Wednesday, April 16, 2014

How to Refinance your Boston Home's Mortgage

Interest rates are on the rise but it isn't too late to refinance your rate. If you didn't already jump on the refinance bandwagon of 2013, now is the time, before it's too late and rates have risen too high to make it worthwhile. Here are some tips to help you weed through this process as you look to refinance you Boston home's mortgage.

Shop Around. Your job as a consumer is to find the best APR and the lowest fees. Not all companies offer the same so do your homework and search out the best deal. Not sure how to read a rate sheet? MSN has a great how-to resource.

Maximize your time. It may seem like a good idea to go to your local bank to check for rates, but, they will be limited to only their own bank rates. Going to a mortgage broker will optimize your time by checking 5 or 6 banks to get the best rates of the day.

Protect your credit. Narrow down your lender choices down to two or three before having your credit pulled by them. You don't want several banks pulling your credit as it can affect your credit score. If you know you don't want to do business with a particular bank do not allow them to pull your credit.

What are your options? Depending on how much you are borrowing and what terms you want, you have several options to choose from in mortgage products. Mortgages come in anything from the standard 30 year fixed to 10 or 15 year fixed rate or as much as a 10 year ARM (Adjustable Rate Mortgage).

If looking to refinance your Boston home, I hope you can utilize these tips to your advantage. Should you decide that now is not the time to refinance and that you would rather sell your Boston home, please know I am only a click a way if you have any Boston, MA real estate needs. I look forward to hearing from you soon!


Lucas Garofalo
Keller Williams Realty
(617) 861-3631
Lucas@LucasBostonHomes.com

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