Mortgage Refinansing Help

Mortgage Refinancing Help: Massachusetts

“Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty. ”

Mortgage Refinancing Help: Business: Financial Services: Mortgages: Regional: United States: Massachusetts (23)

Give yourself plenty of time to close. With most refinancings, your file is turned over to a closing or title company, which dictates the closing details. Like the lenders themselves, these firms are swamped when interest rates are low. Moreover, appraisers get backed up and can be difficult to schedule. So don't expect the closing to happen as quickly as anyone promises.

Mortgage Refinancing Help: Massachusetts (2010)

See also:

Advantage Mortgage »
Provides mortgage financing for Massachusetts, Connecticut, Rhode Island, New Hampshire, Maine and Vermont.

Massachusetts Mortgage Banker Association »
A regional leader in the residential mortgage industry, serving as an important link to appropriate state and federal agencies.

Omega Mortgage Corp. »
Information about home loans, mortgages, house refinance, and house renovation, with five offices in Massachusetts.

Patriot Mortgage Company »
Offers residential mortgage programs.

Leader Mortgage Company »
Direct mortgage lender offers residential mortgage financing to the Massachusetts market.

AllMass Mortgage »
A full service mortgage company offering a wide variety of financial services including first and second mortgages, home equity lines of credit, re-financing of homes, as well as bill consolidation loans.

East West Mortgage Company »
Massachusetts-based lender servicing the New England region.

JP Mortgage Group »
Provides residential mortgage financing for Jamaica Plain and throughout Massachusetts.

Navigator Mortgage »
Provides residential mortgage financing for Boston and all of Massachusetts.

First Eastern Mortgage Corp. »
Provides residential mortgage financing for Andover and all of Massachusetts.

Riverside Capital Mortgage & Funding, Inc. »
Specializing in residential and commercial mortgages in all of Massachusetts.

The Cambridge Mortgage Group, Inc. »
Provides residential mortgages in Massachusetts, Connecticut and New Hampshire.

Massachusetts Capital Mortgage Corp. »
Providing mortgage products and information to Massachusetts property owners and buyers.

NewFED Mortgage Corp. »
Provides both lending and brokerage services. Features loan programs, calculators, job placement information. Office locations throughout the state.

Lending Lighthouse Mortgages »
Provides residential mortgage products and services throughout Massachusetts.

Diamond Mortgage Services »
Mortgage broker offers residential mortgage financing in Massachusetts, Rhode Island and New Hampshire.

Interate Mortgage Corporation »
Mortgage Lender providing residential and commercial financing in Massachusetts, New Hampshire and Maine.

Gomberg Financial Services »
Provides commercial financing for apartment and office buildings in MA and NH.

First Capital Mortgage Group »
Provides residential and commercial lending for Boston and the Massachusetts area.

New England Fine Properties & Mortgage »
Specializing in home loan financing for people with less than perfect credit throughout Massachusetts.

Mortgage Options of America, Inc. »
A full service mortgage broker licensed in Massachusetts and Florida.

Anchor Mortgage Company, Inc »
Mortgage offers a wide variety of home financing products to the Massachusetts market.

Mortgage Resources Inc. »
Massachusetts mortgage broker offering conventional mortgages, adjustable mortgages, jumbo loans and re-financing.

If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one.

Be Ready. After your loan is approved, you'll need to sign your loan documents and provide a check for any out-of-pocket closing costs. Make sure the funds are available in your account, and be ready to make room in your schedule to read and sign your loan documents as soon as possible.

There is a refinancing myth that says you should not refinance your mortgage unless your interest rate will be at least two points less. This myth is not necessarily true if there are other benefits to the refinance or other reasons behind it.

When refinancing a mortgage, as many as 30% of homeowner's cash out part or all of their home's equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home's value, you will be hit with private mortgage insurance, costing you hundreds a year.