Closing costs are a variety of lender and third-party fees on top of the purchase price of the home. The down payment is usually the main concern for home buyers, but it is equally important to equate closing costs into your budget.
Down Payments: How much should I put down on a home?
August 9, 2019
Author:New England Home Mortgage
Have you heard of the 20% rule? Traditionally, you needed 20% as a down payment when buying a home. With different mortgage options, you can now go as low as 3% down, or in some special cases, 0% when buying a home.
A USDA home loan is a mortgage offered to rural property owners by the U.S. Department of Agriculture. USDA loans are typically fixed-rate and terms usually run from 10-30 years.
A VA loan is a mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. VA loans are provided by private lenders. This type of loan is typically fixed-rate and terms run from 10-30 years.
CHFA financing is done through Connecticut Housing Finance Authority and offers a variety of loan programs for first time homebuyers in Connecticut. Borrowers who have owned previously may also apply if they have not owned in the past three years or plan to buy in a Federally Targeted Area of Connecticut. CHFA offers 30-year, fixed-rate mortgages.
An FHA is a mortgage loan made by FHA-approved lenders and insured by the Federal Housing Administration (FHA). FHA loans are available for buying single and multi-family homes as well as refinancing a mortgage. An FHA is typically fixed in its rate and terms run from 10-30 years.
At New England Home Mortgage’s logo launch on July 30th, we celebrated our new look with some of our favorite people. As we mingled, the same sense of appreciation kept coming up in conversation: NEHM has a reputation of being attentive to clients and timely throughout every step of the mortgage process. Read on to find out what people we work with have to say about NEHM.
Are you looking to extend the life of your current mortgage, reduce your monthly mortgage rate or get some extra money for a remodel or renovation? Understanding the ins and outs of refinancing your home can open up options for you and possibly save you money.
Have you made the decision to begin looking for a new home or selling your current home, but need some direction on how to find the best local realtor? First and foremost, do not pick the very first realtor that you see online or on a yard sign.
Starting the process of looking for a new home is exciting. It can also be very overwhelming. It is imperative to understand the housing market in the area you are looking to buy, as well as the monthly costs to maintain a home in the area.
Are you looking to increase the equity in your home in order to sell it quickly? Besides paying down your mortgage with additional payments and such, consider making a few minor fixes that will change the overall look and feel of your home and draw more potential buyers to the property. Get rid of clutter and focus on changes that will appeal to a larger pool of buyers. Here are some additional tips to help increase your homes’ value.
Searching for a new home is exciting, but can also be stressful. There are so many things to consider such as price, location, commute, school systems, size, taxes, safety and more.
When looking to purchase a home the first question is What Can I Afford? There are many variables to determining this including your income and debts, current interest rates, credit scores, how much of a down payment you can afford and your savings.
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