Residential Purchase Mortgages
Boston Residential Purchase Mortgage Attorney
A mortgage loan is the financing that allows you to purchase a home or property. Beyond that simple concept, there is much to know about mortgages and the home buying process that can best be addressed by a knowledgeable, experienced real estate attorney.
At the Cambridge, Massachusetts, Law Office of Joseph A. Lopisi, I can help you sort through the financing, legal, title, and contractual issues related to your residential real estate purchase. I have been providing responsive, thorough counsel to individuals throughout the Greater Boston area including, but not limited to, Middlesex, Suffolk, Essex and Norfolk Counties on these matters for more than 40 years. Trust my experience. Contact me today to discuss your options with a trusted real estate attorney in a free initial telephone consultation.
Some of the mortgage options available include:
- Fixed-rate mortgage: Secures your interest rate for the length of your mortgage, unless you refinance
- Adjustable rate mortgage (ARM): There are various types of ARM financing that secure either an interest rate for a period of time and change as the rates change or interest rates that change each year
- Interest-only mortgage: Allows you to make payments on the interest and only pay the principle when you sell the home.
Home buyers have the option of obtaining both a first and second mortgage at the time of the initial home purchase to avoid having to pay private mortgage insurance. This can be an important option if you do not have 20% to put down on the house. For lending purposes, choosing this option is not taken into account in the amount of your home loan. I can explain your full range of options in determining the appropriate choice to make in your home financing.
You generally have 30 days to obtain a written mortgage commitment letter. I will review that letter and make sure there are no conditions within it that you will have a problem meeting. Additionally, I will ensure that all terms and conditions that are important to you are met, including interest rate, private mortgage insurance, insurance escrows, and other loan details. I will make sure the loan commitment is what you are applying for, with no surprises.
In addition to representing home buyers, my firm also represents current homeowners in residential refinancing mortgages, and numerous mortgage companies regarding loan transactions for residential real estate purchases and refinances.
The purchase of your home is probably the biggest transaction you will ever make. You can count on me to ensure your interests are protected as you pursue financing and move through the process. Contact me today to discuss your needs, questions, and concerns in a free initial consultation.