Massachusetts at a Glance
Population
6,794,422
6,794,422
Average Household Income
$123,174
$123,174
The most educated state
in America
in America
Main industries: Pharmaceuticals
& Cosmetics
& Cosmetics
The first step in having a successful home loan experience is finding the right mortgage lender.
Are you searching for a dedicated team of professional mortgage lenders who actually care about their customers and are committed to providing a seamless, worry-free experience? Then look no further than NewFed Mortgage Corp.! We truly believe in the success of our customers and want you to secure a mortgage that works in your favor. That is why we make it our principal priority to address your every need as we guide you through the home buying or refinancing process.
Our motto is “mortgages for every stage of your life,” so if you’re a Massachusetts resident – be it from Boston, the North Shore, the South Shore, Cape Cod, MetroWest, or western Mass – including the Berkshires and Pioneer Valley –- who’s searching for a first-rate mortgage lender to help you secure a home loan or refinance an existing property, then let our experts at NewFed Mortgage Corp. assist you! Below, we’ll quickly go over the various mortgage property types, what refinancing means, and clear up any confusion surrounding reverse mortgages.
Mortgage Property Types
So, you’ve made the decision to purchase a new home in Massachusetts. Congratulations! Before you set out, though, it’s important to know about the various properties that are available to you in Massachusetts’ diverse regions, from quiet towns in the northwest corner of the state to vacation homes on Cape Cod and the Islands, and homes within commuting distance of Boston. The main types of homes you can finance with a mortgage include single-family residences, manufactured homes, condominiums, cooperatives (or co-ops), townhouses, and multi-unit properties.
The most common types of residences you can finance with a mortgage are as follows:
Townhouses
Attached single-family, multi-floor homes. They are usually uniform in design and found in communities that may have their own homeowner’s association.
Single-family residences
Usually defined as freestanding homes on a piece of property, or independent residential structures that function as dwellings.
Condominiums
A real estate property that is split into several units in one or more buildings. These units are individually owned and can either be attached or detached.
Manufactured homes
Assembled off-site, section-by-section, in factories. They are then transported to properties and typically look like regular single-family homes.
Multi-unit properties
Homes that can accommodate more than one family living separately. Examples include duplexes, which are multi-unit homes that have two attached units, or apartment buildings with up to four units.
Cooperatives (co-ops)
Usually a multi-family piece of real estate wherein a legal entity owns the title to the property. Residents gain equity in the building by purchasing shares, which allow them to own a portion of the property, but not the deed itself.
Refinancing
Homeowners are often motivated to refinance their existing mortgage to revise the terms or start fresh with an entirely new lending agreement. The most common reasons are to achieve a lower interest rate or to cash out some equity. Refinancing will predictably boom when interest rates fall, but individual mortgage holders who have been working to improve their credit standing may refinance when their FICA score reaches a more desirable bracket that allows eligibility to better terms (particularly a lower interest rate). Other popular reasons to refinance include consolidation of other debts and cashing in on equity for home improvement, college tuition, or other major expenditures. If you’re interested in having an in-depth discussion about your options for refinancing, reach out to us at any time and our skilled loan officers will be happy to speak with you. You can start the process of refinancing your Massachusetts property at any time!
Reverse Mortgages
This is a relatively new loan product that makes a lot of sense for a specific category of homeowner: eligibility starts at age 55, and candidates must have a minimum degree of value accrued in their property. The reverse mortgage is more like a home equity loan than a traditional mortgage, since the home’s value is converted to a cash payout for the homeowner, either as a lump sum or monthly amount. The amount that’s withdrawn will be paid back at the time the property is sold. This arrangement can give people who are at or near retirement age an option to access part of their home’s equity without paying a monthly mortgage installment. The generated funds are not taxable. We’d be delighted to tell you more about reverse mortgages at your convenience. In the meantime, you can look at our detailed overview.
