Nextgen is a leading mortgage broker in New England.
Based in New England with a presence in Maine and Massachusetts, we can confidently say we are one of the best mortgage companies in operation. We have a customer-centric policy to ensure the success of our clients; we do not charge them anything until their mortgage is finalized. Simply put, we do not earn anything till you get what you came for. As a mortgage broker that puts their clients first, this policy is a testament to our commitment.
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your first home, moving, refinance, or investing in property, a mortgage broker can help
Everything has a beginning; our experts will discuss your requirements and advise you on the best possible solutions during your application.
Our professional mortgage brokers go over your requirements and sift through the many lenders we have to get you the best possible deal.
We discuss the terms and conditions with the relevant lender, take your consent and sign the paperwork and hand over your mortgage amount.
My husband and I were planning to get our own house for the longest time. Going through the many real estate portals, we came across a beautiful house which we knew would make the perfect home. We were worried about how we were going to get the money and then a friend of ours referred us to Nextgen Mortgage. They were accommodating yet professional, they gave us good advice and got us a fixed-rate mortgage option that we could afford. Now we always refer Nextgen to our friends and family.
I had purchased a home using the inheritance money I received. Since I work as a freelance project manager and consultant, my income is not regular; it depends on the project. My house was in desperate need of repairs while searching online for a loan option; I came across Nextgen Mortgage, their policy of no upfront charges till the deal gets finalized was the deciding factor for me. I am glad I chose them as a mortgage broker; their professional and helpful attitude helped me a get the loan amount I required and with terms and conditions I was comfortable with.
A couple of years ago, I had taken a mortgage to purchase a home. I had taken a loan but was finding it difficult to make the ever-increasing payments. It was my first experience with a mortgaging company, and I wasn’t guided as correctly. Nextgen mortgage was referred to me by a relative of mine. Through their excellent guidance, I was able to have my mortgage refinanced under friendlier terms and conditions and with a payment schedule I could afford.
Need to refinance your current mortgage? Talk to our representatives; let us help you get the best possible deal.
Are you eligible for a veterans loan? Need assistance with getting a VA or FHA loan, let us help you in acquiring it.
Need help with loans and mortgages? Have questions and concerns that no seems to address? Let us help you with the best advice and that too free of charge.
Need to carry out repairs on your property? Need to refurnish your home or refurbish it? Let us help you with your financing needs.
A mortgage broker is a person or company that helps businesses and individuals connect with mortgage lenders, whereas mortgage lenders are the businesses and banks that lend money. The broker is an intermediary that brings or matches borrowers and lenders. The process is quite complicated for an individual applying on their own. However, at Nextgen Mortgage, we handle the brunt of the work (as we are specialists, it is easy for us) so that our clients don’t have to worry about the technicalities and complications. We always keep the interests of our clients in mind and work hard to find a suitable lender according to their needs.
A good faith estimate (GFE) is basically a disclosure. By law, the lender must provide the borrower with the best estimate of all costs associated with the loan within 3-days of the application.
Fixed-rate mortgage or FRM is, as the name suggests, a loan where the interest rate is fixed. Fixed-rate mortgages are mostly available in long term durations such as 15 year or 30-year tenures. The amount the borrower has to pay regularly is fixed as well and remains the same from start to finish. An adjustable-rate mortgage or ARM, on the other hand, is a loan where the interest rate changes with time. The factors influencing the interest rate to change are the current interest rates in the market and on the terms decided at the signing of the contract. Various factors determine the interest rate that is settled with a borrower. It can include the credit score of the borrower, the initial downpayment, the current and expected future interest rates, the value of the property for which the mortgage is being taken and other such factors.
A bank appraisal is a professional and unbiased estimate/opinion of the value of a real estate. The appraisal is required when a person is looking for a mortgage or when they decide to refinance the mortgage on their property. The way it is done can include checking the prices at which properties in the area have been sold, usually within a year. The other method that an appraiser might use is the cost per square foot approach, where the value of the real estate is estimated by adding the assessed price of the land to the current cost of constructing a similar property and minus the depreciation from it. This method gives a very accurate estimate if the real estate is new.
Refinancing refers to the process of taking out a new loan by a borrower to pay off one or more outstanding mortgages or loans. The process usually involves the borrower getting the loan at a lower interest rate then what he is already paying, meaning a reduction in the amount that they give each month.
When going for a mortgage to buy a house, there are several costs that the prospective home purchaser needs to keep in mind:
• The downpayment, which will vary depending on the mortgage plan.
• The appraisal cost
• The home inspection cost
• The Mortgage processing fee
• Real Estate Attorney fee
• The Underwriting fee
• The Bank Attorney fee
However, we at Nextgen Mortgage will ensure that you get the most competitive rates.
The process of getting a loan is quite complicated if a person tries to acquire it on their own and the chances of the loan getting rejected are also higher. However, we at Nextgen Mortgage have simplified it for our clients:
1. Let us know your requirements – the purpose, amount, type, etc.
2. We give you advice and also a quick quote based on your requirements
3. Check your eligibility – working through our vast network of lenders; we get the best possible option for you.
4. Applying for the Loan: Once we have finalized the lender, we work with you to complete the entire application process (see documents required for a loan) till the finalization.
Did we mention that Nextgen Mortgage does not ask you to pay any upfront charges? We get paid only when you get your loan approved; this is to show our commitment to our customers. You can also check out our signature programs and then discuss them with our representatives
A rate lock is basically a guarantee for the interest rate that is quoted to a prospective borrower. The rate lock usually lasts from 15 days to 60 days; the longer the rate lock duration, the higher the interest rate usually is. The borrower is protected from increases in the Interest rate during the period of the rate lock. It allows the person time to complete their mortgage and property transaction before the lock expires.
Sometimes it happens that a person might not have the minimum required down payment for the mortgage, or the individual does not have the best credit score. In these cases, a private mortgage insurance PMI becomes a requirement by the lender to safeguard the loan amount. Since a low credit score or no or low-down-payment increases the risk factor for the lender.
If you are applying for a loan, then you need to be ready to provide the documentation. (Don’t worry Nextgen has you covered on this we will help you throughout the process) The documents include:
• Social security card
• One month pay stubs
• Past two year’s W-2’s
• Driver license
• Bank Statements
• Asset Statements
• A fully executed purchase contract
• A copy of an earnest money deposit check
After the formal application for the mortgage is completed, the lender may still ask for more documentation that can include:
• Updated Pay Stubs
• Updated Bank Statements
• Verification of Employment or Business
• Gift letter for a downpayment (if applicable)
This question is frequently asked and the answer to this is yes, it can be done without having to refinance. However, certain conditions need to be fulfilled before you can quit a PMI; these conditions are laid out at the time of acquiring the loan. The requirements can be that you have paid your loan to the point that you have 20% equity in your home, or the price of your property has appreciated, reaching that equity amount. Also, the real estate prices must not be decreasing in the area where your property is located and no mortgage payments have been missed in a year. For more information regarding PMI and its cancellation, if you feel that you will be required to have it, you can speak to one of NexGen Mortgage’s representative.
The minimum downpayment can vary according to your credit score, the property being purchased, the type of employment you have and other such factors. However, most lenders require a minimum of 20%. In case you cannot meet the downpayment requirement, you will be asked to get mortgage insurance (PMI); this is to cover for the additional risk associated with the no or low downpayment or even a low credit score.
your first home, moving, refinance, or investing in property, a mortgage broker can help