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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.
- NMLS#
John Thomas
Loan Officer - NMLS# 3094
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PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.
