Back Bay Mortgage Brokers is committed to providing our clients with the highest quality service while securing the best possible loan options available. Our expert mortgage professionals have over 20 years of mortgage lending and brokerage experience. We will work with you one on one to ensure that you get the right mortgage to specifically to meet your financial goals.
Whether you are purchasing your dream home, refinancing an outstanding loan, consolidating debt, making an investment, or a first time home buyer, our experienced loan officers are here to walk you through the process and make sure you get the right mortgage. Our ultimate goal is to create lasting relationships with each of our clients so that we may continue providing excellent service for many years to come.
Whether you are purchasing your dream home, refinancing an outstanding loan, consolidating debt, making an investment, or a first time home buyer, our experienced loan officers are here to walk you through the process and make sure you get the right mortgage. Our ultimate goal is to create lasting relationships with each of our clients so that we may continue providing excellent service for many years to come.
Services
Conventional loans are Fannie Mae and Freddie Mac mortgage loans offered by government sponsored lenders. These loan types include Fixed Rate Loans and Adjustable Rate Loans (ARMs) for 1-4 unit properties. The standard maximum loan amount for a conventional loan is $417,000 for a single family home unless you are in a high cost area.
With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be. Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term.
Borrows often lock into 3 to 10 years of fixed rate payments before the initial interest rate change. At the end of the fixed period, the interest rate adjusts annually. Fixed-period ARMs are typically tied to the one-year Treasury securities index: 3/1, 5/1, 7/1 and 10/1. ARMs with an initial fixed period beside of lifetime and adjustment caps usually have also first adjustment cap.
VA Loan: Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice.
Back Bay Mortgage Brokers LLC offers loan programs specifically for foreign nationals. No credit scores optoins are available. Purchases and cash-out refiinances. Property types include investment property, 2nd home, owner-occupied single-family and condominiums Loan amounts up to $5m. Please contact one of our loan experts for a consultation.
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George P.
Nov 09, 2017
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