Homeowners in Maryland have experienced significant increases in their home values, with most homeowners having up to 50% equity in their homes. If you live in Baltimore, Annapolis, Montgomery County, Prince George’s County, Howard County or surrounding counties – you can take advantage of the equity in your home to finance special projects.

Refinancing your home allows you to lower your mortgage payment, take cash out of your home for home improvement projects, debt consolidation, education, real estate investment, pay off medical bills, take a much needed vacation, finance an automobile purchase, etc.

Depending on the equity in your home, homeowners can draw as little as $10,000 to an amount over $200,000 – the sky is the limit depending on your personal situation.

When refinancing your home loan, the most important factors to consider include the following:

1. Get the lowest interest rate available in your state of residence.

Getting the lowest refinance rate, means shopping around, without spending any money. Work with a reputable mortgage company, who gives free mortgage loan quotes, at no cost. You should never pay for this service.

2. Find refinance loan terms that work for your situation.

An Interest only refinance loan may be right for you or not. If you are planning to move to another part of the country or want to sell your house in 3 to 5 years, then you may not care, if you pay down your principal balance. In this case, an interest only loan, may be work for you.

On the other hand, if you plan to stay in your home for the next 30 years – a fixed rate loan, might be your best choice.