
Aurora home equity
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There are several reasons to refinance your home:
- To lower the interest rate on your mortgage, reducing your monthly payments and overall cost;
- To reduce the term or length of your loan, doing so can save you thousands of dollars in interest;
- To provide a means of consolidating your debt.
Read the whole story at the MA
Secy of State website
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Talking about your mortgage: Homeowner’s insurance
Your lender will require that you have a homeowner’s insurance policy (sometimes
called hazard insurance) in effect at settlement. The policy protects against
physical damage to the house by fire, wind, vandalism, and other causes. This
insures that the lender’s investment will be secured even if the house is destroyed.
If you are buying a condominium, the hazard insurance may be part of your monthly
condominium fee; you may still want homeowner’s insurance for your furnishings
and valuables.
Estimated cost: $300 to $1,000 (depending on the value of
the home and the amount of coverage; you can estimate the cost to be about $3.50
per $1,000 of the purchase price of the home).
Mortgage Refinancing Worksheet
Use this worksheet
as a guide to help you:
- estimate a refinanced mortgage payment amount (Step 1) and to
- help you determine if it's worth your while to refinance your existing mortgage (Step 2).