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Home Loans And Mortgages Massachusetts

Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes – home improvement, debt consolidation, vacations, and more.

Local Companies

Tonneson & Company
(781) 245-9999
401 Edgewater Place, Suite 300
Wakefield, MA

Wolf & Company, P.C.
617-439-9700
99 High Street
Boston, MA

Carlin, Charron & Rosen LLP
(617) 226-7000
1400 Computer Drive
Westborough, MA

KPMG LLP
(617) 988-1000
99 High Street, 23rd Floor
Boston, MA

Pannell Kerr Forster, P.C.
(617) 753-9985
265 Franklin Street, 17th Floor
Boston, MA

Pricewaterhouse Coopers LLP
(617) 530-5000
125 High Street Tower, 9th Floor
Boston, MA

American Honda Finance Corp
(413) 567-0844
171 Dwight Rd
Longmeadow, MA

Braver
(617) 969-3300
25 Christina Street
Newton, MA

William J. Crane
(781) 575-0022
4 Heritage Lane
Canton, MA

The Pentad Group
(617) 269-3546
396 Washington Street, Suite 320
Wellesley Hills, MA

The ideal candidate for such a consolidation would be a homeowner who has a variable rate home equity loan, rather than a line of credit or an equity loan at a fixed rate. A line of credit is sort of a revolving loan, with an amount that may be drawn, as needed, time and again, much like a credit card loan. A home equity loan would represent a fixed amount of money borrowed for a specific length of time. To consolidate a home equity loan and a primary mortgage, the home would have to be refinanced with a new mortgage issued for the combined amounts of both loans. There are costs associated with this, so homeowners should consider the following:

Refinancing costs – It may cost several thousand dollars to combine two loans into one. A home appraisal will be required, along with paperwork fees, filing fees, and possible points paid at closing. A homeowner should make sure that he or she will remain in the home long enough to offset the additional costs of refinancing, otherwise the savings of consolidation are lost.

Interest rate on the primary mortgage – If you have financed or refinanced your home during the last three years, your primary mortgage rate may already be lower than the rate you could get today. You don’t want to raise your overall interest rate just to consolidate the smaller amount of money from a home equity loan.

The amount of money owed on the home equity loan – The larger the amount of money owed on the equity loan, the greater the benefit of consolidation. You wouldn’t want to refinance your home over an equity loan balance of $1000, but you might want to do so if the balance is $50,000.

Market conditions change regularly, but now is a good time for anyone with a variable rate home equity loan with a considerable balance to consider consolidating the equity loan and the primary mortgage into a single loan. If you aren’t sure if you can benefit from this, you may wish to consult with your lender.

About the Author:

Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .

Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Tonneson & Company

(781) 245-9999
401 Edgewater Place, Suite 300
Wakefield, MA
http://www.tonneson.com/

Tonneson & Company CPAs PC is committed to service excellence and with our team of professionals, we will take a proactive approach in understanding our client's personal goals and objectives.

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