Best Mortgage Refinance Companies in Baltimore

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Annapolis First Mortgage, LLC logo

Annapolis First Mortgage, LLC

1605 Race Street, Baltimore, MD 21230
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  • New Construction
  • Reverse Mortgages

Annapolis First Mortgage, LLC, is a brokerage company based in Baltimore. For more than 20 years, its mortgage specialists have assisted borrowers in applying for refinancing and shopping for a loan product that meets their needs. Fixed-rate mortgages are provided and locked in for 15 or 30 years, while adjustable-rate ones are recalculated monthly or annually. Hybrid ARMs and 2/1 buy-down mortgages are also available. Additionally, Annapolis First Mortgage offers construction lending for builders and real estate professionals.

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Contour Mortgage - Towson logo

Contour Mortgage - Towson

555 Fairmount Avenue, Suite 301, Towson, MD 21286
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  • Reverse Mortgages

Contour Mortgage serves property buyers and sellers in Baltimore. The company offers mortgage refinance to borrowers looking to lower their monthly payments and shorten their loan terms. Some of its refinance options include cash-out, home equity, and fixed-rate mortgages. The firm also represent multiple carriers that provide home purchase, renovation, VA, and FHA loans. The company has been serving clients for over 25 years. Its mortgage underwriting and processing are done in-house, allowing clients to close their programs faster than brokers and banks.

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Federal Hill Mortgage logo

Federal Hill Mortgage

904 Light St,, Baltimore, MD 21230
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  • New Construction

Federal Hill Mortgage caters to clients in Baltimore and its surrounding communities. It offers various mortgage loan options for home buyers and those planning to refinance, including 15- and 30-year fixed mortgages, adjustable-rate mortgages, VA, USDA, and FHA loans. The company closed $312 million loans in 2021 and was featured on CNBC. One client who needed assistance with a real estate transaction praised founding member Tammy Saul for researching the borrower's situation and developing a strategy to accomplish a successful closing.

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Shymeia Lee logo

Shymeia Lee

40 W Chesapeake Ave., Suite 400, Towson, MD 21204
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  • New Construction

Shymeia Lee is a loan officer who offers her services and options to Fairway clients based within Baltimore. She uses her knowledge of mortgage-related factors and her background as a former Realtor to provide refinancing applicants with relevant information on current interest rates and changing trends in the local real estate market. She guides clients in evaluating their specific goals for refinancing, ranging from debt consolidation to home improvement funding. She also covers a variety of programs involving reverse, jumbo, renovation, and conventional loans.

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Frequently Asked Questions

Q: What should you expect when refinancing a mortgage?

A: When refinancing a mortgage, expect to answer a lot of questions and provide documentation to back up your answers. You'll may also pay fees and closing costs of around $5,000. Additionally, expect to start over in terms of building home equity, because refinancing takes the amortization process back to the beginning.

Q: How often should you refinance your mortgage?

A: There is no recommended frequency for refinancing a mortgage. How often you should refinance is determined by when it will save you money. If you can get better terms on your mortgage by refinancing, then it’s a good time to take action.

Q: Can you refinance a first mortgage and not a second?

A: You can refinance your first mortgage and not the second one, but it can be difficult. You have to get the lender of your second mortgage to agree to the refinancing. The process is called resubordination, and some home equity lenders won’t agree. Additionally, lenders typically charge extra fees to resubordinate a loan.

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