Thinking about refinancing?

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Right now, some homeowners are researching refinancing online. And they’re seeing low rates – rates they’d love to lock in. Or they talk to someone – a neighbor, friend or co-worker – who got “a great rate.”

The first thing we’re hoping you’ll remember: Every mortgage loan has two parts – the rate and the points. And the points really matter.

Online lenders know borrowers want low rates. They also know borrowers get confused about points, or forget about them altogether. But points can quickly turn a great rate into a bad deal for you.

A borrower came in to see if we could match a rate they’d found online. They were shocked when they learned that – while the rate was a little lower – they’d be paying two points (that’s a lot!) to get it. With those two points, it would be years before they saw any savings. They were actually better off staying with the mortgage they already had. Which is what they did.

Mortgage companies have no incentive to tell you not to refinance with them.

And just because someone else says they got “a great rate” doesn’t mean they got a good deal. You’d have to know all the specifics to be sure, and – even then – what’s right for someone else might not be right for you.

The second thing we’re hoping you’ll remember? You can talk with us first! At Canton Co-operative, we say we treat homebuyers right … and that applies to refinancers too. Our only goal? To have you be sure that you got a deal that’s good for you.

If you have spoken with another lender, they have to give you a Loan Estimate within 3 days of your application. When you have that, call Canton Co-operative VP/Senior Loan Officer Anabela Vargas at 781-828-8811 x37 or email for a quick review. If you’ve found a better deal, we’ll tell you so honestly with no “hard feelings.” If it’s not better, we’ll show you exactly why. Promise.

Canton Co-operative Bank NMLS #721437
Anabela Vargas NMLS #582849 – Falo Português. 

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