Need a little extra cash month to month? The answer may be as close as your own home. With rates at historic lows and new programs for home owners coming out on a regular basis you may be able to refinance your home and save hundreds. FHA home owners who purchased prior to June 2009 may be eligible for a streamline refinance without an appraisal. The process is quick and simple and involves very little paperwork. The good news for those with rental properties is that there are programs now to refinance them as well. Your home is the biggest asset you will ever own, see if you can put it to work for you.
The month of June is Homeownership Month in Maryland and to add incentive for prospective homeowners the Maryland Mortgage Program has
lowered the interest rate on 30-year fixed rate loans to 2.875% (APR 3.675%) in targeted areas and 3.25% (APR 4.082%) in non-targeted areas. $30 million dollars has been earmarked by the Mayor towards this incentive and these low rates will last for the next 3 months or until the entire 30 million is gone.
Targeted areas consist of the following counties:
-
Baltimore City
-
Caroline
-
Dorchester
-
Garrett
-
Kent
-
Somerset
And portions of the following:
-
Anne Arundel
-
Baltimore County
-
Frederick
-
Harford
-
Prince George’s
-
Washington
-
Wicomico
-
Worcester
There are additional incentives for those looking to buy foreclosures and short sales with the same reduced rates being offered via the
Save-A-Home Loan Program through the end of June. The hope is that the low rates plus the down payment assistance offered by the Maryland Mortgage Program will bring 10,000 new home owners to Baltimore City by the end of the summer.
