Why should I refinance?
The most common reason for refinancing is to save money. Saving money through refinancing can be achieved in four ways:
Contact a Sandy Spring Bank mortgage banker for more information.
Can refinancing save me money?
Refinancing 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.
I’m interested in refinancing with Sandy Spring Bank. What is the first step I need to take?
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.
I have an Adjustable Rate Mortgage (ARM) that is adjusting shortly- what are my options?
You 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.
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.
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. Contact a Sandy Spring Bank mortgage banker to learn more about all of the options available.
How long does it take to refinance?
Refinancing 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.
Can I refinance my vacation home and/or my rental property?
Yes, we provide refinancing for second homes and rental properties. Second home interest rates are comparable to a primary home rates. Investment properties have different rates. Contact a Sandy Spring Bank mortgage banker to learn all of the options available to you for your vacation homes and rental properties.
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?
It 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.
Do I need a new appraisal report?
Anytime 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.
I didn’t get my original mortgage with Sandy Spring Bank. Can I refinance with Sandy Spring Bank?
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.