Galvin Touts Refinancing Information at The Big E

Understanding that yesterday’s interest rate cut will have many borrowers itching to refinance, the focus of Secretary of the Commonwealth William F. Galvin’s visit to the Big E fair in West Springfield today was whether now is the time to refinance and other ways that borrowers can save on mortgages, loans, and credit cards.

As supervisor of most Registries of Deeds, as well as the state official tasked with regulating securities and providing information to the public, Galvin provides educational materials to residents on a variety of topics relating to homeownership and finance. While visiting the Big E on Thursday for Massachusetts Day, Galvin stopped by his office’s booth at the front of the Massachusetts Building to promote a newly-updated publication, “Why Should I Refinance and When does it Pay to Do So?”

As he greeted fair visitors, Galvin emphasized the importance of running the numbers before jumping at the chance to refinance. Cautioning that mortgage rates are not as closely tied to the Federal Reserve’s decisions as some other types of loans, he pointed out that such rates may drop more slowly. Galvin encouraged homeowners to visit his website, www.sec.state.ma.us/rod to find a mortgage refinancing calculator that will help them decide whether now is the time to refinance.

For those not looking to refinance right now, Galvin stressed that the recent rate cute may present other opportunities to save on monthly bills. He encouraged those with credit card debt to shop around and negotiate with credit card companies to match any newly-lowered rates they find. 

The Secretary of the Commonwealth’s Office booth will be available at the Big E through Monday, September 22.