Baltimore Refinance

There’s a very good chance that you found this page because you are looking for “Baltimore refinance”. All a refinance is, is a modification of your existing home loan. As such, any Baltimore company, which offers a home loan can give you a refinance as well. Why would you consider refinancing your mortgage? Because it can save you money…

In Indianapolis Refinance Tips I explain the basics of refinancing and how you can save money by doing so.
In Charlotte Refinance Tips I explained what cash-out refinancing and no-cost refinancing is.

Here, in this Baltimore refinance guide, I will explain ways you can find out whether you are really saving money by refinancing (links to your local lenders are available at the end of this article).

There are many refinance calculators out there, which tell you how much money you can end up saving with a modified mortgage.

Here’s one from mortgage.com
Here’s one from CNN, which allows you to compare quotes from up to 3 different companies.

Before you use these calculators, here are some things to keep in mind:

Points are 1% of your loan amount, which you pay upfront. For example, if you take out a mortgage for $200,000, 1 point for this mortgage will be $2,000, which you’d pay immediately. With each point you pay you can expect your interest rate to go down by around 0.5%. Although this doesn’t sound like much, it can really add up to hundreds of dollars over the course of a year. If you expect to stay in your house for a while, points are worth getting.

Aside from points there are many different kids of fees, which your lender will charge you when you are getting a new loan. These expenses can include a survey fee, attorney fee, application, and/or appraisal fee. When looking at these “other” fees from your lender, make sure to review each and every one of them. Lenders make a lot of money from giving their customers fees, which can easily be eliminated just by questioning them.

Here are local Baltimore businesses which offer home loans and, consequently, Baltimore refinance.

Baltimore home loans from the Yellowpages
Baltimore home loans from Google.

Remember to shop around when getting quotes from your local lenders. Talk to 3-5 companies, see what’s available and go from there. Although this will take some work, it can save you hundreds of dollars in a year and thousands of dollars over the course of the mortgage term.