Refinance Your Mortgage

The most common reason for refinancing is to save money. Saving money through refinancing can be achieved in four ways:

• By obtaining a lower interest rate and/or extending the loan term, which results in one's monthly mortgage payment being reduced.
• By reducing the term of the loan, thus saving money over the life of the loan. For example, refinancing from a 30-year loan to a 15-year loan might result in higher monthly payments, but the total of the payments made during the life of the loan may be reduced significantly.
• Moving from an adjustable-rate loan to a fixed-rate loan. The main reason behind this type of refinance is to obtain the stability and the security of a fixed-rate loan. Fixed-rate loans are very popular when interest rates are low, whereas adjustable-rate loans tend to be more popular when rates are higher. When rates are low, some homeowners refinance to lock in low rates. When rates are high, some homeowners prefer adjustable-rate loans to obtain lower payments.
• By consolidating debts and replacing high-interest loans with a lower-rate mortgage. The debts being consolidated may include second mortgages, credit lines, student loans, credit cards, etc. In many cases, debt consolidation results in tax savings, since the interest paid on a consumer loans is not tax deductible, while the interest paid on a mortgage loan may be tax deductible. Please consult your tax advisor regarding tax deductibility.
   

Contact a Sandy Spring Bank mortgage banker for more information.

Refinancing with Sandy Spring Bank takes an average of 30 days. However, there are many factors that can expedite or impede the timeline to refinance. We encourage you to speak to a Sandy Spring Bank mortgage banker to learn how you can expedite the refinancing process.

Borrowers that are looking for the relief of lower monthly payments may be able to accomplish this with a lower rate, and/or by extending the term of their loan.  Shortening the term of your loan could lower your rate and/or save you in interest over the life of the loan.  A cash-out refinance leverages the equity in your home, and provides you with cash that could help you consolidate higher interest debt, or complete a home improvement project that could increase the value of your home. We recommend you speak with a Sandy Spring Bank mortgage banker to determine what refinancing options are available for you.

You can refinance your adjustable loan to a fixed-rate loan. The main reason behind this type of refinance is to obtain the stability and the security of a fixed-rate loan. Fixed loans are very popular when interest rates are low, whereas adjustable-rate loans tend to be more popular when rates are higher. When rates are low, some homeowners refinance to lock in low rates. When rates are high, homeowners prefer adjustable loans to obtain lower payments.

If you already have a good mortgage rate but need money for home repairs, a cash-out refinance is one option. Replace your current mortgage with a larger loan and receive the difference in cash.

We also feature home renovation loan programs that allow you to stay in your home as you remodel. The final loan amount will be based on the purchase price of the home and the cost of the improvements. To learn more, please visit our Building and Renovating a Home loan page.

We encourage you to contact a mortgage banker before you complete an online application to have an initial mortgage consultation. Click here to find the right mortgage banker for you. You can contact any of our mortgage bankers who will be happy to help you through the refinancing process.

Yes, you can refinance your mortgage with Sandy Spring Bank if you did not get your original mortgage with Sandy Spring Bank. We encourage you to connect with a Sandy Spring Bank mortgage banker to learn how we can help refinance your mortgage.