Refinancing is a possibility to improve your current mortgage. It means getting a new loan, with new terms, and using that money to pay off your old loan. Tim Sisson of First Home Mortgage is a leading provider of Refinance products and provides competitive rates and flexible financing options. Tim offers refinance loans in Dunkirk, Huntingtown, Prince Frederick, as well as the entire state of Maryland. For more information on refinance loans or how to get Pre-Qualified, contact Tim today at 301-327-5817 or click here!
Reasons to Refinance
Refinancing with a lower interest rate could result in lower mortgage payments. This may provide extra money each month for homeowners to save, or spend, however they choose.
Shorten your payment term
If you want to build equity faster, or pay off your mortgage in less time, you can refinance to a shorter loan term. This may result in a slightly higher monthly payment, but you may also save money by paying less toward interest.
Convert your home’s equity into cash
As a homeowner, you make payments to increase your equity, or value of ownership. Refinancing allows you to turn that equity into cash – referred to as “cash-out” refinancing. You are free to access and spend the money without tax penalty*.
*Consult a tax professional for more information.