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Home / Mortgage Information / Massachusetts Homeowner Loan Refinance Tips

02.10.12 Mortgage Information

Massachusetts Homeowner Loan Refinance Tips

Massachusetts homeowners should evaluate refinancing while interest rates remain low. Refinancing includes some up-front costs but can result in dramatic savings on monthly payments. It can be with the current mortgage company that owns a mortgage or a new lender altogether. The following provides Massachusetts homeowner loan refinance tips including the expenses and benefits of refinancing.

Timing the Refinance of a Massachusetts Mortgage

Market Conditions

The real estate market can affect your refinancing options. If Massachusetts home prices declined from when you closed on your mortgage, this may make refinancing more difficult. Lenders typically only lend up to a specific percentage of the home’s value. If your mortgage balance exceeds that mark, you may have to pay down your balance in order to refinance. FHA loan holders have the benefit of a streamline process without an appraisal to estimate real estate market price, so this would not be an issue for FHA mortgages.

Interest Rate Variance

The typical rule is to refinance when the prevailing rate is at a minimum one percent lower than your current rate. The monthly decrease in payment over the life of the mortgage would make it worthwhile. Also, some mortgage companies will not approve a refinance until the savings exceeds a specific amount.

Costs and Other Factors

There are expenses associated with refinancing a Massachusetts loan. These include closing costs, bank fees, up-front interest, and PMI, just to name a few. The amount can differ depending on the bank and type of mortgage. Obtain a quote before refinancing and compare it to the monthly savings. Also know that you will commonly have one month without a mortgage payment, so those funds can be put towards your closing costs.

About Massachusetts Homeowner Loan Refinance Tips

On top of the Massachusetts homeowner loan refinance tips detailed above, also think about how long you plan to live in a property since the savings is only significant overtime. Interest terms are also affected by your personal finances and credit scores, so consult with a Massachusetts mortgage professional for assistance. The information above is only an overview and may not include everything applicable to your loan or specific situation.

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Tags: Massachusetts, 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 (61)
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  • Mortgage Information (117)
  • News (22)
  • Real Estate Information (175)
    • Featured Properties (2)
    • Home Buyer Tips (133)
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    • Home Seller Tips (40)
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Disclosure

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

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