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.
To speak directly with an experienced mortgage professional simply give us a call anytime or feel free to utilize any of the interactive tools offered throughout the site. We look forward to working with you.
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.
To speak directly with an experienced mortgage professional simply give us a call anytime or feel free to utilize any of the interactive tools offered throughout the site. We look forward to working with you.
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.
In high cost areas loan amounts may increase up to $625,000 for a single family.
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.
In high cost areas loan amounts may increase up to $625,000 for a single family.
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.
In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan.
As the mortgage is paid down, more of the monthly payment is applied toward the principal.
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.
In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan.
As the mortgage is paid down, more of the monthly payment is applied toward the principal.
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.
It limits the interest rate you will pay the first time your rate is adjusted.
First adjustment caps vary with type of loan program.
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.
It limits the interest rate you will pay the first time your rate is adjusted.
First adjustment caps vary with type of loan program.
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.
It is generally easier to qualify for a VA loan than conventional loans.
A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice.
It is generally easier to qualify for a VA loan than conventional loans.
A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
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.
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.
Reviews
Be the first to review Back Bay Mortgage Brokers.
Write a Review
