Refinancing Title Company Bethesda, MD
As a trusted refinancing title company in Bethesda, MD knows, when interest rates are low, many people make the wise decision to refinance their homes. In other situations, a person may find that they are having a hard time making their mortgage payments because of medical bills or a pay cut. In these scenarios, refinancing can be a great way to lower monthly payments and put extra into savings. But, how does refinancing work? Is there a specific type of company you will need to work with? When you choose to refinance, you want to work with a company you can trust. Reach out to Capitol Title Group today to learn more about the refinancing process and what our role would be.
What exactly is refinancing?
Lower mortgage payments? Is it too good to be true? Not necessarily. Essentially, your lender will pay off the mortgage you have with a new one. This can be a great choice if interest rates are low and you want to take advantage of that or if you want to refinance your mortgage from a 3-year mortgage to a 15-year mortgage. With a 15-year mortgage, you may be paying a similar amount monthly but end up paying less in the long run because of significantly reducing your interest rates.
What things should you know before you move forward with refinancing?
A Bethesda, Maryland refinancing title company knows that before you choose to refinance your home, there are certain things you should know that will be helpful.
- Know how much equity you have in your home. It can be easy to forget how much you have ended up paying into your home and how much of it you actually own. Do a little research into your finances before refinancing.
- Know your credit score. Good credit scores can get you really far. If you have a high credit score, this could get you a better deal when it comes to low-interest rates.
- Know what you want to get out of it. Are you doing this because you simply want lower interest rates on your mortgage? Are you hoping to switch from a 30-year to a 15-year? It is good to speak with your title company to have some goals in mind to see how refinancing can help you achieve them.
Refinancing can be a great way to help you when you would like to have lower mortgage payments or change how long your loan lasts. For more information, call Capitol Title Group to see how our refinancing title company in Bethesda, Maryland can help you with your refinancing needs.