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Refinance Options
Why Refinance?
As property values increase, you may be considering refinancing your mortgage. The professionals at Provident State Bank are happy to speak with you about your mortgage refinancing options in MD and DE. Refinancing a mortgage comes down to numbers and can be a wise decision for borrowers who wish to save on monthly payments, shorten their loan length, or ditch insurance premiums. Like any other loan, you must apply for refinancing, which requires a thorough check of your income, credit, finances, and employment history. Our team then orders a home appraisal which will assess your home's current market value and the equity you have in it. One of our mortgage loan advisors will gladly sit down with you to discuss your unique refinancing options. Here are some of the most common reasons to refinance a mortgage:
- Homeowners who have lowered their debt-to-income ratio or improved their credit score may be eligible to lower their monthly payment and lock in a lower interest rate.
- Switch from an adjustable-rate mortgage to a fixed-rate loan.
- Pull cash-out from home equity by replacing your existing loan for a larger mortgage.
- To remove a borrower from a mortgage, i.e. divorce, relative, friend.
Rate and Term Refinance
Many of our customers prefer to refinance in order to lower their interest and payment rates, while others refinance to transition to a longer or shorter loan term length. Refinancing rates in MD and DE vary, so you want to consider how long you plan to stay in your home and whether the overall cost is worth it. Whatever your reason may be, contact one of our experienced PSB Loan Officers for current rates and programs.
Cash-Out Refinance
Another refinancing option in MD and DE is the cash-out method. By using a cash-out refinance, your payments are spread out over time and typically at a reduced rate than other available financing methods. Your home holds the keys to your financial happiness if appropriately managed, and this is where our experts can help. The cash-out refinancing option in MD and DE allows for your current home equity to be tapped into for home improvement or paying off any existing loans. You can use the equity toward financing automobiles, boats, vacations, education, or whatever else you choose. Contact one of our PSB Loan Officers for more information.