Make a Difference in Your Monthly Mortgage Payment
We know that your daily life looks a little different than you planned. We have all had practice in this new way of living over the past few years, but we are still making adjustments. You may even be spending your money in new and surprising ways. These changes definitely make life interesting! Here’s one very positive difference: refinancing with Cedar Point could give your family a lower monthly mortgage payment.
Cedar Point consistently offers some of the lowest interest rates in Southern Maryland with very low closing costs. When you refinance your mortgage, you are replacing your current mortgage with a new mortgage loan with new terms, which usually includes new rates. Depending on the terms of the new mortgage loan, refinancing could lower your monthly payment and lead to some serious savings on mortgage interest and expenses. That’s the Cedar Point difference! This could free up some of your money for other things like groceries, online shopping, savings accounts, or entertainment for your family. Additional benefits of refinancing could include the ability to shorten your loan term while lowering your interest rate or tap into the equity of your home.
What’s even better? You don’t have to have an existing relationship with Cedar Point to take advantage of our low rates. You just need to live, work, worship, go to school in, or regularly conduct business in St. Mary’s, Calvert or Charles Counties. Government and/or military affiliation is not required to do business with Cedar Point. To Learn more, call your local branch or visit our membership page.
At Cedar Point, we are committed to excellence in member service. Our Mortgage Services Department is here to help you with your refinancing needs. For additional information about your mortgage refinancing options, please contact our mortgage department at 301-863-7071. We look forward to serving you.
What to Prepare
- Residence address past 2 years (landlord address, if applicable)
- Name and addresses of each employer for the past 2 years
- Most recent pay stubs to cover 1 month
- Most recent 3 month bank, asset account statements
- Most recent 2 years W2’s
- Tax returns if self employed, commission, or bonus income
- Account information regarding any existing open loans
- Addresses of other real estate owned and loan information
- Copy of deed (refinance only)
- Certificate of eligibility and DD214 (VA loans only)
- Credit report and appraisal fee
Should you refinance your mortgage?
Use this mortgage calculator available through Cedar Point Financial Services to help you determine what's best for you.
TAKE ME THERE
- How long does the Refinance process take? This is a great question to ask lenders, especially right now. In the regular course of business, refinancing with Cedar Point takes 30 - 45 days. While we do our best to make this process quick and easy for applicants, it is natural for some steps to take a bit longer right now.
- Is refinancing the best option for me? There are many variables that go into answering a question like this. For many, refinancing now with Cedar Point would get you a lower rate and lower your monthly payment. However, you'll need to factor in closing costs. Have you refinanced this home before and paid closing costs at that time? You'll also want to consider the length of your loan terms. These are all factors to consider when deciding whether refinancing is the smartest option for you.
- Will I have to pay closing costs? Yes. If you're considering refinancing as an option, you're already familiar with the closing costs you paid when you purchased your home. Closing costs vary based on the mortgage loan type and typically include application fees, origination fees, appraisals and more. Closing costs also vary from lender to lender, so be sure to ask about closing costs while you're shopping around.
- Should I get prequalified? If you are a first-time home buyer or purchasing a new house, prequalification can be an important step to get the ball rolling. If you are looking to refinance, the best option is to call and speak with a representative about your options. This way we can help you understand if refinancing would be advantageous for you. Sometimes a little research will help you find the best deal.
- Does my home have to be local? Cedar Point can extend home loans within the bounds of Calvert, Charles and St. Mary's counties.
- Why Cedar Point? With something as important as your home, it is always helpful to speak with knowledgeable representatives familiar with the area in which you live. Cedar Point employees work and live in this community and they are always ready to help you answer any questions you may have. They'll help make this process a walk-in-the-park for you and your family.
- How can I apply? That's an easy one. Start your application by clicking this button: APPLY NOW