The DiRoberto Team


If you have just purchased a home, you have the option to refinance your home soon. Just because you can refinance your home doesn’t mean that you should. How long you should wait to refinance your home depends on a few things including:


  • Your refinancing goals
  • The rules of your lender
  • If your mortgage has a pre-payment penalty clause

Goals


Your goals for refinancing are among the most important things when considering whether to refinance. Lenders typically won’t refinance a loan that you have secured in the last 120-180 days, so if you’re looking to lower your monthly payments, you may have to shop for a new lender.    


The Type Of Loan You Have


If your financial situation has changed, it may be smart to change the type of loan that you have. Oftentimes, changing the rate and the terms of the loan can give you the extra freedom that you need for your loan and your life. 


Pay Off Your Mortgage Faster


If you do a cash-in refinance, this could be a smart way for you to build equity for your financial future and help you to secure a lower rate for your mortgage. Keep in mind that FHA loans are a bit different when it comes to paying down your mortgage. The FHA streamline program requires that you wait a minimum of 6 months before you refinance. 


Pre-payment Penalties


 Before you refinance your home, you’ll need to double-check to ensure that your mortgage doesn’t have a pre-payment penalty. If you do have one of these clauses included in your loan agreement, you should consult your lender to make sure that refinancing is a smart move for you.


Lender’s Rules


Every lender has different rules as to how quickly you can refinance your mortgage. You may also need to meet certain qualifications in order to go ahead with the refinancing. 


As tempting as it can be to try and get a lower mortgage rate, you may want to hold off on refinancing for a variety of reasons. Remember that every time you refinance your home, you’ll need to pay closing costs and other fees. While it may be a savings in the long term, it could cost you some up front cash. 


The best course of action is ideally to shop for  a lender and a mortgage rate that will suit your needs from the beginning. While no one can completely predict a changing market, you can shop around and find the right rate and loan for you at the time.


This Multi-Family in Worcester, MA recently sold for $379,900. This style home was sold by The DiRoberto Team - RE/MAX Advantage I.


19 Woodford St, Worcester, MA 01604

Multi-Family

$379,900
Price
$379,900
Sale Price

3
Units
3,649
Approx. GLA
Beautifully maintained 3 family home w/ off-street parking & a 2-car garage! Located on a nice residential street in an area with many owner occupied homes. The 1st floor was the former owner's unit and is in excellent shape featuring so much beautiful character and large rooms throughout. This unit also includes access to the partially finished basement and a 2nd full bathroom! The 2nd floor is also in great shape and features hardwood floors and original woodwork throughout. You'll love the beamed ceilings. The 1st & 2nd floors bring in a total of $2550 per month and the garages are rented out for an additional $200 per month. The 3rd floor is vacant for a potential owner occupant or choose your own tenant. Fair market rent for this unit is about $1000 per month. The hardwood floors in this unit were just professionally refinished and the apartment was freshly painted. The exterior features a lovely large deck and a big enough yard for a garden. Excellent income producer!

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199 Perry Ave, Worcester, MA 01610

Condo

$117,500
Price

5
Rooms
2
Beds
1
Baths
Fantastic Price - Buy and move in or rent it right away! Completely Renovated 2 Bed 1 Bath Condo w/ a deeded Garage Parking Space - Top Floor Unit w/ *Amazing City Views from the windows and your private Balcony! Beautiful, bright, open layout w/ new gleaming floors, high end kitchen that includes a new counter-top, SS Appliances, dishwasher, electricity stove and track lighting! Both bedrooms are great size and the master bedroom has 2 skylights, super high ceilings and a double closet! The renovated bathrooms consists of tile flooring, granite vanity and new light fixtures. The stack-able washer/dryer is included as well as a new hot water tank and recent boiler. The low Condo fee includes cold water/sewer. Minutes from Downtown Worcester, Rts 290, 190, 146, 20, Mass Pike....easy access to the Shoppes at Blackstone Valley...Easy Commute to Boston, CT & RI.
Open House
No scheduled Open Houses

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5 Brookline St, Worcester, MA 01603

Multi-Family

$360,000
Price

3
Units
3,700
Approx. GLA
Large 3-Family that generates great income every month in Webster Square! The exterior consist of vinyl siding, Huge back deck, over-sized yard & off street driveway parking! This property has gas heat and gas stoves. The 1st floor has 3 bedrooms, living/dining room, eat-in kitchen, nice hardwoods floors, large bedrooms, high ceilings and lots of character. The 2nd and 3rd floor also have great layouts that included, hardwood flooring, large bedrooms, renovated kitchens & bathrooms! Rents are under market value and can be brought up. 1st floor lease end 2/28/19 and 3rd floor lease ends 11/30/19. 2nd floor is vacant and $1200 is the projected rent. Showings will be at the OPEN HOUSE Saturday December 15th from 12-1:30pm!
Open House
Saturday
December 15 at 12:00 PM to 1:30 PM
Cannot make the Open Houses?
Location: 5 Brookline St, Worcester, MA 01603    Get Directions

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5 Brookline St, Worcester, MA 01603

Multi-Family

$360,000
Price

3
Units
3,700
Approx. GLA
Large 3-Family that generates great income every month in Webster Square! The exterior consist of vinyl siding, Huge back deck, over-sized yard & off street driveway parking! This property has gas heat and gas stoves. The 1st floor has 3 bedrooms, living/dining room, eat-in kitchen, nice hardwoods floors, large bedrooms, high ceilings and lots of character. The 2nd and 3rd floor also have great layouts that included, hardwood flooring, large bedrooms, renovated kitchens & bathrooms! Rents are under market value and can be brought up. 1st floor lease end 2/28/19 and 3rd floor lease ends 11/30/19. 2nd floor is vacant and $1200 is the projected rent. Showings will be at the OPEN HOUSE Saturday December 15th from 12-1:30pm!
Open House
Saturday
December 15 at 12:00 PM to 1:30 PM
Cannot make the Open Houses?
Location: 5 Brookline St, Worcester, MA 01603    Get Directions

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