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New American Funding
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Call Now Toll Free
(855) 435-0747
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LoanDepot
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Rocket Mortgage
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Call Now Toll Free
(800) 762-5471
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Better Mortgage
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Fairway Independent Mortgage Corporation
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US Bank
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Ally Financial
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American Mortgage Resource
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Ross Mortgage
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Poli Mortgage Group
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Own Up
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PrimeLending
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Before you decide to refinance, you’ll want to consider your short-term and long-term financial goals. This will help you think through your refinancing options and make a choice that furthers those goals. You’ll also need to consider your monthly budget and how much mortgage payment you can afford. For example, if you plan to refinance in order to shorten your loan term (say from 30 years to 15 years), you will pay less interest over time, but the tradeoff is that you will have a larger monthly payment. Some borrowers choose to refinance in order to lock in a lower interest rate, which will reduce their monthly mortgage payments and save money in interest.
Once you have a set goal in mind based on your situation, you can begin to gather quotes from multiple lenders. Find reputable lenders by reading customer reviews and getting recommendations from friends and family members in the area. Keep in mind that some lenders have to conduct a hard credit check in order to give you a refinancing quote, so you may see a slight dip in your credit score in the short term.
As you evaluate quotes, be sure to read the fine print and check for all fees associated with refinancing your loan. Also, be sure that you are working with a reputable lender who is licensed to do business in your area. You can view state licensing information through the Consumer Access page of the NMLS.
At the time of publishing, mortgage refiance rates in Boston can start at 6.00% for 30-year fixed and 5.375% for 15-year fixed-rate loan, based on a sample property with a value of $290,000 and loan balance of $232,000 (20% equity). These rates are offered to borrowers with good credit (with credit scores in the 720-739 range).
Mortgage interest rates are affected by a number of things, including economic and personal factors. When the Federal Reserve increases the funds rate, for example, banks respond by raising the interest rates they offer on loans, including mortgage loans.
Your credit score and down payment amount will also have an impact on the interest rate lenders offer. Those borrowers with higher credit scores and larger down payments will typically secure the lowest rates.
How do I refinance a mortgage in Boston? You can start by gathering rate quotes from lenders, either by answering a few questions online or calling a local loan officer. Keep in mind that getting a quote may require a hard credit check, which will have a slight impact on your credit score.
What is the average closing cost to refinance a mortgage in Boston? The average closing cost to refinance in 2021 for the state of Massachusetts was $2,486, which was slightly higher than the national average of $2,375, according to ClosingCorp.
Can I refinance my mortgage with no closing costs in Boston? There are no-closing-cost refinancing options available in Boston, depending on the lender.
When can I refinance my mortgage in Boston? It depends on the type of loan you have (conventional or government-backed) as to when you can refinance. It also depends on the type of refinance (cash-out, rate-and-term or streamline) that you want to do. For example, government-backed loans, like FHA loans, usually require at least 12 months of payments before you are eligible to do a cash-out refinance. You’ll want to check the terms of your current loan with the lender (or review your original paperwork) to see if you qualify for a refinance.
How does refinancing work with equity? If you have at least 20% equity in your home, you may qualify for a cash-out refinance. This allows borrowers to convert their equity into cash when they refinance their loans.
What can I expect when refinancing a mortgage in Boston? With refinancing, you can expect to pay between 2% and 6% in closing costs (unless you opt for a no-closing-cost refinance). Some of those expenses can be rolled back into the loan amount, while others must be paid upfront at closing. It varies by lender.
