By Greylock's Mortgage Team
Refinancing refers to the process of replacing an existing loan with a new one, usually to secure better terms, like a lower interest rate or a shorter/different term. As the #1 mortgage lender in Berkshire County, Greylock is an excellent place to start the process. Check out this Q&A to see if refinancing is right for you - then reach out to us!
When is a good time to refinance?
If refinancing allows you to lock in an interest rate that is at least 0.50%-1.0% lower than your current rate, it's worth considering. A lower rate can result in smaller monthly payments and less interest paid over time.
Other reasons include:
- Switching an adjustable-rate mortgage to a fixed rate
- Shortening terms to pay off the loan faster
- Getting rid of private mortgage insurance (PMI) if the value of your home has increased
- Tapping into your home's equity for renovations or other expenses
What else should I consider?
Your credit score and your home's equity are considerations. Also, research your break-even point to see if it makes financial sense to refinance. Greylock's financial coaches at the Community Empowerment Center are a great resource, as is Greylock's entire mortgage team.
Is there a cost to refinance?
Yes, there are fees and closing costs. At Greylock, we offer discounts on refinance closing costs - and if your mortgage is already with Greylock, you may qualify for a modification program to lower your rate for a smaller fee. Get in touch to see how we can save you time and money.
What if my mortgage is with another lender?
Greylock can still help. Our team is happy to walk you through your options to find the best fit for your goals.
I'm ready to explore! What's my first step?
Great! Call us at 413-236-4125 or visit Greylock.org to get started.