Is now the right time to lock in a low rate by refinancing your current mortgage in Massachusetts? There are many reasons you may want to look at a mortgage refinance loan. Some of the more common reasons to have your loan refinanced include:
Lowering your current interest rate: There are a lot of different factors that determine where current mortgage rates sit. One thing you can count on is that over time the average rate on a home loan will move up and down. You may find that the available interest rates in MA have fallen enough for you to save on your monthly payment. Obtaining a lower interest rate on your home loan not only can help you save money each month but that savings can be used to pay off your mortgage faster.
Converting from an adjustable to fixed rate: During the housing boom many Massachusetts homeowners took out interest only mortgages or adjustable rate loans. Once their locked in period expired many began to see their rates increase over time. If you find yourself in a position where your rate is increasing you may want to look at locking in a rate with a fixed rate mortgage. Refinancing into a fixed loan can give you the piece of mind in knowing what your mortgage payment will be from month to month.
Cash-out refinance: If you have accumulated equity in your Massachusetts property you may want to tap into that equity to pay some bills. Some of the things homeowners use their equity on include paying for a child’s college education, home improvements or paying off some high interest rate credit card debt.
No matter if your reason for looking to refinance your mortgage is one of the above or not one thing is certain. Refinancing into the best loan possible takes some homework. Take a moment and find the best refinance rates today with an experienced Massachusetts lender near you!
Massachusetts Mortgage News
Record-Low Mortgage Rates: Basement for Sellers? - CNBC Remember when a six percent mortgage seemed like a bargain? That is a piece of ancient history from Year One BC (Before the Collapse ? also known as 2007 AD). At the end of the Bush Administration, rates below 7 percent were something of a bargain.
Costco members can now shop for mortgages online - Chicago Tribune Consumers who aren't Costco members may qualify for the same sort of mortgage rates, but they wouldn't be able to receive the discounted lender fees that are offered to members. The mortgage loan applications eventually would go through the same ...
Mortgage rates move lower - United Press International WASHINGTON, May 24 (UPI) -- Average mortgage rates for long-term, fixed-rate loans keep falling to record lows, the Federal Home Loan Mortgage Corp. said Thursday. Average rates for 30-year contracts dropped from 3.79 percent to 3.78 percent ...
Hoboken Homes Gone in 60 Minutes Signal U.S. Recovery: Mortgages - Bloomberg The interest rates are there and they?ve been waiting so long to move on with their lives that they came out this spring.? U.S. homebuilders are reporting their most-improved spring selling season in seven years as record low mortgage rates ...
BMO Bank of Montreal Decreases Mortgage Rates - msnbc.com BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective May 25, 2012. "BMO continues to encourage Canadian homeowners to take on a mortgage amortization of 25 years or less. Shortening the amount of time you carry ...
30-year mortgage rate hits another record low - CNN Money NEW YORK (CNNMoney) -- Buying a home got even cheaper this week as interest rates on the 30-year fixed-rate mortgage set a record low for the fourth week in a row. The 30-year fixed mortgage, the most popular mortgage product, dipped slightly to ...
Report: Mortgage rates hit rock bottom - The Business Journal U.S. mortgage rates hit record lows for the week ending May 24, MarketWatch reported Thursday. The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage held steady at 2.83 percent. Meanwhile, the San Antonio housing market ...
