Massachusetts Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Included in the New England region, Massachusetts sits between Connecticut, New York Vermont, Rhode Island, and New Hampshire and possesses miles of Atlantic Ocean coastline. Among many historic accomplishments, the state is home to Harvard University, the oldest institute of higher education in the US, founded in 1636. The state is quite pretty in the autumn with the magnificent changing colors of leaves, and fall tours are highly recommended. Two of the main industries are fisheries and cranberries. Interestingly, due to pressure from school children, the state created an official dessert, muffin and cookie. The largest cities in Massachusetts are Boston, Worcester, Springfield, Lowell, Cambridge, Brockton, New Bedford, Fall River, Lynn, Quincy.

Not surprisingly, many regions of Massachusetts exceed the housing costs of other states. In fact, although a few areas use the standard $417,000 as the conforming limit for mortgages, many counties reach upwards of $625,500, most notably in rural areas. Also not surprising is the fact that the state ranks higher in closing costs for Massachusetts mortgage refinance than other states in the continental US. But, it seems that many property values have dropped in recent years, some sources indicating as much as thirty percent, which has left many home owners with little or no equity in their homes. It has also left some with a double-edged sword, as jobs have been lost while monthly mortgage payments have increased.

Further, although jumbo loans are typically perceived as the mortgages of the wealthy, or people who buy luxury homes, this is not the case in Massachusetts. Normal families were forced into non-conventional loans strictly because of the high value of real estate. They were in effect penalized for living in a costlier state or region. Because the loans were above the conforming limits, interest rates were higher and thus, monthly payments were high.

In 2008, as property and home owners succumbed to foreclosure, Massachusetts, a non-judicial foreclosure state, enacted a ninety day waiting period, which has since been extended to one-hundred and fifty days. This means that home owners have some time to remedy their situations. Oddly enough, however, there are some people who do not experience foreclosure due to limited finances. On the contrary, they can well afford their payments, and do not seek any sort of Massachusetts mortgage refinance, but deliberately default on the mortgage. This act has come to be known as "strategic foreclosure" wherein the home owner decides that the value of the home has decreased to the point where it will take too long to recover, and so it is better to take the losses and go. Of course, Massachusetts is not the only state where this is happening, it is just that prices of houses have depreciated, causing home owners there to think outside the box.

Other foreclosure prevention initiatives that the government of Massachusetts has undertaken are:
the toll-free number called Massachusetts Mortgage Foreclosure Assistance Hotline was established;
the Office of Consumer Affairs and Business Regulation created an online video for home owners, and held seminars which have seen great success, as hundreds of residents attended the clinics;
and Governor Deval Patrick's office has worked with private donors and charities to enable a program that would buy vacant properties previously foreclosed and provide affordable housing in an attempt to keep neighborhoods esthetically-pleasing, and from depreciating any further.

Since 2007, Massachusetts has tightened several laws, and enacted new ones in order to protect its residents from predatory lending practices which have contributed to the mortgage crisis. They have also mandated special criteria for sub-prime loans and mortgages with variable rates. Indeed, for borrowers with variable rate interest loans, it may be wise to seek a Massachusetts mortgage refinance, as it may be time to choose a mortgage with a fixed rate.

Massachusetts is an incredible state. Its long history and solid background will keep it forging ahead for many more years to come.

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