Refinancing Online Provides Opportunities for Homeowners

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Homeowners refinance for a variety of reasons including to take cash out of their home equity to make home improvements, to consolidate debt, and to move from an adjustable-rate mortgage to a predictable, fixed-rate mortgage. Depending on the current interest rate, many homeowners who refinance may save money on their monthly mortgage payment, or even adjust their mortgage to shorten the term (on the length) of the loan.

As more and more consumers head online to shop for a variety of products and services, shopping online to refinance a mortgage has become commonplace. The ease and convenience of gathering information and applying for a refinance at any time of day or night is perhaps the biggest reason time-crunched Americans have been flocking to the Web.

“Refinancing online often makes the process much more simple and certainly more convenient,” says Frank Destra, managing director and senior vice president of national sales for Internet lender, Ditech. “The convenience of shopping for a mortgage directly from your home or office, on your own time, is one of the primary reasons there has been an increased demand for online lenders. Many people conduct all of their financial transactions online already, so ‘why not get your mortgage online too?’ seems to be a much more common attitude.”

Another benefit of refinancing online is that many mortgage lenders’ Web sites have a wealth of free educational information available to help you learn about the overall refinancing process. You will find articles and tools that may help you decide if refinancing might be a good option. For example, Ditech has a refinance calculator that can help determine how many months you will need to live in your home to recoup the cost of refinancing.

So what are some of the refinancing options you might want to consider before you boot up the computer? Consider this:

* A fixed-rate mortgage has an interest rate that stays the same throughout the entire life of the loan, so your monthly mortgage payment of principal and interest will not rise in the future. Refinancing from an adjustable-rate mortgage into a fixed-rate mortgage may provide you with peace of mind knowing that your new interest rate will not reset to a higher rate.

* Roll-down refinancing allows you to include the refinancing fees in the mortgage, so you will not have to pay costs up front.


* Cash-out refinancing allows homeowners with enough equity in their home to take out cash when they refinance to pay for other expenses such as a wedding, college or a home remodeling project, or possibly even to invest.

* A 15-year or 20-year fixed-rate mortgage will shorten the life of your loan, and may allow you to get a lower mortgage rate, but your monthly mortgage payment will be higher than with a 30-year fixed-rate mortgage.

* Refinancing with a traditional 30-year mortgage, will help reduce the monthly mortgage payment by extending the term of your current loan.

As you consider refinancing your home, be sure to check out the convenient and competitive options that may be available to you from online mortgage lenders. Your next mortgage may be only a click away.

To learn more about refinancing, visit www.ditech.com or call Ditech at (800) 715-3483.

Courtesy of ARA content
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Lanesborough Town Meeting to Vote Budget, Bylaws & Vehicle Purchases

By Breanna SteeleiBerkshires Staff

LANESBOROUGH, Mass. — Tuesday's annual town meeting includes a $14 million operating budget, new short-term rentals, accessory dwelling units and sign bylaws, and free cash article appropriations.

Voters will gather at Lanesborough Elementary School on June 9 at 6 p.m. to decide on 20 warrant articles.

The fiscal 2027 budget is up a little over 10 percent. Some of the main increases are the Mount Greylock Regional School District and McCann Technical School: the McCann assessment is up more than 30 percent based on factors including enrollment and the school renovation project, and Mount Greylock's is up 11 percent.

Article 11 is for the town to vote to approve from free cash the sum of $16,298.48 for the McCann Technical School roof and window replacement project so as not to impact the budget. Article 3 is  appropriate $7,586,284 for Mount Greylock Regional School assessment.

Another notable increase was in life and health insurance, showing an increase of about 26 percent.

Ambulance Director Jen Weber is planning 24-hour coverage, which means more staff and a hike in her budget. One of the articles asks the town to appropriate $234,100 to operate the Ambulance Enterprise Fund for salaries and expenses.

Many town departments are looking for new vehicles. The Fire Department is looking to replace its outdated 1996 fire engine. There are two articles related to the truck at a total of $813,366. Article 12 would transfer $225,000 from free cash into the Fire Truck Stabilization Fund; Article 13 would transfer $605,000 from the fund and authorize the borrowing of $208,366.08.

The total includes a $100,000 contingency cost to cover any additional costs if a 2026 model-year chassis cannot be secured before new emissions standards go into effect in 2027.

The board at its last meeting moved the $225,000 transfer to come before the borrowing article, changing the stabilization number. If the $225,000 is not voted on, then they will amend the next article's number on the floor, subtracting the $225,000. This shows the borrowing number significantly lower.

Article 17 asks for the transfer of $80,000 from free cash to replace a police cruiser.

Police Chief Rob Derksen's aim is to replace one vehicle every other year, meaning the oldest vehicle gets replaced about every 10 years. 

He stressed that if delayed this year, the town may have to double up in a future year to get back on schedule, and that paying later usually costs more. The article will ask for $80,000 from free cash, the vehicles used to be funded by the BHRD.

Lastly, the Highway Department is looking to replace a 2014 International dump truck that will be a total of $330,000 and will take two to three years to receive.

Money will be used from last year's approval of $250,000 from free cash for the replacement of a 2012 highway front-end loader that was underspent $49,261. Town meeting is being asked to approve  a transfer of $53,274.85 from free cash and the use of $227,464 from funds from the Sale of Town Real Estate to fund the balance.

Other free cash proposals include $1,200 to purchase software to support tracking and ongoing maintenance schedules of town-owned vehicles; $42,000 for the replacement of the Highway Department's storage shed roof, $200,000 to reduce the tax levy.

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