Your home is most likely your most significant financial investment. When you purchased it, your mortgage loan used your home as collateral. This provided you with financing to obtain your home in exchange for regular mortgage payments. A mortgage refinance loan essentially replaces and reduces your current home loan rate, allowing you to streamline your finances.
A good mortgage rule of thumb is to refinance if rates are around one half percent less than your current rate. When interest rates are low, it can be a good time to refinance your mortgage and save money. In addition to lowering your monthly payment, refinancing can help you access some of your home’s equity, consolidate debt or change your loan program to a better one. Make sure to factor in all of the closing costs and fees associated with refinancing.
As you navigate the refinancing process, you probably have a few questions. Here are answers to the most common questions:
At PeoplesBank, our refinance mortgage lenders will find the best mortgage options for you. We lend in both Pennsylvania and Maryland, and our refinance loans are available for primary residences and vacation homes. Our process is easy and even gives you the opportunity to include your closing costs in your new loan.
We also offer fixed rate and adjustable rate loan options as well as:
Whether you need a 15-year or 30-year loan, we will work with you to find the best solution. Take a look at our mortgage financial calculator to get estimates on the loan amount you can afford, what your mortgage payments might be and what your refinancing options are.
To refinance your mortgage, you’ll want to first:
PeoplesBank has earned kudos for its commitment to borrowers across central Pennsylvania and Maryland. Our team received recognition by the York Sunday News for Best Bank in York County. We also won Best Mortgage Lender 2021 from the York Daily Record and Hanover Evening Sun. These awards highlight our commitment to doing our best for borrowers at a time when current mortgage refinance rates in Pennsylvania and Maryland remain near all-time lows.
We offer services in many areas, including:
PeoplesBank is growing in Pennsylvania and Maryland, and we want you to grow with us. Now is the right time to find a more favorable home mortgage rate. You can save money and plan for your future when you refinance.
Mortgage lenders probably have the most interest in the stability of your finances and your ability to repay a long-term loan commitment. When you refinance a mortgage in Pennsylvania or Maryland, we will look at your credit score to see how you have handled your finances in the past. A favorable debt ratio can work in your favor, as it demonstrates that you can afford your bills. Banks look for low risk to ensure their money will be repaid over time.
At PeoplesBank, we look beyond your credit history. As our name suggests, we care about people. You are more than just a set of numbers on a sheet of paper. We’ll talk to you about your goals for the loan. Our loan officers will get to know you. We care about strengthening the community through our choices, so we approach decisions at a more personal level than other banks.
At PeoplesBank, we have been serving our local community since 1864. We serve as financial mentors, offering tailored mortgage and loan solutions for each client’s needs. Contact us today if you have any questions about homeownership or our refinance options. We look forward to helping you achieve your financial goals and dreams.
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