluctuates according to the indexes.
Initial interest rates of ARMs are typically offered at a discounted
("teaser") interest rate lower than fixed rate mortgage.
Over time, when initial discounts are filtered out, ARM rates
will fluctuate as general interest rates go up and down. Different
ARMs are tied to different financial indexes, some of which fluctuate
up or down more quickly than others. To avoid constant and drastic changes,
ARMs typically regulate (cap) how much and how often the interest
rate and/or payments can change in a year and over the life of the
loan.
It depends. Because interest rates
and mortgage options change often, your choice of a fixed or
adjustable rate mortgage should depend on the interest rates
and mortgage options available when you're buying/refinancing a house. When mortgage rates are low,
a fixed rate mortgage is the best bet for most buyers.
Private mortgage insurance (PMI) policies are designed to reimburse
a mortgage lender up to a certain amount if you default on your loan.
Most lenders require PMI on loans where the borrower has less than 20% equity. Premiums are usually paid monthly or can
be financed. Typically
you may be able to drop the mortgage insurance once your equity in
the house reaches 22% and you've made timely mortgage payments. The
Servicing Lender will have the requirements for canceling the mortgage
insurance.