Secretary of the Commonwealth William F. Galvin says homeowners should use the mortgage refinancing calculator on his website to help them figure out their best financial options going into the New Year.
Galvin, whose office oversees most of the state’s registries of deeds, noted that the Federal Reserve lowered interest rates three times in 2019, which means that mortgage rates have dropped throughout the year.
“There has been a surge in interest in refinancing this year, especially among younger homeowners who bought their homes during the times of higher interest rates,” Galvin said. “As we prepare for the New Year, it is a great time to start thinking about getting your finances in order and explore your options when it comes to refinancing.”
Galvin’s office publishes an information pamphlet called “Why Should I Refinance… and When Does it Pay to Do So?” which is available on his website, along with a refinancing calculator that enables the user to figure the costs of both new and current loans based on specific terms. Both may be found at www.sec.state.ma.us/rod.