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Andover Mortgage
855 Turnpike Street
North Andover, MA 01845
ph: 978.974.0000
fax: 978.974.9199
©1999-2010
Andover Mortgage Corp.
All Rights Reserved
Andover Mortgage Corporation
Corporate License:
NMLS #2116
Richard Roda
Loan Originator:
NMLS #12801
Massachusetts License:
#MB 2733
Licensed by the
New Hampshire
banking department to broker
first mortgages:
#10136-MBR
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Traditionally, the
decision on whether or not to refinance has meant balancing the savings
of a lower monthly payment against the costs of refinancing. But in
recent years, lenders have introduced "no cost" and low-cost refinancing
packages that minimize or completely eliminate the out-of-pocket expenses
of refinancing.
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With traditional refinancing, the most often cited rule-of-thumb is that the
interest rate for your new mortgage must be about 1 percentage point below
the rate of your current mortgage for refinancing to make sense. However,
with the newer low-cost and no-cost refinancing programs, it can be worth
your while to refinance to obtain a smaller reduction in interest rates.
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How long you expect to stay in your home is also a factor to consider. If
you'll be moving in a few years, the month-to-month savings may never
add up to the costs that are involved in a refinancing. There are a lot
of factors to consider before refinancing. Use our Refinance Calculator to
determine if now is the right time for you to refinance. |
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