Bridget's Blog


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?


I just spoke to a client today who is thinking of refinancing.  I gave them 2 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  SWBC Mortgage.   410-960-2061 EHO or


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


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) over 8 years ago