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Karen Lilley's Blog

By Karen Lilley | Broker in Cambridge, MA

Financing your Arlington home, Cambridge Condo or Belmont multi-family

How to finance a new Arlington home, a Cambridge condo or a Belmont multi-family in today’s market.


Financing your new home purchase? Local lenders may be the answer.
 
By now we are all too well acquainted with the financial crisis in the US and the role played by lending institutions in regard to housing. Large lending institutions seemed to have money to burn as they granted mortgage loans to almost all comers. Now, the pendulum has swung in the opposite direction. Unfortunately, it has swung so far back that these same institutions can be overly restrictive in their lending practices and overly cautious in their qualifying on mortgages today.
 
Enter the local lender to the rescue! Most local lenders did not, whether for lack of resources or excess of intelligence, participate in the overly aggressive lending practices of the larger lending institutions.   Having taken a steadier, more logic based approach to lending these local banks are able to maintain that steady logic based approach today.
 
Should you find yourself seeking financing for a new home purchase in today’s market, take the time to talk to your local lender whose competitive rates and sound practices may just win you over.
 
Check out these lenders below or visit www.thecommunitybanker.com/bank_links/usa_massachusetts.htm for a complete list of local lenders with websites.
 
Belmont Savings Bank: www.belmontsavings.com
East Cambridge Savings Bank: www.ecsb.com
Watertown Savings Bank: www.watertownsavings.com
Winchester Savings Bank: www.winchestersavings.com
 
Give these banks a call:
 
Lexington Savings Bank : 781-861-6050
Medford Savings Bank: 800-698-7701 
   
And here are some Additional Resources:
 
Community Information: http://www.avenue3re.com/resources 
Eastern Massachusetts Real Estate: http://www.avenue3re.com/real-estate/ma
 
 

Karen Lilley and Lois Ardito, Principals

 
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