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Should I refinance my Maryland Mortgage to a lower rate?

Should I refinance my Maryland Mortgage to a lower rate?

Rates have dropped and it may make sense for you to refinance, but there are lots of questions other than rate to be asked.  There is a cost to refinance, so it is important to look at all of your options.  Sure, there are "NO cost refi's" which usually means a higher rate that will allow the lender to pay your fees. You may also be able to roll those costs into your new mortgage (not no cost!). Your breakeven could be as quick as immediate, and as long as 4 years or more.

  • How long do you expect to be in the house?
  • What is your current interest rate?
  • What type of loan do you currently have? 
  • What's your goal with regard to the refi?  Shorter term?  Lower Payment? Debt Consolidation? 
  • How much do you owe?
  • What's your home worth? 
  • Do you have equity?

REAL WORLD EXAMPLE...

I just spoke to a client today who is thinking of refinancing.  I gave them 2 options...pay about $40 more per month and cut 6 years off your existing mortgage (paying it off in 15 years) or drop your payment by about $300/month, lowering the interest rate and extending the term.  IF they choose the 30 year loan (2nd option) and continue to pay their current mortgage payment (which is comfortable), they will still pay off their loan in less than 20 years, about 2 years faster, but have the option to pay the lower payment should they have unexpected expenses.

I am happy to review your current loan to help you to determine your best option.

Bridget "Maryland Mortgage Mama" McGee NMLS #196068 410-960-2061

Should I refinance my Maryland Mortgage to a lower rate?

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  Corridor Mortgage Group.   410-960-2061 EHO   bmcgee@corridormtg.com or marylandmortgagemama@gmail.com

 

If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure! 

If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest.  Please contact me at 410-960-2061.

Comment balloon 1 commentBridget "Mortgage Mama" McGee • December 28 2011 04:56PM

Comments

All good questions!  Have a great 2012.  Here is a New Year poem for you.

 

Wonder and amazement abound

 

Through the air rushes the sound

 

Church bells ring for all to hear

 

As heralds of the coming new year

 

 

 

What will it bring this new year to come?

 

Will it bring joy for everyone?

 

Will conflict around the earth cease?

 

Will we finally live in peace?

 

 

 

One thing is certain it seems to me

 

That there will be plenty of opportunity

 

Making connections and furthering our dreams

 

Looking above for our star as it beams

 

 

 

The chance to seek out kindness wherever it lies

 

And find to the love that is hidden in everyone’s eyes

 

Take the extra moment to open the door

 

You’ll find it rewarding and you’ll feel good for sure

 

 

 

Slow down and watch earth’s beauty unfold

 

Listen for truths that to you will be told

 

As glancing raindrops make designs in a pond

 

And birds take flight above and beyond

 

 

 

Protect nature’s abundance with your every measure

 

So that those to come might inherit the treasure

 

Universal forces will align in your favor

 

And your aspirations you’ll be allowed to savor

 

 

 

Every chance to advance is before you to untether

 

All still lies ahead to be earned by your endeavor

 

Enthusiasm pushes you forward with passion

 

Great achievement with your skills you will fashion

 

 

 

The year ahead is full of promise and hope

 

An unblemished canvas with unlimited scope

 

May we all take our brushes and such a bold opus create

 

That all we encounter will gasp and appreciate

 

Posted by Jeff Jensen (The Federal Savings Bank/Lending in 50 states) almost 7 years ago

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