Refinancing Considerations

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Loan Program Guidelines Are Subject To Change!!  

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On Line Refinancing Pre-Qualification Form

There are two questions that need to be answered...

The most important question is ...
"How long do you plan to stay in the house"???

If less than 2 years it may not make financial sense to go through the expense of closing unless the present rate is very high.  (We do offer No Point - No Closing Costs loans but the rates are slightly higher than a  Zero point quote).In some cases it still may make sense to refinance...

If you plan on selling in 5 to 7 years you may want to consider a 5 or 7 year A.R.M.  Rates are lower than the standard 30 year fixed rates and the rate is fixed for either 5 or 7 years.

The second question is...
"What are you trying to accomplish by refinancing"???

Are you trying to lower your rate or term?  Are you pulling cash out for any reason (to pay off other debt, etc.)?  Are you extending the term to lower your payment?  Do you intend to prepay the loan? We need to know.

They old saying that the new rate must be lower than 2 percent of the current rate simply does not apply with the new mortgage marketplace (zero point & other loans).

Please call for a free phone consultation, if it doesn't make sense to refi, we will give you our opinion.  We will NEVER recommend refinancing unless we think it benefits the borrower (unlike some companies out there, be careful).

Do not allow another company to run your credit report unless you are fairly sure you are going to commit to them.  Every inquiry drops a persons "score".  I have seen loans turned down because of too many inquiries.  It is a "catch 22" that some program's rates are based on the score, sometimes we can't quote a rate until we check a borrowers credit report and see the "score"... 

Call For Availability or Alternative Loan Programs

Guidelines Are Constantly Changing

If you are outside of Maryland,
please click here, select your state and 
check with the lenders licensed in your state.

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