Refinancing a mortgage means paying off an existing debt and replacing it with a new one.
When refinancing, you can consolidate debt, adjust loan terms, lower your monthly payment, or even take some cash out of the equity in your house to pay bills or make improvements.
Lowering the interest rate on your current loan is among the best reasons for refinancing.
Typically, refinancing makes sense if you can lower your interest rate by at least 2%. However, many lenders assert that 1% savings is a sufficient inducement to refinance.
A mortgage calculator can be a useful tool for planning some of the expenses.
Borrowers typically receive a lower interest rate at the beginning of an adjustable rate mortgage (ARM).
However, the interest rate may change after a predetermined period (often 5, 7, or 10 years), and not necessarily in the borrower’s advantage.
Because of this, some homeowners choose to convert their adjustable-rate mortgage (ARM) into a fixed-rate loan, which eliminates this fluctuation in interest rate.
Homeowners occasionally have the option to refinance an existing loan for a new loan.
The refinancing happens with a much shorter term without much changing of the monthly payment, when interest rates fall.
Refinancing is not always necessary to remove private mortgage insurance from a traditional loan.
You can get rid of PMI without paying off your loan, unlike FHA MIPs. As soon as you have enough equity—typically 20%—you can ask for cancellation.
Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan, or helps you build equity more quickly. When used carefully, it can also be a valuable tool for bringing debt under control.
Summer is over and we need to think about the things we need to repair and fix and clean at home to get ready for winter. Here is our list of home maintenance tasks we need to do this month, check it out!
JUST SOLD! Situated on a dead-end street just moments to downtown, schools, Assabet rail-trail and Maynard Crossing, this terrific 3 bed, 1.5 bath home is one you can move right into.
In a world where technology shapes our everyday lives, our homes are becoming smarter and more connected than ever before. Smart home accessories offer a blend of convenience, efficiency, and luxury, transforming the way we interact with our living spaces. Let’s explore a range of cutting-edge accessories that can elevate your home experience, including doorbell cameras, robot vacuums, personalized lighting, NFCs and RFIDs, as well as the central control offered by smart home hubs.
Summer is over and we need to think about the things we need to repair and fix and clean at home to get ready for winter. Here is our list of home maintenance tasks we need to do this month, check it out!
JUST SOLD! Situated on a dead-end street just moments to downtown, schools, Assabet rail-trail and Maynard Crossing, this terrific 3 bed, 1.5 bath home is one you can move right into.
In a world where technology shapes our everyday lives, our homes are becoming smarter and more connected than ever before. Smart home accessories offer a blend of convenience, efficiency, and luxury, transforming the way we interact with our living spaces. Let’s explore a range of cutting-edge accessories that can elevate your home experience, including doorbell cameras, robot vacuums, personalized lighting, NFCs and RFIDs, as well as the central control offered by smart home hubs.
Here are some of the August 2023 statistics that show the sales trend in Boston. Median price and days on market can be “economic indicators,” but they aren’t a professional way to make a well-informed real estate decision.
The Beacon Group is a client-driven real estate team working in Greater Boston to help clients buy, sell, and invest in real estate. We provide straightforward, analytical advice, empowering clients to make successful and informed decisions. We provide our buying clients with constructive insights, allowing them to identify the right property and enabling them to make purchase decisions with confidence. Our recommendations to both buyers and sellers are specifically crafted to meet clients’ short and long-term housing and financial goals.
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