Refinance Your Mortgage

You Could Save More When You Refinance

Woman sitting on her couch with her laptop on her lap. Sandy Spring Bank Mortgage Refinancing

At Sandy Spring Bank we know that you have important financial goals. The right lending solution can help you create that dream kitchen you've always wanted, take a second honeymoon or pay down high-interest debt.

When you refinance a home loan, you’re exchanging one loan for another. The new mortgage will pay off the old one, but possibly with a new rate and term. With a refinance you might be able to reduce your interest rate or extend your loan term, lowering how much you pay every month.

Please read our FAQs to learn more about refinancing and be sure to check out the Refinancing Calculator. Are you ready to get started?

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Two Great Loan Options

No Cash-Out Refinance

With this option, you are refinancing the remaining unpaid balance on your current mortgage.

  • Reduced Monthly Payments — If you refinance at a rate lower than your original mortgage or extend your loan term, you could save money on your monthly payments. Over the life of the loan, this amount could be substantial, depending on the rate.
  • Fixed-Rate — If you currently have an adjustable-rate mortgage, refinancing may be a good opportunity to change to a fixed-rate loan. Since the rate won't change, you will know your monthly payment, providing more stability to your budget.
     

Cash-Refinance

In a cash-out refinance you're refinancing for more than you currently owe. In return, you receive a portion of your equity back in a one-time payment. 

  • Immediate access to cash — You receive a lump sum payment, perfect if you have a major expense like home improvements or you want to pay down high-interest debt.

Both no cash-out and cash-out financing come with additional fees, about which you should be aware. Please consult with a mortgage banker to learn more and be sure to use our Refinancing Calculator to determine your potential closing costs.

 

FAQs

  • Question

    Why should I refinance?
    Answer

    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.

  • Question

    How long does it take to refinance?
    Answer

    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.

  • Question

    Can refinancing save me money?
    Answer

    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.

  • Question

    I have an Adjustable Rate Mortgage (ARM) that is adjusting shortly- what are my options?
    Answer

    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.

  • Question

    I already have a good mortgage rate, but I need money for home repairs, what options do I have?
    Answer

    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.

  • Question

    I’m interested in refinancing with Sandy Spring Bank. What is the first step I need to take? 
    Answer

    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.

  • Question

    I didn’t get my original mortgage with Sandy Spring Bank. Can I refinance with Sandy Spring Bank? 
    Answer

    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. 

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  • Disclosure

    Loan programs subject to change without notice and cancellation at any time. Please consult a Sandy Spring Bank Mortgage Banker for specific details. This is not an offer of credit or commitment to lend. Actual loan qualification is subject to verification and approval of income, credit, property appraisal, and other factors. Additional fees, terms, and conditions may apply. Adequate property insurance required. Sandy Spring Bank is a Maryland corporation headquartered at 17801 Georgia Avenue in Olney, Maryland 20832. As a residential lender we provide mortgage financing throughout the country. Other rates and terms are available.

    This material is provided solely for educational purposes and is not intended to constitute tax, legal or accounting advice.  You should consult your own legal, accounting, or tax advisers regarding your specific situation and needs.

    View our Fair Lending Policy statement online.