Choosing to Refinance
A key objective for refinancing is to reduce the interest rate in order to pay less. If your mortgage is a fixed rate mortgage in which the interest rate remains the same throughout, then refinancing toward a lower interest rate would be a strategic move. This will also work if you have an adjustable rate mortgage and you want a better interest rate to continue. For holders of real estate in Boston MA the refinancing strategy may be toward reducing the monthly payment or alternatively, to reduce the time taken to pay the mortgage.
Refinancing a mortgage is not always a good idea so you must carefully think about why you want to refinance, and calculate your costs and savings. If you are seeking to cash in on home equity to invest in any of the houses for sale in Boston Massachusetts you may wish to ensure that you have enough equity to afford this move. Refinancing is also not a good option with an older mortgage where the greater portion of your monthly payment is toward paying the principal rather than the interest.
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