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Mortgage Refinancing Help: Maryland
“If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.
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Mortgage Refinancing Help
: Business: Financial Services: Banking Services: Banks and Institutions: Regional: North America: United States
: Maryland (16)
 If you are able to get a lower rate that what you currently have, you can save tens of thousands of dollars over the life of your loan. Also, most lenders don't charge as many fees to refinance a mortgage and depending on how much equity you have in your home you may be able to roll the closing costs into your new loan, still have a lower balance than your original loan, a lower rate, and a lower payment.
 See also:
 American Federal Savings Bank »
A small, community savings bank providing personal banking services to the community of Rockville, Maryland.
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 Provident Bank »
Full-service commercial bank with over branches throughout Maryland, Pennsylvania, New Jersey and Virginia.
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 OBA Bank »
A full service banking institution offers Internet banking.
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 Bradford Federal Savings Bank »
Financial institution provides services for the Baltimore Metro area.
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 BCSB Bankcorp, Inc. »
Performs savings bank operations, mortgage banking and other related financial activities. (Nasdaq: BCSB).
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 First Shore Federal »
Local savings and loan association offering deposit and lending services to the Delmarva Peninsula from locations in Maryland and Delaware.
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 Centreville National Bank »
Provides personal and business banking from its branch locations in Centreville, Hillsboro, Stevensville, and Chestertown, Maryland.
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 Harbor Bank of Maryland »
Provides banking products and services from branches throughout the Baltimore Metro area.
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 EagleBank »
Serving the greater Washington metropolitan area. Offers banking services to business and professional communities.
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 Bank of Glen Burnie »
A full-service community bank serving northern Anne Arundel County, Maryland.
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 Severn Savings Bank »
Locally-owned and managed bank serving the communities of Annapolis and Glen Burnie, Maryland.
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 Rosedale Federal Savings and Loan »
Provides commercial and personal banking in Baltimore, Maryland.
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 Carrollton Bank »
A Baltimore-based bank providing personal and business banking to residents of Anne Arundel County, Baltimore City, Baltimore County and Carrollton.
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 Chevy Chase Bank »
Headquartered in the Washington metropolitan area, serving Delaware, DC, Maryland and Virginia.
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 Bank Of Delmarva »
Community bank provides banking and lending services from its branches in Delmar, Maryland.
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 First Annapolis »
Maryland bank offers specialized services to the financial services industry.
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 When refinancing a mortgage, as many as 30% of homeowner's cash out part or all of their home's equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home's value, you will be hit with private mortgage insurance, costing you hundreds a year.
Unless you are getting a lower interest rate, refinancing your home may cost you more money in the long run and may require you to pay higher monthly payments.
Don't rely on published rates. "No one's going to advertise their worst product," says Keith T. Gumbinger of HSH Associates, a Butler, NJ, firm that tracks mortgage rates. "They advertise the best possible rate, which probably gets offered to only the top 10 percent of applicants."
Get your interest rate and closing costs in writing as soon as you decide on a lender to work with. Get your lender to give you a commitment in advance of all of the costs that will be involved with your loan. Find out if the refinance loan you are getting has a pre-payment penalty as well. Sometimes lenders will leave out important information like this, if they think it might scare you away from refinancing with them.
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