Home Refinance in Framingham MA

Home Refinance in Framingham,MA 

I want a home refinance in Framingham MA, now what? Do your homework and look for a reputable Mortgage Broker who will look at your financial goals and determine the best mortgage programs available to help you reach those goals. Does your broker provide you with only one option or do they present you with more than one? Refinancing, just like purchasing, has more than one program. Be sure you are presented with at least two options. A good Broker will also provide you with a Total Cost Analysis, TCA, that shows the long term benefits for each of those program options. Be weary of the Loan officer who only shows you the cheapest interest rate or APR. They may be missing a plan that although slightly higher in rate, has better long term benefit to you and your financial goals. Only by viewing a complete TCA will you be able to determine which program is truly the most cost effective for your situation. And only with this information will you be able to determine if a Home refinance is right for you.  After all your best situation may be the situation you are in.

What you will need to get started. In order for any Mortgage Broker to get started you should be prepared with the following minimum information.

-Your current interest Rate.

-The Loan amount for your your most recent mortgage or last home refinance. 

-The approximate start date of that most recent loan. If you are unsure of this detail let your broker know, do not guess. They should be able to access this information via Public Records with your property address.

-If you have any secondary loans on your property or Equity lines, they will need to know about them as well as needing the above information for them.

-A general sense for how your credit history looks. You do not need to know your score, although it will help if you know it.

This should be all that is needed to do a preliminary report to show you if a home refinance could save you money. Please be advised this does not mean you will be approved for a new loan only whether or not there are grounds to continue down the path. Also once potential savings are established then the Broker should dig deeper into the total financial goals. Be careful of anyone who asks you to sign any application or tells you there are fees associated for this information. If you are having trouble finding someone like I describe in the Greater Framingham,MA area. Give me a call and I would be more than happy to do a Total Cost Analysis for you!