Economists’ forecasts may vary, but many are feeling optimistic. Several signs point to further strengthening of the U.S. economy, hinting that the Fed may soon raise interest rates.

Is this bad news for those looking to refinance?

The answer might surprise you. The Fed can only change the Discount Rate and Fed Funds Rate; these are very different from mortgage rates. Mortgage rates remain relatively stable. In fact, they continue to be near historic lows, making refinancing a mortgage now a very realistic and affordable option for many families.

Sandy Spring Bank offers a great alternative to FHA or conventional loans with private mortgage insurance through its Welcome Home Mortgage Refinance Program. This program is one of the few loan programs that provides up to 95% financing for loan amounts as high as $625,500, while not requiring private mortgage insurance.

The Welcome Home Mortgage Refi Program offers:

• 95% financing to $625,500.00.
• 100% financing to $417,000.00.
• Fixed and adjustable rate options.
• Zero points.
• No private mortgage insurance requirement.
• A second lien to assist with closing costs, ranging from $1,500 to $3,000 based on borrower income and the community in which the home is located.
• Available to applicants with incomes below 80% of the area median income. The program is also available to all home buyers acquiring a primary residence in a low- or moderate-income area.

The mortgage bankers of Sandy Spring Bank are ready to assist you with all of your real estate financing needs. A strong local community institution, and one of Forbes 50 Most Trustworthy Financial Institutions, Sandy Spring Bank is committed to providing the highest level of customer service and competitive terms — certainly an unbeatable combination. Contact Noel Shepherd (NMLS #313280) at 301.617.4245 or nshepherd@SandySpringBank.com for more information, and to find out how we can assist you.

Disclosures: This special loan program and terms are available in select communities. Please consult a Sandy Spring Bank mortgage banker for specific loan programs and details. Home Buyer Education may be required.