Best Mortgage Refinance Companies in Somerville

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License: 2674

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Mortgage Corp East

800 Hingham St #104n, Rockland, MA 02370
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  • New Construction

Business Description

Mortgage Corp East caters to the needs of first-time home buyers and high-end borrowers in Somerville and the neighboring areas. The company focuses on various mortgage products and services, including mortgage consultation, home purchasing loans, and refinancing. Its loan products include conventional financing, FHA, VA, and construction loans. Its loan professionals share more than 100 years of industry experience and also handle Fannie Mae and Freddie Mac high-balance, bridge, and portfolio loan programs. Mortgage Corp East has been serving customers since 1988.

License Verified:

License: 2674

Nationwide Multistate Licensing System and Registry

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4.8 / 5 (24)

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Frequently Asked Questions

What should you expect when refinancing a mortgage?

When refinancing a mortgage, expect to answer a lot of questions and provide documentation to back up your answers. You'll may also pay fees and closing costs of around $5,000. Additionally, expect to start over in terms of building home equity, because refinancing takes the amortization process back to the beginning.

How often should you refinance your mortgage?

There is no recommended frequency for refinancing a mortgage. How often you should refinance is determined by when it will save you money. If you can get better terms on your mortgage by refinancing, then it’s a good time to take action.

Can you refinance a first mortgage and not a second?

You can refinance your first mortgage and not the second one, but it can be difficult. You have to get the lender of your second mortgage to agree to the refinancing. The process is called resubordination, and some home equity lenders won’t agree. Additionally, lenders typically charge extra fees to resubordinate a loan.

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