Mortgage Rates & the cost to Refinance have never been lower!
There are also loan programs such as Reverse Mortgages,
VA, FHA, Conforming and Jumbo Loans
that may interest you.
Frequently Asked Questions
Q: What are the the 2012 conforming loan limits?
A: These limits are based upon the number of units per property.
1-unit properties: $417,000
2-unit properties: $533,850
3-unit properties: $645,300
4-unit properties: $801,950
Refinance Today & SAVE!
Refinance Maryland Links
Daily Refinance Maryland
Home Prices Surge, With or Without Distressed Sales
According to the CoreLogic April Home Price Index (HPI) including distressed sales home prices are now up 12.1 percent on an annual basis. In March the annual increase was 10.5 percent. The April year-over-year change is the largest increase since February 2006. The HPI which excludes short sales and sales of owned real estate (REO) was up 11.9 percent in April 2013 compared to April 2012 It had risen 10.7 percent from March to March.
Should You Refinance? What does it cost to refinance? What are the benefits? Some inexperienced brokers say you should only refinance if your new interest rate is at least two points lower. This may have been true years ago, but with the cost of refinancing in Maryland dropping over the last few years, it's never the wrong time to think about a new loan! Refinancing offers a number of benefits that often make it worth the up-front expenditures many times over.
As a home owner you may choose to refinance for several reasons; you might be able to lower your interest rate and monthly payment. You may also be able to "cash out" some of the equity in your home, which you can use to consolidate debt, improve your home or take a well deserved vacation! With lower rates and balances, you may also be able to build up equity faster with a new shorter-term mortgage. Get up to 4 offers at LendingTree.com
These benefits do come at a cost. To refinance in Maryland, you are required to pay for most of the same things you paid for when you obtained your original mortgage. Things like settlement costs, appraisal fee, title insurance, underwriting fees, and so on.
Ultimately, for most people the amount of up-front costs to refinance in Maryland are made up very quickly in monthly savings. An experienced lender will work with you to determine what program works best for you, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing might have on your taxes.
The HARP Refinance Program
How does the HARP Refinance Program work? Who is eligible for the HARP Refinance Program? Since 2008, FHFA, Fannie Mae and Freddie Mac, mortgage lenders and servicers have been working together to find ways to increase the number of homeowners who are able to refinance their mortgages through HARP. With mortgage interest rates at all-time lows, this is an opportune time to take advantage of this new HARP Program.
Refinancing your Fannie Mae or Freddie Mac-owned mortgage is now easier than ever, is less restrictive and also benefits borrowers, the housing market, and our economy.
You are eligible for the HARP Refinance if...
Your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae.
Your mortgage was sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
Your mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
Your current loan-to-value (LTV) ratio must be greater than 80%.
You are current on your mortgage at the time of the refinance.
You have no late payment in the past six months and no more than one late payment in the past 12 months.
What are the benefits of shortening the terms of your mortgage?
Home owners who owe more on their mortgages than their homes are worth (under water mortgages) may be locked into their homes for years and have fewer financial options until they pay down the principal balance. A shorter term mortgage enables such home owners to pay down the amount they owe much faster than a traditional 30-year mortgage. Also, interest rates on shorter term mortgages are typically less than on 30-year mortgages. The lower interest rate may provide home owners the opportunity to shorten the term of their mortgages without much change in their monthly payments, and perhaps even a reduction in that payment.
VA Interest Rate Reduction Refinancing Loan
What is an IRRRL?
IRRRL stands for Interest Rate
Reduction Refinancing Loan. You
may also see it referred to as a "VA
Streamline". It is used to refinance an
existing VA guaranteed loan to reduce
the interest rate or to refinance an
adjustable rate mortgage (ARM) to a
How much will this IRRRL cost?
An IRRRL may be done with "no
money out of pocket" by including all
costs into the new loan. Some lenders
may say that VA requires certain
closing costs to be charged and
included in the loan. The only cost
required by VA is a funding fee* of ½ %
of the new loan amount. This may be
paid in cash at closing or added to the
In addition to the energy efficient
improvements, you may also include
up to 2 discount points into the loan.
*Refinance programs are subject to change. Not all borrowers will qualify.