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Best Mortgage Refinance Companies in Worcester

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Capstone Mortgage logo

Capstone Mortgage

1775 Massachusetts Ave Suite 4, Lexington, MA 02420
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  • Multi-Family Loans
  • New Construction

Capstone Mortgage caters to people refinancing an existing loan, building a home, or purchasing a property in Worcester. The company has been working with a range of clients since 1996, from individuals and families to retirees and veterans. Its refinancing solutions provide borrowers advantages such as consolidating debt, lowering monthly payments, and changing from an adjustable to a fixed rate. Founder Chris Smith has been a loan originator for over three decades, directing clients to loan programs while discussing their financial goals.

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Murphy Mortgage Team logo

Murphy Mortgage Team

783 Southbridge St, Auburn, MA 01501
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  • New Construction
  • Reverse Mortgages

Murphy Mortgage Team of the Fairway Independent Mortgage Corporation serves the refinancing needs of clients in Worcester and the neighboring areas. Its loan advisors provide clients with a variety of refinancing choices to match their requirements and objectives, whether it is to reduce loan terms, merge a first and second lien into a single loan, consolidate debt, or convert home equity into cash. Branch Manager Bill Murphy has 23 years of experience in the mortgage industry and is an Affiliate Member of the Worcester Board of Realtors.

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New Horizon Mortgage logo

New Horizon Mortgage

165 Main St., Medway, MA 02053
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  • Reverse Mortgages

New Horizon Mortgage is a family-owned and family-operated firm that caters to people living in Worcester. It provides a wide variety of refinancing options, such as 15-, 20-, and 30-year fixed-rate mortgages. It also assists homebuyers in applying for FHA, VA, and USDA loans. Owner Brian Ambrose has more than 20 years of experience in the field. He is a member of many industry boards, such as the Massachusetts Mortgage Bankers Association and the Association of Independent Mortgage Experts. 

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Prestige Home Mortgage logo

Prestige Home Mortgage

6 Maple St Suite 202, Northboro, MA 01532
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  • New Construction

Prestige Home Mortgage is an equal housing opportunity lender that assists homebuyers in Worcester with home purchasing and refinancing needs. It offers various loan programs, including conventional, FHA, VA, USDA, jumbo, and renovation mortgages. The firm also helps clients through loan processes, such as documentation, appraisal, underwriting, conditional approval, and closing. Although Principal and Owner Wes Oliver founded Prestige Home Mortgage in 2006, he has been in the mortgage industry since 2003 as a loan officer.

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Prestige Home Mortgage logo

Prestige Home Mortgage

6 Maple St Suite 202, Northborough, MA 01532
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  • Reverse Mortgages

Prestige Home Mortgage caters to people in Worcester and the surrounding areas. Its experts assist those looking for mortgage programs to refinance their existing loans or purchase new homes. They are dedicated to helping clients find a financing plan that suits their particular requirements. The team also keeps borrowers updated throughout the process by communicating with them on a regular basis. Its diverse clientele includes individual homebuyers, real estate professionals, and builders throughout the state.

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Prime Rate Home Mortgage LLC. logo

Prime Rate Home Mortgage LLC.

34 Hayden Rowe St, Suite 158, Hopkinton, MA 01748
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  • New Construction
  • Reverse Mortgages

Prime Rate Home Mortgage LLC. caters to clients throughout Worcester. The company provides assistance to homeowners looking to switch from an adjustable-rate mortgage to a fixed-rate program through guidance with the refinancing process. It discusses factors like economic trends and income projections in meetings with clients. The company also offers a range of loan options for first-time home buyers, from USDA, VA, and FHA programs to conventional and jumbo loans. Leigh Walker, its owner, previously worked as a branch manager at Guide Mortgage.

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Security First Mortgage Funding logo

Security First Mortgage Funding

21 N. Quinsigamond Ave, Shrewsbury, MA 01545
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  • Reverse Mortgages
  • New Construction

Security First Mortgage Funding assists customers in the Worcester area in purchasing or refinancing their homes. The mortgage refinance company offers a variety of loan programs such as VA, FHA, conventional fixed-rate, jumbo, adjustable rate, and mass housing. The business aims to help its clients get their ideal homes and create good relationships by guiding them through the entire loan process and helping them select the right mortgage that will fit their income and lifestyle.

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Wachusett Mortgage Corporation logo

Wachusett Mortgage Corporation

45 Sterling St, West Boylston, MA 01583
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  • New Construction
  • Reverse Mortgages

Wachusett Mortgage Corporation is a locally owned brokerage that caters to the needs of individuals in Worcester. It assists clients looking to refinance loans to consolidate debt, educating them on ever-changing mortgage rates. Its team helps clients select from different programs, including conventional, jumbo, and fixed- and adjustable-rate loans. Other products include reverse mortgages, USDA rural development, and FHA 203(k) loans. Wachusett Mortgage Corporation, which started operating in 1992, has access to products from national, regional, and local lenders. It is an NAMB member.

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Frequently Asked Questions

Q: What should you expect when refinancing a mortgage?

A: 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.

Q: How often should you refinance your mortgage?

A: 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.

Q: Can you refinance a first mortgage and not a second?

A: 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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