HomeQuest Mortgage is a licensed mortgage broker, not a bank. They provide financing throughout Massachusetts, Connecticut, New Hampshire, Rhode Island and Maryland. They work with over 40 different lenders to find the best funding fit for their customers. Their title company, HomeQuest Title, LLC, offers a 40% discount on title insurance to HomeQuest mortgage customers. HomeQuest Mortgage, Inc is headquartered in North Grafton, Massachusetts.
HomeQuest Mortgage Loans
HomeQuest Mortgage offers both conforming (under $417,000) and jumbo (over $417,000) loans. They offer fixed rate mortgages (the interest rate stays the same for the life of the loan) with terms of 15 and 30 years. These loans afford the borrower the security of a payment that stays the same over the life of the loan and protection if the interest rate goes up. They also offer adjustable rate mortgages. In this type of loan the interest rate stays fixed for a certain term and then returns to the market rate. These are offered with 6 month, 1, 3, 5, 7, and 10 year fixed interest terms. These loans offer a lower payment for the initial term and then the borrower assumes the risk of the interest rate rising. HomeQuest funds the balloon mortgage in 5 or 7 year terms. A balloon mortgage is a fixed rate mortgage where the loan amount is amortized on a 30 year payment schedule, but the loan is for a shorter term with a single (balloon) payment due when the term is up.
HomeQuest First Time Buyer Home Loans
For the first time buyer, HomeQuest offers a lower down payment, easy qualifier loan. This loan may be subject to income and property value limitations. The stated income loan program is for the consumer with hard to verify income. This loan requires a higher down payment and is subject to higher interest rates. The no points/no fee loan offers no closing costs to the consumer. Less money is required to close the loan, but it results in higher interest rates and higher payments. An imperfect credit program is offered for those who need to re-establish their credit. This loan is subject to higher interest rates and may have prepayment penalties.
HomeQuest Mortgage offers the home equity loan and the home equity line of credit. A home equity loan is a fixed rate loan, usually for a shorter term than a first mortgage. It may have higher rates than the first mortgage. An equity line of credit is for the home owner who wants the security of having some extra cash available, whether for immediate use or to save for a rainy day. It may be used and repaid as often as desired for the tern of the line. Interest is paid only on what is used, but it is at an adjustable rate.
HomeQuest Mortgage has both a long and short application available online. The customer may choose the correct application for his needs. The customer may also contact individual home loan consultants or HomeQuest by phone or e-mail.
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