You have finally found your dream home in Needham, Massachusetts. Your next step is to find a loan officer who you can work with. You will need to disclose a lot of personal and financial information to get the loan process started. It is important that you trust your loan officer with this sensitive information.
Mortgages
Documentation that will be necessary will include employment history, credit history, tax returns, pay stubs, current housing expenses, and other assets. You will be asked to fill out a loan application at the initial meeting with your loan officer. This form needs to be filled out completely and accurately to allow for a smooth loan process with no delays. You will also be asked a lot of questions during this meeting. Your loan officer will use all this information to make a determination regarding the mortgage type, interest rate, and term you will receive.
Mortgage types include fixed rate, adjustable rate, balloon, and interest only. Your loan officer will be able to discuss these mortgage types with you and answer any questions you might have. Other mortgage types on the market that might work with your current circumstances will also be explored.
After you have selected your mortgage type and you have been approved for the loan, your loan officer will set up the closing. You will sign multiple copies of numerous documents. Make sure you ask questions if you do not understand what the documents are before you sign them. You will be asked to make your down payment at this time, along with the closing costs. You will be able to get the exact amount a few days prior to closing so you can make this payment with a certified check. You should plan ahead, as this meeting could last at least an hour. At the end of this meeting, you will be given the keys to your new home and you will be on your way to packing and moving.
Refinance and Home Equity Loans
Do you already own a home in Needham, Massachusetts? If so, you might want to consider either a refinance loan or a home equity loan.
If you are unhappy with the terms or interest rate of your existing mortgage, you can get a refinance loan to replace it. This is especially beneficial to you if the interest rate is lower now than it was with your initial loan. It will also help to change from an adjustable rate loan to a fixed rate loan if you are expecting interest rates to rise. Be prepared to fill out a loan application, provide the necessary documentation, and attend closing again. Since your mortgage payment will decrease, you will have extra cash to help with medical, education, or credit card bills.
A home equity loan is a great way to come up with the cash you might need to buy a new car, start up a new business, or plan a family vacation. You will be able to borrow on the equity you have earned in your home. The equity is the difference between the amount you owe on your home and the value of your home. Home equity loans usually have a 10 to 15 year term. This loan is available to you in either the form of a lump sum payment or a line of credit.
Contact our office today to discuss your mortgage, refinance or home equity loan options in Needham, Massachusetts.
