Thursday, August 8, 2019

Should You Refinance or Sell in Lexington, MA?

With mortgage interest rates low right now, many Lexington MA homeowners are wondering if they should refinance their mortgages. As your Lexington MA real estate agent, allow me to share some facts you should take into consideration.

If your current interest rate is above 5 percent, it might make sense for you to refinance or buy, as rates are hovering below 4 percent right now. Nobody knows when they will increase. However, it’s important to know that total closing costs when refinancing a loan run between 2 to 4 percent of the loan amount.

Is it worth paying? It depends how long you want to remain in your Lexington MA home. If your homeownership needs are changing, it might make more sense for you to sell your current home, then buy another in the Lexington MA real estate market. You’ll earn a low interest rate on your new mortgage!

If you’d like to sell, contact me, your Lexington real estate agent! Let’s discuss your options!

Theresa D'Antuono

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