Drew Mortgage Associates - A Mortgage Company in Boston, MA

Mortgage myths are out there. Sometimes it is difficult to differentiate a myth from the truth. The mortgage process can be intimidating for first time home buyers . However, home buyers who know the mortgage process find it quite easy. Apart from understanding the ins and outs of the mortgage process, it's important to know what myths are floating around too. This blog provides common mortgage myths you should know before buying a home.

Although most people won’t need the maximum amount for their loans, there is a limit to how much you can borrow to buy a home with an FHA mortgage in 2018. You should understand some important things about an FHA mortgage. FHA mortgage loans in MA can be a better loan option for some people, including low-down payments, low closing costs, and easier credit score qualifications. FHA loans offer many benefits in 2018, however, you need to meet FHA loan requirements. We advise you to speak to one of our loan officers to understand what the maximum and minimum loan amounts are for an FHA loan. This blog provides valuable information about FHA mortgage loans in 2018 .

There are many reasons that homeowners might not be able to pay their mortgage. It could be a change of finances, a loss of a job, a relocation or a drop in their home’s value. It’s difficult when a homeowner owes more money than their property is actually worth. Foreclosures can also wreak havoc on your credit and prevent you from qualifying for a new loan. Skipping a mortgage payment isn’t always advisable either- it’s certain to have a negative effect on your credit and finances. This blog provides valuable information on why it’s a bad idea to skip your mortgage payments .

USDA financing is an excellent option for those who are low to middle-income borrowers and are looking to buy a home in a rural area. To buy a home in a rural setting, a home buyer must meet the USDA financing income requirement. The USDA has set parameters for a guaranteed home loan program. USDA home loans best suit first time home buyers who wish to live in a rural area. This type of loan is provided by the lender and protected by the USDA in case the borrower is unable to pay back the mortgage. This blog provides valuable information about what to know before applying for USDA financing .