New American Funding |
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New American Funding is a mortgage lender headquartered in Tustin, California, that operates in 49 states, including Massachusetts. A local branch is located at 990 Washington St., Ste. 107, Dedham, MA 02026. The company offers both conventional and government-backed purchase loans and multiple refinance options, including cash-in, cash-out or rate-term refinances. You may find that New American Funding offers competitive rates for refinances in the Boston area, depending on your individual situation. |
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Learn More (855) 435-0747 |
LoanDepot |
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LoanDepot is a direct lender that offers home loans, refinancing and related mortgage services. The company promotes that its advanced technology provides a completely digital mortgage experience that includes an online application and free calculators. The refinance process is likewise streamlined, digitally verifying your income, employment and asset information. In addition, you can take advantage of the LoanDepot Lifetime Guarantee, which means that once you have refinanced with loanDepot, you will never have to pay lender fees on future refinances with the company. LoanDepot is located at 671 Tremont St., Ste. 1, Boston, MA 02118. |
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Rocket Mortgage |
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Rocket Mortgage is a top mortgage lender by loan volume, originating over $340 billion in home loans in 2021. The company does not operate physical branches, but offers a streamlined application process that can be completed all online. Rocket Mortgage charges a 0.5% to 1% origination fee on refinanced loans, but you can generally roll those costs back into the loan amount. When you refinance with Rocket Mortgage, the company will send you email alerts periodically with your estimated home value and equity to keep you posted on opportunities to refinance when rates drop. |
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Learn More (800) 762-5471 |
Better Mortgage |
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Better Mortgage offers refinance loan options to borrowers in all 50 states. The company doesn’t charge lender fees, such as an origination fee or application fee, which could save you money when it comes to closing costs. Also, unlike some other lenders, Better Mortgage does not incentivize its loan officers with commissions. The company updates its rates daily, so check its website for the most current refinance rate. |
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Fairway Independent Mortgage Corporation |
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Fairway Independent Mortgage Corporation is a nationwide mortgage lender that provides a variety of refinance loan products, including conventional loans and FHA streamline refinances. The company operates branch locations in 48 states, with multiple locations in the Boston area. There is a branch at 37 Newbury St., 6th Fl., Boston, MA 02116. You can apply for a refinance online through the company’s website or by using the FairwayNow mobile app. |
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US Bank |
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US Bank is a commercial bank that provides a variety of mortgage loan products, including conventional loans, FHA loans, VA loans, and jumbo loans. The company also offers a no-closing-cost refinance (called a “Smart Refinance”) in 15-year or 20-year terms. A US Bank loan officer can provide you with a Loan Estimate (which outlines estimated loan terms) before you decide to complete an application. |
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Ally Financial |
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Ally Financial is a digital financial services company that operates mostly online. You can apply for a refinance loan 100% online through the company’s website or by phone if you prefer to speak with a loan officer. Unlike some other lenders, Ally Financial does not charge lender fees on its home purchase or refinance loans. The company also claims to achieve closings 10 days faster than industry averages. |
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American Mortgage Resource |
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American Mortgage Resource is a mortgage broker that specializes in home loans for refinancing in Boston. The company offers conventional loans, FHA loans, VA loans and jumbo loans at competitive rates. American Mortgage Resource can provide quotes from a variety of lenders, so you can find the best refinancing option for your individual situation. You can contact an American Mortgage Resource loan officer to discuss your refinancing options and apply for a loan. American Mortgage Resource is located at 2 Winter St., Ste. 202, Waltham, MA 02451. |
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Ross Mortgage |
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Ross Mortgage is an independent mortgage lender that operates five branch offices in Massachusetts. One of those locations is at 15 Flanders Road, Ste. 120, Westborough, MA 01581. You can apply for a refinance loan by phone by speaking with one of its local lending experts or directly on the company’s website. |
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Poli Mortgage Group |
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Poli Mortgage Group is based in Norwood, Massachusetts, and offers lending services to homeowners on the East Coast. You can apply for a loan that best suits your needs, from conventional loans with fixed or adjustable rates to government-backed loans, like FHA or VA loans. The company offers a variety of online calculators and tools, so you can see if refinancing today could save you money. Poli Mortgage Group has a branch at 100 River Ridge Drive, Ste. 304, Norwood, MA 02062. |
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Own Up |
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Own Up is a technology company that aims to simplify the lending process by matching borrowers with available loan options that are tailored to their needs. The service is free to borrowers, but the lender pays a service fee to Own Up if a customer like you chooses one of their refinancing options. In just a few minutes, you can create a profile and start receiving loan offers without a hard credit check. Own Up is located at 50 Milk St., 16th Fl., Boston, MA 02110. |
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PrimeLending |
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PrimeLending originates loans in states across the U.S., including Massachusetts. The company offers a wide selection of refinancing options that include both conventional and government-backed loans (including FHA, USDA and VA refinances). PrimeLending also provides a cash-out refinance for borrowers who want to convert their equity into cash. You can apply on the company’s website or search for a loan expert in your area to assist with the application process. The company operates a local office at 149 Meridian St., East Boston, MA 02128. |
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