There is very little about Quincy, Massachusetts that would sway anyone from living there. Incorporated as a city 1792, Quincy is one of the oldest cities in the Pine Tree State. The city’s nickname is “The City of Presidents” because both Presidents John Adams and John Quincy Adams were born there.
First you are going to need a mortgage. And you should probably consider getting pre-approved first. That way, you know exactly what you can spend and the seller knows that you serious about buying. But what kind of loan do you apply for? Following are a few options.
First Time Buyer Options
Non-traditional Mortgages
For the homebuyer who wants options, a non-traditional mortgage may be a great idea. These types of loans are more flexible for the homebuyer who changes jobs often or whose income varies widely from year-to-year. Here a just a few types:
Balloon Loan – Looking for a great interest rate? A balloon loan is probably your best option. But be forewarned, this type of loan comes to term in only five years. So unless you plan on moving, you better hope you can come up with one big payment at the end of the loan.
Interest Only Loans – An interest only loan is good for the home buyer who expects that his income will likely go up in the next few years. An interest only loan is a type of adjustable rate loan that allows the buyer to make payment on the interest only for the first 10 years. This allows the monthly payment to be considerably lower.
Traditional Loans
There are two primary types of loans traditional loans: fixed rate and adjustable rate.
Fixed rate mortgages work best for people who need to know exactly how much they will be asked to pay each month. While the rates tend to be higher on these kinds of loans, the payment amount never changes, providing you with some security.
The adjustable rate mortgage is for those people who want a lower monthly payment in the first few years. This type of loan is for a home buyer who usually lives somewhere for a few years before moving on. The adjustable rate mortgage is subject o the changing economic climate. So if you do not mind not knowing exactly what your monthly payment is going to be, the adjustable rate mortgage may be right for you.
Once you understand what kind of loan you want, pre-approval for your home loan is your best bet. You should not waste time looking for homes that you may not be able to afford. If you have the financing pre-approved through a lender, your seller is much more likely to accept your offer over that of someone else. He knows you are serious about buying and there is a much lower chance of something going wrong before closing on your new home.
Refinancing and Home Equity Loans
If you already own a home in Quincy, there are also options for you.
Refinance Loans
A refinance loan is simply a redoing of your existing mortgage. It pays off your old mortgage, and you get an entirely new loan. You can shop around for a better interest rate and thus, lower your monthly payment.
Home Equity Loans
A home equity loan is a loan that allows you to borrow money against the existing equity you have built up in your home. This type of loan is very useful for unexpected expenses like medical emergencies or unplanned accidents. Or you can use the money to make modifications to your home. You might even use this money to pay for your children’s college education. The possibilities are endless.
Whether you are looking for a new mortgage, a refinance loan, or home equity loan in Quincy, we can help. Take a moment to fill out the form below, and a qualified lender will contact you right away.
