Maryland Loans and Home Equity Loans
Sunday 15 May 2011
Maryland Loans and Home Equity Loans
Homeowners in Maryland enjoy a faster growing real estate market than many states in the US. With the average home appreciating 20% or more, even when other states are experiencing foreclosures and depreciation - home values hold steady.
This is great news for Maryland homeowners since it allows them to have alot of equity in their homes, which can leverage to finance home improvement projects and consolidate debts.
How does refinancing work?
Mortage refinancing allows you to exchange your current mortgage loan for another mortgage loan - usually a loan with better terms. Homeowners do this for two main reasons:
1. To lower the current interest rate on their mortgage, thereby lowering their monthly mortgage
payment. In some cases homeowners, who took out a mortgage when interest rates were not low can save up to 25% on their mortgage bill.
