Escrow in the Home Buying Process

June 18, 2019
Author: New England Home Mortgage
When buying or selling a home, the buyer and seller have a neutral third party act as an escrow agent. When a purchase agreement is signed, a buyer puts a deposit, or earnest money, in escrow. The earnest money stays in escrow until closing day.
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What is a Mortgage Contingency?

June 17, 2019
Author: New England Home Mortgage
Even when pre-approved for a loan, mortgages are not set in stone until you get your final approval, which is often called a commitment letter. Between the time you sign a purchase agreement and close on a new home, there are many steps to complete before you can move in and call it yours. Contingencies are clauses in the purchase agreement stating the sale of the home will not be finalized until certain conditions are met. There are various contingencies that can be included in a contract, and must be signed off on by both the buyer and the seller.
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The NEHM Guarantee

June 4, 2019
Author: New England Home Mortgage
Our customer service is what separates us. ‍At New England Home Mortgage, we want to achieve the end result - getting you into a new home - but we also want to make sure the process is as smooth as possible.
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Should I Consider a Zero Closing Cost Refinance?

May 28, 2019
Author: New England Home Mortgage
While interest rates continue to remain low in 2019, more people are looking at refinancing as an option. And it makes sense; if you bought a home with a 5% interest rate and could lower it to today’s rates of 4% or lower, that will save you monthly and long-term.
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What is an FHA 203k Loan?

May 21, 2019
Author: New England Home Mortgage
An FHA 203k loan allows you to finance the house and the renovations needed. Backed by the federal government, these loans enable you to purchase a run-down or older home that other lenders would not be able to approve. With a 203k loan, you can buy and fix up a house in one transaction because the lender verifies repairs being made. These can be either fixed-rate for adjustable rate mortgages.
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Cash to Close: How much do I need to bring to closing?

May 14, 2019
Author: New England Home Mortgage
Closing costs, along with your down payment, can vary depending on your loan and your financial situation. On top of that, you may be able to buy points from lenders or negotiate for credits with sellers, which all changes the amount you will owe on closing day. These additions and subtractions can make it difficult to determine the exact amount you will need to bring the day you close on your new home.
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Home Buyers: Avoid this Mistake

May 9, 2019
Author: New England Home Mortgage
We want to talk about something going on right now in the spring market, which is generally the busiest time of the year in real estate. ‍Often, first time home buyers make a big mistake when looking during a busy season.
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Credit Score FAQ's

May 9, 2019
Author: New England Home Mortgage
You need to have at least decent credit to buy a home. Even though might be able to secure a home loan, you will pay more in other ways.
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Buying a Home during the Busy Spring Market

April 23, 2019
Author: New England Home Mortgage
It’s no secret that the spring market is the busiest season for buying and selling real estate. Combine that with the low mortgage interest rates of Quarter 1, and we can anticipate that the spring buying market will be strong this year.
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2019 Quarter One Mortgage Update

April 16, 2019
Author: New England Home Mortgage
While many marketplaces across the country are preparing to slow down, Hartford County has seen similar sales in quarter one of 2019 as last year, combined with low mortgage rates.
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What to expect on Closing Day

April 16, 2019
Author: New England Home Mortgage
The final step in buying a home is closing day. Closing is exciting because it means your home search is over, and the property is legally yours! While it is exciting, many buyers have questions about what to expect on closing day.
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When is my first mortgage payment due?

April 9, 2019
Author: New England Home Mortgage
Closing on a new home brings many to-dos and dates to remember. You need to be organized, stay in constant communication with your mortgage broker and Realtor, and know what to expect as moving day comes closer.
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Mortgage Requirements for a Condominium

April 1, 2019
Author: New England Home Mortgage
Condominiums are a housing choice many people are drawn to - whether they are looking to downsize, live in a city, or don’t want to deal with the upkeep of a yard and exterior. But obtaining a mortgage for a condo comes with an additional set of requirements.
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What is debt-to-income ratio?

March 19, 2019
Author: New England Home Mortgage
Lenders use debt-to-income ratio, or DTI, to help determine the monthly mortgage payment you can afford. This ratio, calculated as a percentage, is found by dividing your monthly debts by your gross monthly income (your total pay before taxes).
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What is a loan origination fee?

March 12, 2019
Author: New England Home Mortgage
When you are buying a home, the list of items included in the closing costs can be daunting. One of the charges, if you get a mortgage, is a loan origination fee.
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