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Home / Local Information / Woburn MA Homeowner Loan Refinance Advice

03.12.12 Local Information, Mortgage Information

Woburn MA Homeowner Loan Refinance Advice

Woburn MA homeowners may think about refinancing while interest rates remain low. Refinancing involves some up-front costs but can lead to smaller monthly payments. It can take place with the existing lender that retains a mortgage or a entirely different bank. Below details Woburn MA homeowner loan refinance advice including the costs and reasons for refinancing.

When to Refinance a Woburn MA Property

Consider the Real Estate Market

The real estate market can affect your refinancing options. If Woburn MA real estate prices dropped from when you bought the property, this may make refinancing more difficult. Banks traditionally lend up to a certain percentage of the property’s value, based on an appraisal. If your loan balance is higher than that percentage, you may have to reduce your balance in order to refinance. FHA mortgages have the benefit of a streamline refinance that does not require an appraisal. There are also alternatives for home buyers who had twenty percent equity at the time they intially purchased but are currently under water due to declining real estate values. A local mortgage professional can help you identify these different options.

Interest Rate Difference

The traditional rule is to refinance when the prevailing rate is at a minimum one percent lower than your current rate. The monthly savings over the life of the mortgage would make it worthwhile. Also, some banks will not authorize a refinance unless the savings exceeds a specific percentage.

Fees and Other Factors

There are expenses that come with refinancing a Woburn MA home loan. These include closing costs, bank fees, pre-paid interest, and mortgage insurance, just to name a few. Fees can vary depending on the mortgage company and type of mortgage. Understand these expenses prior to refinancing and analyze it against the overall savings. Also note that you will have a delay between when your current mortgage is paid off and the next payment is due, so that money can be paid towards your closing costs.

About Woburn MA Homeowner Loan Refinance Advice

In addition to the Woburn MA homeowner loan refinance advice detailed above, also factor in how many years you intend to live in a property since the savings is likely realized over many years. Mortgage rates are also influenced by your personal finances and credit scores, so consult with a Woburn MA mortgage professional for information on your personal situation. The advice above is general and may not cover everything applicable to your mortgage or personal situation.

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Tags: Woburn MA, refinance

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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  • Local Information (56)
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  • News (21)
  • Real Estate Information (167)
    • Featured Properties (2)
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Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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