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Complete HASSLE-FREE access to the New Hampshire real estate and Massachusetts real estate Multiple Listing Service (MLS) Systems, with full property sheets and property addresses.
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Shopping For A Mortgage? Do Your Homework First
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These days there are more options to consider than just the traditional 30 year mortgage. As housing prices in Massachusetts have risen since the early 90's, so has the burden of paying for a home. In response to these new challenges mortgage lenders have developed alternatives to the mortgages of the past. New specialty mortgage options like ARMs (Adjustable Rate Mortgages), 40 year mortgages, and Interest-Only Mortgages are dramatically changing the ways consumers can pay for their home. These new options come at a price, however, and some consumers can fall victim to flashy incentives and promises that can leave them with a greater financial burden than anticipated. Using resources provided by the National Association of REALTORS® and the Federal Housing Administration, the Massachusetts Association of REALTORS® has compiled 4 guides to help you understand your options when considering a mortgage for the home of your dreams.
© 2007 Massachusetts Association of REALTORS®
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FHA Mortgage Insurance and Benefits
REALTORS® and the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), have been partners in creating homeownership opportunities for more than 70 years. Since FHA was created in 1934, it has helped more than 34 million families become homeowners, many by working with their REALTORS® to achieve their dream of homeownership.
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How To Avoid Predatory Lending
There is no single definition of predatory lending, because the term covers a wide range of abusive practices. Some practices may be predatory for one borrower but not for another, because everyone’s circumstances are different. Predatory lenders often take advantage of first-time homebuyers and others who may be vulnerable to high-pressure sales tactics.
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Traditional Mortgages: Understanding Your Options
When shopping for a mortgage, consumers have more choices than ever before. Many lenders now offer specialty mortgages that help make homeownership more affordable but have risks that consumers should fully consider (see our brochure on specialty mortgages). But for most consumers, the traditional fixed-rate mortgage and adjustable-rate mortgage (ARM) continue to be excellent options. However, even these traditional financing options require a number of important decisions. Should you get a 15- or 30-year loan? Should you get a fixed-rate mortgage to lock in today’s interest rates for the term of the loan—or take an adjustable-rate loan with a lower current rate and payment, but with the risk of rate and payment increases in the years ahead?
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Specialty Mortgages: Risks and Rewards
In many housing markets, home prices have risen to very high levels, making it harder to afford a home - especially for first-time homebuyers. The traditional fixed-rate mortgage and standard adjustable-rate mortgage may not be the best options for everyone. A growing number of homebuyers are deciding to use one of several new types of specialty mortgages that let them “stretch” their income so they can qualify for a larger loan. But before you choose one of these mortgages, make sure you understand their risks and how they work.
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Want to Buy a Home? Let Us Point You in the Right Direction.
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Zero Down-Payment Programs
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