Should a Maryland homeowner refinance or preserve an existing first mortgage?
A lower payment can reflect a longer term, different interest costs or new borrowing. Compare rate-and-term refinance, cash-out, a separate equity product and the option of keeping the present first mortgage.
Use current property value, mortgage balance, occupancy, insurance, taxes and the expected time in the home to frame a written, transaction-specific comparison.
Confirm the applicable license and program
7th Level Mortgage LLC · NMLS #1003861. Mortgage Lender License #21577. Review the company's current record through NMLS Consumer Access. A state license does not imply a branch office in every city or that a specific loan program is available for every property.
Programs and eligibility depend on the borrower, property and current agency or lender guidelines.
Frequently asked question
Should a Maryland homeowner refinance or preserve an existing first mortgage?
A lower payment can reflect a longer term, different interest costs or new borrowing. Compare rate-and-term refinance, cash-out, a separate equity product and the option of keeping the present first mortgage. Use current property value, mortgage balance, occupancy, insurance, taxes and the expected time in the home to frame a written, transaction-specific comparison.