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Here are some great reasons why you might refinance your mortgage!

Lower your mortgage rate and payment. This is one of the most common reasons that homeowners refinance their mortgage. If your current interest rate is higher than what is currently available in the market, it is probably a good idea to see how much you could save by refinancing. There are no-cost and low-cost options that could save you money with little to no investment.

Reduce your term. Take advantage of low rates to reduce the term of your loan. Shorter terms mean lower rates.

Convert your adjustable rate into a fixed rate.  Adjustable rate mortgage (ARM) loans are a great way to ease into your payments, especially if you are a first time buyer or if you need lower payments initially. Eventually, if you decide you will stay in the home longer, you may want to consider refinancing into a long term fixed rate loan. Doing so will give you peace of mind, knowing that your interest rate will not change. This allows the principal and interest payment to be consistent over the life of the loan. The amount needed for property taxes and insurance may vary over time.

Convert your interest-only loan into a fully-amortized loan. Like ARMs, interest-only mortgage loans are a great way to minimize payments at the beginning; however, because you are not paying any principal, your loan balance does not decrease. You may consider fully amortizing loan options. Our Loan Officers will help you find the best solution.

Remove mortgage insurance. If you purchased a home with a small down payment, chances are you're paying private mortgage insurance (PMI). Refinancing will help you eliminate the extra expense if have seen an increase in your home's value to a point where you have at least 20% equity in, or a loan-to-value (LTV) of 80% or less.

Shorten the term of your mortgage

Take cash out to consolidate your debt. Leveraging your equity is one of the smartest ways you can make your money work for you. Use the cash to pay off higher interest, credit cards, student loans, or medical bills. By consolidating your debts, you can enjoy the benefit of having only one payment each month, and in most cases your overall monthly outflow decreases.

Take cash out for home improvements. What better way to use your hard earned equity than to invest it with repairs or home improvements? Whether you would like to fix your leaky roof or update your kitchen, you can tap into your equity and have a tax deductible* way to tackle your projects.

Take cash out to purchase investment property. With home prices and interest rates at the lowest they've been in years, if you've been thinking about buying a vacation home or an investment property, now may be a great time to take action on your Loan. Tap into the equity and use the cash for your down payment, home improvements, or for any reason at all

 

 

 

 

*consult with your tax advisor

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NMLS     |     FAIR LENDING     |     FAIR HOUSING

Registered with the Nationwide Mortgage Licensing System & Registry under NMLS ID # 196858.

Licensed in the State of Maryland by the Maryland Dept. of Labor, Licensing, and Regulation, Commissioner of Financial Regulation, License # 18902.

Licensed in the State of Virginia by the Virginia State Corporation Commission, License # MC-5462.

Licensed in the District of Columbia by the Dept. of Insurance, Securities, & Banking, License # MLB196858.

Licensed by the N.J Department of Banking and Insurance

Licensed by the State of Oklahoma Department of Consumer Credit #ML012199

AZ BK #0944130

Licensed by the Department of Financial Protection and Innovation, under the California Finance Lender Law

Credit on approval. Terms subject to change without notice. Not a commitment to lend.

Questions and concerns may be directed to our Corporate Office or compliance@bsmfunding.com


Figure: 7 TAC §81.200(c)

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.


NMLS Consumer Access (https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/196858)

2108 Emmorton Park Road Suite 204

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Phone: 410-882-1777

leads@bsmfunding.com

Toll Free: (888) 950-7807

NMLS     |     FAIR LENDING     |     FAIR HOUSING

Registered with the Nationwide Mortgage Licensing System & Registry under NMLS ID # 196858.

Licensed in the State of Maryland by the Maryland Dept. of Labor, Licensing, and Regulation, Commissioner of Financial Regulation, License # 18902.

Licensed in the State of Virginia by the Virginia State Corporation Commission, License # MC-5462.

Licensed in the District of Columbia by the Dept. of Insurance, Securities, & Banking, License # MLB196858.

Licensed by the N.J Department of Banking and Insurance

Licensed by the State of Oklahoma Department of Consumer Credit #ML012199

AZ BK #0944130

Licensed by the Department of Financial Protection and Innovation, under the California Finance Lender Law

Credit on approval. Terms subject to change without notice. Not a commitment to lend.

Questions and concerns may be directed to our Corporate Office or compliance@bsmfunding.com


Figure: 7 TAC §81.200(c)

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.


NMLS Consumer Access (https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/196858)