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    Andover Mortgage
    Ten Teaberry Lane
    Andover, MA 01810

    ph: 978.974.0000
    fax: 978.974.9199

    Andover Mortgage Corporation
    Corporate License:
    NMLS #2116

    Licensed Mortgage Broker
    NMLS #12801

    Richard Roda
    Loan Originator:
    NMLS #12801

    We arrange but
    do not make loans.


    Massachusetts License:
    #MB 2116

    ©1999-2018
    Andover Mortgage Corp.
    All Rights Reserved










Should You Refinance?


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.
 
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.
 
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.
 
Access the Andover Mortgage Refinance Calculator