![](https://static.wixstatic.com/media/bc3ec7bc825c4e6ca746c659189cea83.jpg/v1/fill/w_288,h_162,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/bc3ec7bc825c4e6ca746c659189cea83.jpg)
![EQ LENDER BLUE.jpg](https://static.wixstatic.com/media/bfd0f2_38fa5a75fa394360b0ac6184c515de7e~mv2.jpg/v1/fill/w_224,h_223,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/EQ%20LENDER%20BLUE.jpg)
![](https://static.wixstatic.com/media/bc3ec7bc825c4e6ca746c659189cea83.jpg/v1/fill/w_92,h_52,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/bc3ec7bc825c4e6ca746c659189cea83.jpg)
![Annotation%202020-01-02%20133500_edited.](https://static.wixstatic.com/media/bfd0f2_0bf27cddd2e845d2889585e5800f5e56~mv2.png/v1/fill/w_620,h_157,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/Annotation%25202020-01-02%2520133500_edited_.png)
DARREN FERLISI
MORTGAGE LOAN ORIGINATOR
NMLS ID#139611
301.448.0749 Cell
240.415.5065 Office
240.415.5019 Fax
​
![](https://static.wixstatic.com/media/bfd0f2_18e7733fe10945589bfadf2790c0468d~mv2.png/v1/fill/w_126,h_81,al_c,q_85,usm_0.66_1.00_0.01,enc_auto/bfd0f2_18e7733fe10945589bfadf2790c0468d~mv2.png)
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.
​