Mortgage refinancing is somewhat of a hot topic at this time.  With lower interest rates, the amount of refinancing applications is on the rise and these applications are keeping our mortgage lenders busy.   However, the decision to refinance should not be made lightly.  There are a number to things you should consider before you take the jump to refinance your mortgage.

Applying for and understanding mortgage loans can be a very confusing process for anyone.  The terms, the lingo, and the paperwork can become very overwhelming very quickly, and the confusion often leads to misunderstanding important terms in the application process.   There are two terms in particular that are used and referred to throughout the entire process, from the loan application review to the closing, and those terms are Interest Rate and Annual Percentage Rate (APR).  Since these two words refer to the amount of money you will be responsible for paying, it is extremely important to know the difference between the two and how they relate to your mortgage payments.

A staggering number of college graduates are saddled with student loans.  Often times, these young adults believe home ownership is not possible and they continue to rent, assuming it is their only option.  But in reality, this does not have to be the case.  Buying a home while still paying on student loans can be a reality for many with the proper preparation and expectations.

You have gone through all the steps to purchase your new home, which can be a grueling process.  From finding a home you love, to securing financing, to enduring inspections and negotiations, to surviving the closing… you have gone through this process pondering ways to make the home “yours”.  Since it is unlikely you have purchased the perfect home, which needs no upgrades, improvements, or finishing touches, you have likely made a laundry list of tasks to tackle when you move in.  But instead of jumping in and tearing things apart, take a break and wait to renovate.

The Massachusetts Homestead Protection Act is a law put in place to shield Massachusetts homeowners from having creditors auction off your home to pay off unsecured debt.   The purchase of a home is likely the single biggest investment most of us will ever make.  This protection will prevent creditors from putting a lien on your home should you find yourself in financial trouble.  Should you have an accident or incur unexpected medical costs, the homestead protection will allow you to keep your home and will keep the debt collectors at bay.