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Conventional Refinance | Lower Your Rate or Tap Equity in Maryland

Conventional Refinance Options in Maryland

If you already have a conventional mortgage, refinancing could help you improve your financial position. Whether you want to lower your monthly payment, secure a better interest rate, or tap into your home equity, a conventional refinance gives you flexible options with competitive terms.

There are two main types of refinance: rate-and-term and cash-out. Both can be tailored to meet your current goals.

Why Refinance a Conventional Loan?

Lower your interest rate and monthly payment
Eliminate PMI if your home has gained enough equity
Switch loan terms (e.g., from a 30-year to a 15-year mortgage)
Tap into equity for home renovations, debt consolidation, or investments
Remove a co-borrower from the loan

Rate-and-Term Refinance

This option allows you to change the terms of your loan without borrowing additional cash. You might refinance into:

A lower interest rate
A shorter or longer loan term
A fixed-rate mortgage (if you currently have an ARM)

This is ideal if your goal is monthly savings or long-term interest reduction.

It might be easier to get pre-approved for a mortgage than you ever imagined. We believe in making it as easy as possible for everyone to purchase their own home. Click here now to get started, it only takes a few minutes online.

Cash-Out Refinance

With a cash-out refinance, you borrow more than your current mortgage balance and receive the difference in cash. It’s a great option if you want to:

Remodel your home
Pay off high-interest debt
Cover tuition or other major expenses

To qualify, you'll generally need at least 20% equity in your home, and credit scores of 620 or higher. Higher scores may help secure better terms.

Do You Qualify for a Refinance?

Qualification depends on:

Your current equity position
Your credit score (usually 620+)
Debt-to-income ratio
Property type and use (primary residence, second home, or investment)

Explore Other Loan Options

Not sure if a refinance is the best route? You may want to compare your options on the [main Conventional Loan Programs page] or explore:

How to Get Started:

We’ll help you calculate your potential savings, review your current mortgage details, and guide you through the refinance process from start to finish.

Start your application or request a free consultation below.