{"id":1033,"date":"2020-08-07T13:26:33","date_gmt":"2020-08-07T13:26:33","guid":{"rendered":"https:\/\/baycoast.bank\/?p=1033"},"modified":"2023-06-13T21:55:20","modified_gmt":"2023-06-13T21:55:20","slug":"the-three-steps-to-getting-a-mortgage","status":"publish","type":"post","link":"https:\/\/baycoastmortgage.com\/en\/insights\/the-three-steps-to-getting-a-mortgage\/","title":{"rendered":"The Three Steps to Getting a Mortgage"},"content":{"rendered":"
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Insights<\/a><\/div>\n\t\t\t\t\t\t\n\t\t\t
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\t\t\t\tAugust 7, 2020 \n\t\t\t<\/div>\n\t\t<\/div>\n\t \n\t

The Three Steps to Getting a Mortgage<\/h1>\n\t \n\t
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With so many mortgage companies out there, it\u2019s essential to know exactly who is loaning you money. So, we wanted to show you just how easy applying for a mortgage can be with a lender who\u2019s just right for you.<\/p>\n\n\n\n

We\u2019re a wholly owned subsidiary of BayCoast Bank, a thriving community bank that\u2019s served the people and businesses of southeastern Massachusetts and Rhode Island for more than 150 years. We have all the financial capabilities of a mortgage company as well as a savings bank, which allows us to serve all your mortgage needs.<\/p>\n\n\n\n

Although we\u2019re based in Massachusetts, we provide mortgage solutions for customers all along the East Coast. Above all, we\u2019re big on community involvement, customer education, and empowering you to make your best financial decisions. We\u2019re not just another online mortgage website\u2014we\u2019re real people who you can call, talk to, and shake hands with.<\/p>\n\n\n\n

Fixed-Rate Mortgages<\/h3>\n\n\n\n

Fixed-rate mortgages are the backbone of the mortgage lending business. They’re most commonly available in 15- and 30-year terms (the length of time you\u2019ll be paying the mortgage). Homeowners who choose fixed-rate mortgages \u201clock in\u201d their interest rate at the beginning of the mortgage\u2014their rate and payment will never change over the life of the loan. <\/p>\n\n\n\n

Because an interest rate is locked in, fixed-rate mortgage payments aren\u2019t affected by marketplace influences. This makes fixed-rate mortgages attractive to budget-conscious homeowners. In fact, the only reason a fixed-rate mortgage payment will ever change is if escrow for property taxes, homeowners insurance or HOA dues\u2014additional costs that are commonly rolled into mortgage payments\u2014is ever adjusted. <\/p>\n\n\n\n

A 15-year mortgage allows homeowners to lock in lower rates, pay less interest, and pay off their homes more quickly. However, it\u2019s important to remember that the overall monthly payment on a 15-year fixed-rate mortgage will be higher, since you\u2019re paying off a larger part of the principal with every payment.<\/p>\n\n\n\n

If you\u2019re looking for a lower monthly payment but still want the stability of a fixed-rate mortgage, a 30-year mortgage may be right for you. Your interest rate may be a bit higher (compared to a 15-year loan), but your monthly payment will be more wallet-friendly, since the amount of money you\u2019re repaying is spread out across 360 (30 years x 12 months) equal payments.<\/p>\n\n\n\n

1. Complete Your Application<\/h3>\n\n\n\n

We know this can all be intimidating, so we have a couple of options for you. <\/p>\n\n\n\n