Naturally, when shopping for anything you want to get the best possible deal. This holds true for mortgage rates as well. A lower interest rate means a lower monthly mortgage payment, which can save you money in the long run. Also, it is easier to qualify for a lower payment than a higher one. Look for a qualified mortgage broker who can assist in finding the right mortgage for you. We have several good mortgage brokers to recommend – Christine DeWolfe, Jane Shanley, Rob Veneziano, and Jeffrey Nelson. You’ll want to find a broker who is energetic, flexible and knowledgeable about finance and loans, and someone who has your best interests in mind.
Rates change quickly. The great rate you find today might not be there tomorrow. Once you find the rate you are looking for, submit a loan application and lock in that rate. Some sources for interest rates on the Internet include: Bank Rate Monitor (http://www.bankrate.com) E-Loan (http://www.eloan.com).
When comparing loans, make sure that you’re comparing loans of the same type. For example, you find that “Loan A” for a 30-year loan has a much lower interest rate than “Loan B” (also for 30 years). Upon further inspection, you find that “Loan A” is technically an adjustable rate mortgage. Its payment is based on a 30-year amortization, but becomes due through either payment or refinancing at the end of 5 or 7 years. These are frequently referred to as a 5-year or 7-year fixed-rate mortgage. While both said “30-year”, they are not the same type of loan. Ask the lender for a statement detailing all fees associated with the loan.
Factors such as “points” (loan fee), and interest rate can vary greatly from one lender to another. During the loan approval process, the lender provides a good faith estimate with respect to the fees that you may incur. Visit the Financing page of our website for more information and tips on financing your next home.
Happy Mortgage Shopping!
- Ellen and Janis




With crisp fall days and the end of Daylight Savings Time upon us we’re spending more and more time inside our homes. Here are a few suggestions for WINTERIZING your home. Whether you live in one of Jamaica Plain’s painted ladies, a condo in Roslindale or single family home in West Roxbury, a few changes can go a long way to keeping you comfortable this winter!














