Refinancing a mortgage is merely replacing one’s current mortgage with a new one. The new loan pays off the old loan, and one will start making payments on the new loan.
Rockville, MD -- (ReleaseWire) -- 04/13/2018 --Primex Mortgage Corporation is the premier resource for mortgage refinance in Gaithersburg and DC. They also serve people in other communities, including Silver Spring, Bethesda, Rockville, Maryland, and more. Those who work with the company can be assured that they will get the best possible mortgage refinance terms. They also enjoy access to many different programs, allowing themselves to compare all options and explain them to the clients so that one can make a fully informed decision.
There are a good number of reasons why people keep coming to them to refinance their mortgages. One of the most common factors is the desire to transition from an adjustable rate mortgage to a fixed rate mortgage that will be available at a lower rate.
People with equity with sometimes seek to refinance to be able to make lower monthly payments on a base loan amount that is less than the original loan. When it comes to equity, a mortgage refinance cash-out loan can be an option for homeowners that would like to turn their equity into liquidity.
Usually, people choose to carry 30-year mortgages to keep payments to a minimum. However, at some point in time, one may recognize the fact that one is capable of making a significantly larger monthly payment. Under these circumstances, one can choose 15-year mortgage refinance plan instead of the 30-year timeframe.
The mortgage interest rate that one pays will typically be tied to the credit score that one has when one takes out the loan. Upon making the payment on time and doing everything possible to improve the credit score, one may qualify for a new mortgage that comes with a lower rate of interest. This would be another situation that could call for a mortgage refinance.
To know more about mortgage in Gaithersburg and Rockville, visit https://www.primexmortgage.com/loan-options/featured/mortgage-pre-approval-dc-alexandria-bethesda-gaithersburg-rockville-silver-spring.
About Primex Mortgage Corporation
Primex Mortgage Corporation is a trusted name when it comes to mortgage refinance in Gaithersburg and DC. They have access to many different programs that allow them to compare all options and explain them to the clients so that they can make fully informed decision.