Best Mortgage Refinance Companies in Quincy, MA

Quincy, MA Mortgage Refinance FAQs

• Are there existing rules in Quincy that prevents homeowners from refinancing their properties multiple times?

    There is no restriction on the frequency of mortgage refinancing in Quincy. One can even refinance as many as five times. However, it is important to note that you will still be required to meet the specific requirements set by your lender in order to qualify for refinancing, which include having sufficient equity in your home. To refinance your mortgage, most lenders typically require a minimum of 20% equity in your home. If you do not meet this requirement, you may face limitations on how frequently you can refinance.  

• Is an attorney required for Quincy mortgage refinancing closings?

  Yes. An attorney must oversee the closing process and the closing itself in Quincy, as mandated by state law. A lawyer can address title defects, distribute mortgage funds, record documents, and discharge the previous mortgage. They are also responsible for helping with the preparation and comprehension of important legal documents, such as the deed, note, and mortgage.

• In Quincy, what is the distinction between a cash-out refinance and a home equity loan?

  Home equity loans are additional loans. This means you'll have two liens and two mortgage payments. In the event that you are unable to make payments, your primary mortgage lender will be the first to receive them. Home equity loans also have considerably higher interest rates. A cash-out refinancing, on the other hand, replaces your mortgage, so you'll have one loan, lender, and payment. Since the lender is holding the first lien in this situation, interest rates are significantly lower. Consult with a reputable Quincy mortgage lender to help you choose the best option for you.

• What are the pros and cons of refinancing a second mortgage in Quincy?

  It's always a good idea to weigh the advantages and disadvantages of refinancing a second mortgage to ensure it's a wise decision. The benefits of refinancing include the following:

  • It can reduce your interest rate, saving you money.
  • It lowers your monthly payments by reducing the interest rate or extending the loan term.
  • It allows you to switch from a variable rate loan to a fixed rate loan. Refinancing, however, has the following drawbacks:
  • It involves covering closing costs.
  • If market rates have increased or your credit score has decreased, you might need to accept a higher interest rate. Speak with an experienced Quincy mortgage lender to help you with your decision.

• Is it necessary to have a good credit score when it comes to mortgage refinancing in Quincy?

  In essence, yes, because a credit score higher than 580 is preferable. Lenders around Quincy are generally cautious about approving applicants with a credit score below 580 and at least two missed payments on their credit report, especially for installment loans within the past year. Borrowers with a credit score of 620 or higher have more loan options and can explore different lenders. If you have a low credit score, work on improving it before applying for a mortgage refinance.