Refinance Programs

Refinancing (3know your optionsrefinancing) What is Refinancing? Refinancing is a process in which you pay off existing loans with a new home loan to secure better loan terms, such as lower interest rate. If you have a good credit, refinancing may be a good option to get lower interest rate or to convert an adjustable rate loan to a fixed rate. If you do not have a good credit or have too much debt, refinancing may not be the best option as it can severely impact your finance. For more information and things to consider before refinancing, click here. (http://www.consumerlaw.org/initiatives/seniors_initiative/refinancing.shtml) Still wanting to refinance? Here are some of the agencies that can assist you: 1. City of Boston First Choice Lenders City of Boston First Choice Lenders emerged as part of Mayor Menino’s efforts to prevent foreclosures in the city. These six Boston banks are recognized to assist in the city’s foreclosure prevention efforts, support of outreach and counseling, and adhere to lending practices that minimize the risk of foreclosures.       Bank of America o Maryruth Ryan/ Phone: (617) 346-0470 Boston Private Bank & Trust o Aida Franquiz/ Phone: (617) 912-4449 Citizens Bank o Steve Roussel/ Phone: (617) 282-2127 Eastern Bank o Ed Cinella/ Phone: (781) 388-1203 Mt. Washington Bank o Joe Nash/ Phone: (617) 268-0379 Sovereign Bank o Charles Duerr/ Phone: (617) 541-5221 2. Boston Home Center: Call 617-635-HOME or visit their website at www.cityofboston.gov 3. MassHousing’s Home Saver Foreclosure Prevention Program: Call 1-888-995HOPE or visit their website (https://www.masshousing.com/portal/server.pt?open=514&objID=2563&parentname=Communi tyPage&parentid=0&mode=2&in_hi_userid=2&cached=true).