Maryland (MD) Refinance Mortgage Rates
It’s a good time for Maryland home buyers to consider refinancing their home mortgages. Even small changes in interest rates can save people a bundle – especially since mortgage companies are waiving application fees and legal fees for no cost loans. Refinancing your current home loan could also finance home renovations and otherwise help build your equity. Some of the best options are detailed below.
Build Home Equity More Quickly with a 10-Year or 15-Year Loan
When people refinance, many of those with comfortable incomes opt for shorter term loans. These home buyers then take on relatively high monthly payments, even with the lowest interest rates – but they build home equity more quickly. They also pay less in interest over the course of the new home loan. See 10 year fixed refinance rates and 15 year fixed refinance rates on their respective pages.
Additional savings to homeowners come in the form of tax breaks. Home owners are entitled to tax deductions for the interest paid on their mortgage, their property taxes, and points paid. With these incentives, shorter term loans are even more appealing to those who can afford them.
Enjoy Lower Monthly Payments with 30 Year Refinance Rates
Although shorter-term loans may cost less in the long run, most Maryland home buyers choose 30 year mortgages with lower monthly payments. A popular option for people with consistent payment records to their banks and at least a year of residency is the Federal Housing Authority’s Streamline Loan. It’s named for its simple, hassle-free application process: there’s no appraisal or income verification. This option is available to people whose current loans are FHA-insured.
Upgrade Your Property with a Streamline 203(K)
The FHA’s Streamline 203(K) is one of the most popular loan options in Maryland. Designed for new home buyers, seasoned home owners, and rental property owners, it lets people include the cost of home repairs and upgrades in a refinancing package. Low refinance rates in Maryland make it an especially attractive time to add hardwood flooring, a waterproofed basement, or even a full second level to your home. In most cases, up to 95% of a home’s value plus $35,000 in renovations can be financed.
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