Guide to Refinance, Mortgage,
& Home Equity Loans in
Braintree, Massachusetts (MA)

The city of Braintree, Massachusetts is a suburban community with strong residential character. It is located ten miles south of Boston, which gives residents easy access to the Greater Boston area and Cape Cod, and it also has public transportation to Boston and Logan International Airport. Braintree has a good mix of established neighborhoods, including small clusters of new homes. The business base is very strong, as it includes one of the largest regional shopping centers in the northeast: The South Shore Plaza. Braintree has a rich history, as it was the birthplace of two presidents, John Adams and John Quincy Adams, as well as John Hancock, the famous signer of the Declaration of Independence.

Questions to ask your lender

Getting your first mortgage is an exciting and nerve-wracking time. It is important that you trust your mortgage lender, so make sure that when you choose one, you ask plenty of questions, such as:

• Can I lock in my interest rate? During the application process, the interest rate can move. Be sure to ask if you can lock the interest rate in when you get your first quote.
• Is there a prepayment penalty on the loan? If you sell your home before a certain date, the mortgage lender may be able to charge you a prepayment penalty. This can limit your plans, so make sure you ask the lender before you sign with them so that you understand the terms fully.
• What can delay the approval of my loan? Waiting for a loan to become approved is almost like waiting for Christmas, because at this point you have chosen the home you would like to live in, and of course you want to get in it as soon as humanly possible. Most of the time there will be no delays, but it is a good idea to question the lender up front.

You need to make sure that you are very comfortable with your lender, so do not be afraid to ask them any question that comes to mind.

Refinancing questions

Because refinancing a mortgage is almost as detail-oriented as getting the mortgage in the first place, it is again important to ask questions.

• Why am I refinancing? Before you even consider a refinancing, you should ask yourself exactly why you want to.
• How long will I be in my home? Experts say that if you do not plan on living in your home for at least five years after the refinance, that you not do it.
• Will this hurt my credit rating? Refinancing will not hurt your credit, but every time the credit rating is pulled for a check, it shows up as an inquiry on the history, so if you have had the rating pulled quite often, lenders may question your history.

Home equity loan questions

A home equity loan is a great way to get money out of your mortgage, but, once again, questions are important to have answered.

• Which type of home equity loan should I get? There are two basic types, a home equity loan and a home equity line of credit. Both allow you to borrow money against your mortgage, but the loan decrees that you must take it all in one lump sum, while with a line of credit, you can take only the amount you want.
• What do I plan on doing with the money? If you get a home equity loan without knowing what you want to do with the money it generates, you will go through a pile of paperwork for no reason.

If you would like more information on mortgages, refinancing, and home equity loans to figure out which questions are important to ask your lender, please fill out the form below.