Judy DiRubio

Senior Loan Officer
Direct: (978) 865-1151
Toll Free: (800) 836-6554
Fax: (781) 633-6748

"I have known Judy for nearly 20 years and during that time I have come to realize that she is likely the most experienced, dedicated and knowledgeable mortgage representative on the entire North Shore.  We, and the clients we serve, are truly fortunate to have such a qualified, caring and educated professional as part of our Coldwell Banker team."
                                                                                ...Jay Burnham, VP

INTRODUCTION
As a homebuyer, one of the more complex steps in purchasing a home is finding a mortgage lender. In fact, it is now possible to be pre-approved for a mortgage before you even start looking for a home. And if you are selling a home, knowing that the potential buyers are provided with appropriate financing can be a significant fact in your decision-making process.

To make this part of the transaction less daunting, we offer NE Moves Mortgage services. As a licensed, full-service mortgage company, we are approved to sell and administer mortgages by the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac), the largest mortgage investors in the world.

We are one of the top providers of home mortgages in New England, offering competitive rates and more than 100 specialized programs. Each sales office has an in-house consultant who works with you and me to facilitate the loan process, and ensure that financing arrangements are managed smoothly and efficiently.

THE MORTGAGE PROCESS

There are essentially six steps in the mortgage process:

Step One: Analysis - An NE Moves Mortgage Consultant will analyze your financing needs and compare different mortgage programs for you. When the review is complete, you will receive a statement of pre-qualification.

Step Two: Application - Your consultant will provide you with whatever assistance is necessary to complete the loan application, even if you have not yet found a home to purchase. 

Step Three: Rate Protection - At any time, from application until closing, you may "lock" the interest rate on your loan. Once locked, this will be your final mortgage rate.

Step Four: Commitment - Once the application is received, it is reviewed by an NE Moves Mortgage Underwriter. If all is in order, a commitment letter will be issued, often within days of the application.

Step Five: Conditions - If there are conditions listed in the commitment letter, they must be satisfied before the closing can take place.

Step Six: Closing - All parties will be informed of their closing requirements, and a convenient time and place for closing will be scheduled. All Coldwell Banker Residential Brokerage offices are available as comfortable, convenient closing locations.

MORTGAGE TYPES
While our counselors will help determine which program best suits your needs, below is a brief description of the more common types of mortgages available through NE Moves Mortgage.

Fixed Rate - Your interest rate remains the same for the duration of the loan.

Adjustable Rate Mortgage (ARM) - ARM's have interest rates that vary over the life of the mortgage. The rate is adjusted at pre-selected time intervals. Most ARM's have limits on the amount a rate can increase at each interval (period cap), and over the life of the loan (lifetime cap).

Convertible - Many ARM's have an option to convert the loan to a fixed rate. When the option is exercised, the interest rate becomes fixed for the remainder of the life of the loan.

First Time Homebuyer - First-time mortgages allow many people who don't meet standard financial requirements to secure home mortgages. They allow options such as lower down payments, reduced initial monthly payments, and relaxed credit requirements.

Jumbo - This term refers to mortgages that exceed the maximum amount that Fannie Mae or Freddie Mac will purchase or guarantee. Many include beneficial features not available in conventional programs. They are available in fixed rates, equal and unequal period ARM's, balloon, and construction loans.

First and Second Combination - NE Moves Mortgage offers combination mortgages as a way of reducing financing costs for particular homebuyer. They are sometimes used an an alternative to a jumbo. As the name implies, these programs consist of two mortgages, usually a fixed rate and an ARM. The blended cost is often significantly less than the cost of a jumbo.