Refinance Your Mortgage
At Sandy Spring Bank we know that you have important financial goals. The right lending solution can help you pay for college, create that dream kitchen you’ve always wanted or take a second honeymoon.
Given today's low interest rates, refinancing your mortgage could help you achieve your goals.
To learn more about refinancing read our refinancing FAQs below, use the refinancing calculator below, visit The $tation or click here to find a mortgage banker.
Improve Monthly Cash Flow
There are different ways to refinance depending on your financial goals. If you refinance your loan with a lower rate, you may reduce your monthly mortgage expenses and use the extra money to achieve your financial goals. A cash-out refinance leverages the equity in your home, and gives you cash that you can use right away and as you like.
Shorten the Loan Term
Depending on how long you intend to stay in your current home, you might be able to reduce the term of your loan and pay less interest.
Consolidate Multiple Mortgages
If you have a mortgage and a home equity line of credit or loan, you may be able to combine the loans to create one loan at a lower rate or better term.
To learn more about refinancing read our Refinancing FAQs below, use the refinancing calculator below, visit The $tation or click here to find a mortgage banker.
FAQs
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Question
Why should I refinance?
AnswerThe 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 that causes one’s monthly mortgage payment to be 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.
- By converting an adjustable loan to a fixed loan. The main reason behind this type of refinance is to obtain the stability and the security of a fixed loan. Fixed loans are very popular when interest rates are low, whereas adjustable loans tend to be more popular when rates are higher. When rates are low, homeowners refinance to lock in low rates. When rates are high, homeowners prefer adjustable loans to obtain lower payments.
- By consolidating debts and replacing high-interest loans with a low-rate mortgage. The loans being consolidated may include second mortgages, credit lines, student loans, credit cards, etc. In many cases, debt consolidation results in tax savings, since consumer loans are not tax deductible, while 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.
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Question
How long does it take to refinance?
AnswerRefinancing with Sandy Spring Bank takes an average of 45 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.
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Question
Can refinancing save me money?
AnswerRefinancing your home might save you money. There are different ways to refinance depending on your financial goals. You can refinance with a lower rate that might reduce monthly payments or the length of your loan. A cash-out refinance leverages the equity in your home, and gives you cash that you can use to help consolidate debt or work on a new home-improvement project. We recommend you speaking to a Sandy Spring Bank mortgage banker to determine what refinancing options are available for you.
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Question
I have an Adjustable Rate Mortgage (ARM) that is adjusting shortly- what are my options?
AnswerYou can convert your adjustable loan to a fixed loan. The main reason behind this type of refinance is to obtain the stability and the security of a fixed loan. Fixed loans are very popular when interest rates are low, whereas adjustable loans tend to be more popular when rates are higher. When rates are low, homeowners refinance to lock in low rates. When rates are high, homeowners prefer adjustable loans to obtain lower payments.
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Question
I refinanced my mortgage last year. Is it worthwhile to refinance again, and will I incur the same closing costs that I paid last year?
AnswerIt could be advantageous to refinance again based on a lower rate and/or reduced term of the mortgage. Our mortgage bankers can run through the various options to see if refinancing would be beneficial for you.
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Question
I have a second mortgage on the property and would like to see if I can consolidate the two loans into one loan at a lower rate.
AnswerIf you have a mortgage and a home equity line of credit or loan, you may be able to combine the loans to create one loan at a lower rate or better term. Contact a Sandy Spring Bank mortgage banker to learn more about all of the options available.
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Question
Do I need a new appraisal report?
AnswerAnytime a borrower is taking cash out of a property an appraisal is needed. If a borrower is certified by the VA or the Federal Homes Association and they are reducing an interest rate, an appraisal is not required. In all other cases an appraisal is required. For an individual consultation, please reach out to a Sandy Spring Bank mortgage banker.
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Question
I’m interested in refinancing with Sandy Spring Bank. What is the first step I need to take?
AnswerWe 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.
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Question
I didn’t get my original mortgage with Sandy Spring Bank. Can I refinance with Sandy Spring Bank?
AnswerYou 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.