Refinancing

What does refinancing a mortgage mean?

 

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home's equity in order to finance a large purchase; and the desire to consolidate debt.

Some of these motivations have benefits and pitfalls. And because refinancing can cost 3% to 6% of the loan's principal and – like taking out the original mortgage –requires appraisal, title search and application fees, it's important for a homeowner to determine whether his or her reason for refinancing offers a true benefit. 

Darren Ferlisi

Mortgage Loan Originator

NMLS ID#139611

Cell Phone: 301.448.0749

Office Phone: 240.415.5065 

FAx Number: 240.415.5019 

Email: dferlisi@ihmcloans.com

5300 Westview Drive, Ste 408, Frederick, MD 21703

Branch NMLS ID# 844634

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License Info

VA State Corporation Commission
#MC-3599

West Virginia Division of Banking
#MLB-24748

MD Commissioner of Financial Regulations
#15266

Pennsylvania Department of Banks and Securities #37079.002

NMLS ID #208516 (www.nmlsconsumeraccess.org)

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Integrity Home Mortgage Corporation (IHMC) is not affiliated with or acting on behalf of or at the direction of the FHA, VA, USDA or the Federal Government.