Finding Massachusetts mortgages
Before you begin talking with Massachusetts lenders, take time to identify your goals. Then make sure those goals are in line with your budget. Here are some issues to consider:
* How long you plan to remain in the new home and what you expect future income to be play a key role in determining whether an ARM or a FRM (fixed rate mortgage) is the better option.
* Knowing how interest rates change depending on the type of loan helps determine whether or not the mortgage works with your budget.
Initial rates on ARMs are lower, making payments lower than fixed-rate mortgages. Interest rates for second mortgages are usually higher than they are on refinances. Take time to run the numbers for the different loan types through the Mortgages.com mortgage calculators. This will give you a realistic idea of your budget as well as your options.
With this knowledge, you’ll be ready to use the broker directory to begin contacting Massachusetts lenders. Talk with a few, submit mortgage applications, and get ready to review the offers you start getting.
