Do you want to live somewhere safe? If so, you should look into moving to the safest city in the nation in 2003, 2004 and 2005 and the fourth safest city in 2006: Newton, Massachusetts. And rather than have a single town center, why not live in a village. Or rather, a collection of villages? That’s exactly what Newton is, a collection of 13 “villages.” Although most of the villages have no firmly defined borders, each does have its own post office.
Newton is home to Boston College Law School, as well as five other world-renowned institutions of higher learning. With two symphony orchestras and a world-renowned library, Newton has become home to many of the world’s leading scholars, actors and businessmen. This includes, but is not limited to: Isaac Asimov, Matt Damon, Bette Davis and Jim Davis, CEO of New Balance shoes. So who wouldn’t want to live in Newton? Let’s go house-hunting.
But first, now that you’re sold on Newton, you need to get the financing for a new home. What the first step? Think driving by houses and jotting down numbers is the best way to go? Wrong. Your first stop should be your lender’s office. Don’t even look at advertisements for homes before you’ve talked to a lender about getting pre-approved.
Pre-approval is usually the way to go for two reasons: 1) It lets you know what you can afford. 2) It lets the sellers know that you are truly interested in what they have to offer. Anybody can set up an appointment to look through a home and express vague interest in purchasing it. Someone who has gone the extra mile of getting financing, though, is less likely to default on the sales contract.
But first, even before you get pre-approved, you should have a basic understanding of mortgages and the different types of loans available to you.
Talk with your potential lender about other loan types, as these may not fit your needs.
Talking with your mortgage lender, though, doesn’t have to end once you’ve obtained your first Newton mortgage. In just three years, you might be eligible to refinance that property. Whether your financial status changed over time, or you just want a loan that fits your needs better, a refinance might be the perfect tool for you. Change the loan’s rate, term, or the entire loan itself. You can even pick to get cash back from the equity you’ve built up in your home when you complete your refinance.
Like the idea of getting at the equity in your home, but you don’t want to change the original terms of your mortgage? A home equity loan is like any other loan that you can get where you put up collateral to secure the loan. Except this time, your collateral is your house. You can use the money for anything you want or you can choose a specialized option. For instance, there is a home equity loan designed specifically to loan you money to remodel your house. These types of loans are popular with homeowners who are preparing to sell their home in the near future. With this type of loan, you are putting the money right back into to your home. This makes your product more appealing to future homebuyers. But if the idea of paying off your car, your kid’s education, or finally getting to take that vacation is attractive to you, then a home equity loan may be what you are looking for. With this type of loan, you can get your money in one lump sum or you can space it out over time with a home equity line of credit. With the first option, the home equity loan, you begin paying interest on the full amount immediately. With the home equity line of credit, you only pay interest on the amount you’ve borrowed.
Whether you’re looking for a Newton mortgage, refinance, or home equity loan, we can help. Take a moment to fill out the form below, and a qualified lender will contact you right away.
