Choosing the Right Mortgage

A small difference in the mortgage rate eventually adds up to a whole lot of money.  

What do you commonly observe among the following two situations?

·         Hunt for the “dream” home and then go to a mortgage lender (OR)

·         Hunt for the lender and then find the home.

Which of the two do you think is advisable? 

The best option

Often, home buyers hunt for the home before shopping for the right mortgage. Moreover, once they set out to look for the mortgage, they fail to fully evaluate all options. 

It is recommended to do your research and evaluate all of your options before deciding on a mortgage and setting out in search for your “dream” home. Moreover, even a small difference in Massachusetts mortgage rates eventually totals up to a significant amount. 

So, shop for the right mortgage for you rather than settling for the first you encounter.

However, getting the best mortgage deal is equally tricky and challenging. Mortgage rates and fees change daily; sometimes more than once in a day. You may not be able to make the best decision. It is therefore advisable to choose the right mortgage lender that can help you make the right decision. 

You should conduct your own research and know a bit about what’s going on in the market while also working with a trusted lender. The lender can help you evaluate your mortgage options based on your credit score, down payment and other financial factors and give you options to decide from. You want to make sure you are not over extending yourself financially and that you are able to make the monthly payments as to avoid foreclosure.

If you are looking for an experienced mortgage lender, check out Dedham Savings at www.dedhamsavings.com.  

Uses & Benefits of Home Equity Loans

Home equity loans have many uses and benefits for families and people with equity in their homes.

Home equity loans are gaining more popularity. 

Home equity loans gained popularity back in 1996. However, with the housing crisis during the recession, these kinds of loans took a back seat. They are gaining popularity now, allowing home owners to draw a second mortgage which they can borrow against the equity in their home. 

For instance: If the market value of the home is $250,000 and the home owner has paid installments up to $70,000, then he is eligible for a home equity loan on the equity value ($70,000). Such loans are provided only if the equity in the home is worth more than 20 percent of the total market value. Massachusetts mortgage lenders mostly provide loans up to 85 percent of the equity in the home. In this case, the loan may be provided to the extent of $59,500. 

Benefits

Home equity loans are beneficial as they are an easy source of cash for home owners. Home equity loans are mostly borrowed for home remodeling or renovations, among other things. They are also often borrowed for unexpected expenses like a medical emergency. They can also be borrowed to cover the children’s education expenses.

What sometimes makes home equity loans attractive is their rate of interest, which can be lower than the rates of credit cards and other consumer loans. Moreover, interest paid on the home equity loan is tax deductible. 

Home equity loans are therefore, a great method of financing, which home owners can conveniently use in times of need. For more information about the terms and conditions of home equity loans, visit www.dedhamsavings.com.

Dedham Savings is Dependable For Commercial Lending

To meet the growing needs of small and medium sized businesses, banks are offering flexible terms on their lending options. These flexible terms make it easier for small and medium sized business to acquire the loans.  It is difficult for small and medium scale businesses to secure financial banking; therefore, it is a gift when various banks and financial institutions expand their options.

As your borrowing requirements for your business increases, you may require a group of lenders who can help you to diversify the risk factor. You may require working capital, or equipment financing; but it is better to choose products and services that can be customized on the basis of your requirements.

Dedham Savings offers commercial lending Westwood,USA MA options to their customers. You can visit their website at www.dedhamsavings.com to learn more; you can also talk to a loan officer, today.