Fixed Rate Mortgage
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
These increasingly popular ARMS can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.
Mass Housing Mortgage
Put simply, the Mass Housing Mortgage offers competitive interest rates with low down payment options. This affordable loan from the state’s affordable housing bank is just right for first-time homebuyers as well as those looking to move up or refinance. With its flexible underwriting and fixed rate financing, it’s the perfect mortgage loan for low- and moderate income households. Also, Mass Housing offers MI PlusTM Mortgage Insurance, which helps pay the mortgage for up to 6 months in case of job loss.
Subject to Credit Approval.