Looking for Boston refinance rates? In today’s economy there are many people in need of refinancing their homes. This is true throughout the country, however in big cities like Boston, where home prices are above the national average, it is even more common. No matter what neighborhood you live in, chances are that some of your Boston neighbors could benefit from refinancing. The allure of living in one of the oldest cities in America, with all the culture, excitement and history it has to offer, is something that many people are drawn to, no matter what the cost.

Boston Refinance: The Root of The Problem

Many of the mortgages that people are paying on right now are actually sub-prime mortgages. That means they were given to individuals who actually did not have good enough credit to get prime mortgages. These sub-prime mortgages are often actually very bad mortgages which will create more problems for many people as time goes on. That means that there are Bostonians out there who are over their heads with mortgages that they cannot afford.

The fact that the real estate market has dropped significantly since the beginning of the economic recession in 2008 means that many homes are mortgaged for more than their present value. For those who bought a home prior to the recession, or refinanced during the period when their home’s value was high, they may have a mortgage that is higher in value than they could possibly get if they were to sell their home right now.

Luckily the prices of Boston homes are once again rising, as home buying has increased in recent months. Therefore, even if your home loan is still upside-down, if you are considering refinancing, start getting ready now by improving your credit and saving money to put down at the closing to further reduce your mortgage debt.

How a Boston Refinance Can Help You

30-year Boston mortgage rates are very low right now, close to 5% (as of the time of publication - for updated Boston refinance rates then be sure and use the free tool on the top of the page). What this means is that if you are in a Boston mortgage with a rate significantly higher than this, you can save yourself a significant amount of money both monthly and overall by refinancing. In addition, if you happen to be in an adjustable-rate mortgage, refinancing to a fixed rate while the rates are low like this is a wise move as it will likely save you money in the long term.

Determining if You Need a Boston Refinance

If you have a home in the greater Boston area, you may be in need of a Boston refinance. If you are struggling to make ends meet, an efficient way to reduce your monthly expenditures is to look carefully at each bill. Are you paying a high interest on your mortgage? A refinancing may help you reduce the interest so that you have a more manageable payment each month. This may make the difference between keeping your home and losing it.

If your home is not eligible for refinancing now because its value is less than the mortgage, you will need to look at other ways to save money while you prepare to refinance your home as soon as the market rebounds. Since Boston is the Walking City and parking is always costly, a great way to save on your monthly expenses is to get rid of your car.

If you bought your home when sub-prime mortgages were easy to come by and you know that your credit was less than perfect, you may want to check your mortgage to make sure you are not stuck in an adjustable rate mortgage, an interest-only mortgage or some other bad mortgage. Getting your mortgage refinanced may actually cause you to have a slightly higher payment right now, but in the long run it will save you a great amount of money.

Tips for Finding the Best Boston Refinance Rates

It is very important to shop around for the right refinancing terms for you. You can get a variety of quotes on refinancing through an online quote tool quickly and easily. In fact, doing so will give you the most accurate results that are easy to compare, so you have the absolute best chance of getting a good deal on your refinance.

When you are comparing quotes on your Boston refinance, be sure to look out for errors and omissions, especially on quotes that are much lower than others.

• Is the term you are being quoted the same?
• Are they quoting you on a fixed rate or an adjustable rate?
• Are they using your correct credit score?
• Are they including escrow in your quote?
• Does a pre-payment penalty apply?
• What is the loan-to-value (LTV) based on?

It is important to know if all the companies who are quoting you have the same answers to these questions. If not, you are not comparing equitable quotes.

Compare Boston MA Refinance Rates!

Get started looking for your Boston refinance today. As you look at the beautiful changing leaves of fall, the snow covered parks, the blossoming trees of Boston in the spring or hot and sunny summer in Beantown, vow to not let another season pass stuck in a bad mortgage. Use the free tool on the top of the page to get started comparing Boston mortgage refinance rates today!