Record Low Mortgage Rates in Massachusetts, Good Time to Buy, Great Time to Refinance

According to a prominent Boston news outlet citing to the mortgage giant Freddie Mac, earlier this month mortgage rates hit an almost two-year low of 3.73 percent.

The volume of home sales are reportedly slightly lower than they were at this time last year. Despite the volume of actual home sales being lower, December sales data reflected that home sales agreements and prices are both rising since last December. The median price of a single family home rose 4.1 percent, from $319,900 to $333,000. Additionally, the number of home sale agreements signed (though not yet closed on) also rose from  2,406 to 3,096 during the same time period (December 2013 compared with December 2014).

Real estate agents attribute the lower overall volume of sales to the lowered amount of inventory on the Massachusetts home market. In other words, more houses are being sold than are being offered, creating a smaller number of homes for individuals to purchase. This could mean higher satisfaction levels, such as people who want to buy homes being able to do so, for example.

If you aren’t looking to buy a new home, but want to take advantage of the lower mortgage rates, it may be a great time to consider refinancing. Refinancing can mean a lower monthly payment, freeing up a greater portion of your budget for other things. Alternatively, perhaps you have been waiting to remodel your kitchen or bathroom. Maybe it’s time to better weather proof your home. Or perhaps you have other plans altogether. Whatever the case, a Massachusetts real estate attorney can help you throughout the refinance process.

Being represented by a Massachusetts real estate lawyer means you will receive the highest-quality information and advising when it comes to:

  • Reviewing the loan application itself;
  • Advising you on Good Faith Estimates (GFEs)– when the lenders disclose what the estimated refinance closing costs will be;
  • Performing the title examination;
  • Addressing and acting upon any issues that may arise related to title;
  • Issuing title insurance;
  • Representing you at the closing, and throughout the closing process; and
  • Overseeing the refinancing process as a whole.

Whether you are just beginning the refinancing process or have already secured a lender, a Massachusetts real estate lawyer can ensure that your interests are fully represented every step of the way. An attorney will also help ensure that you fully understand the terms of the loan, including any foreclosure or other similar types of provisions contained in the lending document.

The property transaction lawyers at Pulgini & Norton advise borrowers on the financing of homes throughout the Boston region. We can help you go over your financing options and discuss the legal implications of the terms of a loan. Our firm offers comprehensive legal representation to home buyers, sellers, and lenders in Weymouth, Waltham, Andover, and beyond. Contact us today at 781-843-2200 or online in order to schedule a consultation.

More Blog Posts:

As Massachusetts Massive Snow Storm Nears, Thoughts to What Comes Afterwards. Massachusetts Real Estate Lawyer Blog, published January 27, 2015

Courts Recognize Importance of Lawyer Involvement in Real Estate Transactions; Massachusetts Attorneys Required in Closings, Massachusetts Real Estate Lawyer Blog, published January 20, 2015

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