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These two programs mean cash for buyers and sellers

Spring is traditionally the busiest season for homebuying in Massachusetts, with more hospitable weather, flowers in bloom, grass sprouting and houses once again looking their best. Spring is also the right time to sell, as demand rises among buyers looking to secure a home well before summer ends.

Throughout the COVID-19 pandemic, homebuying has been brisk, as it was before the coronavirus hit. Since 2019, prices have risen almost 12 percent statewide1. Buyers have been switching from smaller, more urban apartments and condos to houses where they gain living space, a higher quality of life, or even a better home office setup. And those who have been fortunate enough to retain their jobs amid the current economic challenges are taking advantage of historically low mortgage rates.

Even more pronounced than the homebuying surge has been the refinancing boom. Many fully employed education professionals have been taking advantage of low interest rates, a result of the pandemic, allowing them to refinance into rates as low as 2 percent. The simple calculation that homeowners should be doing is determining whether they can drop their current interest rate a full percentage point, which makes the refinance closing costs worthwhile.

Other homeowners have taken advantage of low rates to take cash out of their homes for major expenses, including renovations, higher education costs, debt payoffs and vacation home investments. As the demand for homeownership has outstripped supply, home equity across the country has been reported to be at its highest ever.

Whether you are in the market for a new home or are looking to leverage your current home’s value for a lower monthly payment or to take cash out, this is a great time to initiate a transaction. Low mortgage rates often more than offset any residual expenses of home buying or refinancing, especially when working with a mortgage lender that might be offering certain discounts.

MTA Benefits has endorsed and fully vetted a local and direct mortgage lender offering exactly these services. Mid-Island Mortgage, which has been in business since 1959 and has an office in Woburn, offers MTA members exclusively low rates and incredible mortgage discounts on lender fees and closing costs, up to $3,000 in total.

Learn more here. To get a quick quote or have a consultation, call Mid-Island Mortgage Vice President Teresa Balian at 617.665.7770 or email

That’s not the only way you can save when buying or selling a house, however. MTA members can take advantage of a real estate savings program that isn’t available to the typical consumer. MTA Benefits and Berkshire Hathaway HomeServices Commonwealth Real Estate have partnered to allow MTA members to earn cash back on the sale or purchase of a home. For example, if you sell a $500,000 home, you will earn $2,500 after closing, or 20 percent of the service fee collected. You’ll be partnered with an experienced real estate professional who will help you navigate one of life’s monumental transactions in a competitive marketplace. Learn more about this exclusive real estate benefit.

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