4 Steps to Take Before Buying Your First Home

July 15, 2019

While buying your first home is an important milestone, it is also a challenging endeavor that can prove to be quite overwhelming. Not only do you have to shop around for the perfect structure for you and your family, but you will also need to obtain funding through the means of a mortgage in order […]

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Types of Commercial Loans

August 6, 2018

commercial buildings

Commercial loans are a special type of debt-based funding arrangement that is set up between a business and financial institution that is commonly utilized to provide the funds necessary for capital expenditures and/or to provide a monetary basis for operational costs.Commercial loans may be obtained from either a bank or a private lender. Somerville Bank […]

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Banks Evaluate the 5 Cs of Credit Before Approving Commercial Loans

September 26, 2016

commercial loans

Commercial loans are issued to various types of business entities. These loans are typically utilized to assist in areas where short-term funding is needed immediately. These areas may include operational costs, purchasing of much-needed equipment, payroll, or to obtain items that are necessary for the processes of production and manufacturing. While obtaining this type of […]

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Common FHA Credit Guidelines

July 27, 2016

FHA Credit Guidelines

Following FHA Credit guidelines, before providing approval for any type of loan, a lender will carefully analyze the overall integrity of the applicant’s credit history. The FHA loan requirements state that those who have a favorable credit history with a long track of timely payments on their debts will be eligible for the loan that […]

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Determining if a Home Mortgage is Right for You

July 20, 2016

home mortgage

A home – for most people – is the largest financial commitment of a lifetime. Obtaining a mortgage rate that accommodates your financial situation and is considered to be ideal involves more than just a bit of comparison shopping. It is important that you realize this – right at the beginning of the endeavor – […]

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