Mortgages Made Simple

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Financing your home is an important life decision. There are many types of lenders and types of loans you can choose. Perhaps you are familiar with banks, associations, savings banks and credit unions guides, many of which offer home loans.

Mortgage Broker

Some companies, known as "mortgage brokers" offer you can find a mortgage lender willing to make you a loan. A mortgage broker may operate as an independent company and how your organization can be"agent" or representative. Your mortgage broker may be paid by the lender, you as the borrower, or both. You may wish to ask about the fees that the mortgage broker will receive for its services.

Government Programs

You may be eligible for a loan insured through the Federal Housing Administration ("FHA") or guaranteed by the Department of Veterans Affairs or similar programs operated by cities or states. These programs usually require a smaller downpayment. Ask lenders about these programs. You can get more information about these programs from the agencies that run them.
CLOs. Computer loan origination systems, or CLOs, are computer terminals sometimes available in real estate offices or other locations to help you sort through the various types of loans offered by different lenders. The CLO operator may charge a fee for the services the CLO offers. This fee may be paid by you or by the lender that you select.

Types of Loans

Loans can have a fixed rate or floating rate. Fixed rate loans have the same principal and interest payments during the term of the loan. variable rate loans can have someone from a number of "indexes" and "margins" which determine when and how to change the rate and payment amount. Most loans are for a period of 30 years or less been repaid. Most loans were equal monthly payments.

Interest rate, "points" and other rights. Often, the price of a home mortgage loan is in relation to a stated interestrate, points, and other fees. A "point" is a fee that equals 1 percent of the loan amount. Points are usually paid to the lender, mortgage broker, or both, at the settlement or upon the completion of the escrow. Often, you can pay fewer points in exchange for a higher interest rate or more points for a lower rate. Ask your lender or mortgage broker about points and other fees.

Lender-Required Settlement Costs

Your lender may require you to obtain certain settlement services, such as A new survey, mortgage insurance or title to complete. It 'can also order and charge for other services associated with the control, such as credit rating or report. A lender may also charge additional fees such as charges for loan processing, document preparation, underwriting, flood certification or an application fee. You may wish for an estimate of fees and settlement costs before the decision to seek creditor. Some lenders offer "no cost" or "useless" loans but normally cover these fees orCost through a higher interest rate.

visit for more information on mortgages, purchase or sale of real property or real property in Boston, http://www.bostonrealestate.net.

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