Getting a new mortgage to replace the original is called refinancing. Refinancing is done to allow a borrower to obtain a different, and better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage.
When it comes to finding a house, there are many options to consider. Identifying the ideal kind of house helps you find the right place more quickly.
MassHousing announced Oct. 12 that it provided nearly $1 billion in financing for affordable housing in fiscal year 2012, setting a new one-year lending record.
“Creating affordable housing helps to generate jobs, grow local businesses and strengthen our communities,” said Governor Deval Patrick. “Government’s role is to help people help themselves, and investing in affordable housing will build a better Commonwealth for generations to come.”
It is important to be alert to avoid being victims of fraud or alterations in your mortgages. People who have been affected by the foreclosure crisis are the most vulnerable to being victims of this scam. For this reason Mass Housing, offers information on fraud and most common alterations in mortgage loans: