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! 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 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-unitproperties.
Single-family homes: Usually defined as freestanding homes on a piece of property, or independent residential structures that function as dwellings.
Manufactured homes: Assembled off-site, section-by-section, in factories. They are then transported to properties and typically look like regular single-family homes.
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.
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.
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.
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.
When a borrower decides to refinance, they’re usually doing so with the express intent of revising or replacing the terms of an existing agreement. For example, someone looking to refinance might want to make a favorable change to their interest rate or payment schedule. The best times to refinance are when interest rates fall or one’s credit standing has improved. Refinancing is also useful if you’re looking to consolidate any outstanding debts into a single loan. If you’d like to have a more in-depth discussion about refinancing, don’t hesitate to reach out to one of our skilled loan officers. With their help, you can begin the process of refinancing your Massachusetts home in no time!
There tends to be a lot of confusion surrounding reverse mortgages, but they’re really quite simple! Basically, a reverse mortgage is a special type of home equity loan offered to homeowners aged 55 and older who have accrued sufficient value in their property. A reverse mortgage can give seniors the option to borrow some of their home’s equity without a monthly mortgage payment. The money received is non-taxable and can be used however the borrower wishes. If you’d like to learn more about reverse mortgages, then you might want to check out our comprehensive overview which you can find under the Resources tab on our website.
CT Mortgage Lender License No. ML-1881; FL Mortgage Lender License No. MLD652; IL Residential Mortgage Lender MB.6761394; ME Supervised Lender License No. SLM8185; MD Lender License No. 23542; MA Mortgage Broker and Lender License No. MC1881; MI Mortgage Lender License No.FR0023182; MS Mortgage Lender License No 1881; NH Mortgage Banker License No. 9474-MB; NC license# L-200139 NJ Residential Mortgage Lender License, NJ RMLA-Licenses Mortgage Servicer Registration, PA Mortgage Lender License No. 69370, RI Lender License No.20041817 LL, RI Loan Broker License No. 20041818LB, TN Mortgage License 1881, SC license # NMLS # 1881, VA Lender License No. MC-6914 New Fed Mortgage is an Equal Housing Lender.
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