Brent Ellwood is the Annapolis Maryland Branch Manager at MortgageRight. MortgageRight specializes in residential mortgage loans, purchase and refinance, including FHA, VA, USDA, construction, renovation and conventional loans. Brent has closed over $650 million in residential mortgage loans over his 25 year career.
“Everyone should have a long term financial plan. I well thought out and explained mortgage is an asset in that financial plan.”
In 1998, Brent began investing in real estate. During this time he has purchased many properties and taken on renovation projects. He understands from personal experience how to build a valuable and diverse portfolio of investment property.
Brent is a graduate of the University of Maryland at College Park and has been a resident of Maryland since 1983. Brent lives on Kent Island with his wife of 20 years and their two daughters. He loves time on the water and on the farm with friends and family.
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If you are looking for a lower rate to ease cash flow or a shorter term to get your mortgage paid off sooner, we can help you make the RIGHT decision.
Getting a new mortgage to replace the original is called refinancing. This process allows the borrower an opportunity to obtain a different interest term and/or rate. The first loan is paid off, then the newly refinanced loan goes into effect.
It is common for people to refinance when they have equity in their home, which is the difference between the amount owed on their mortgage and the appraised value of the home. In that situation, the borrower has an option to “cash-out” (hence the term cash-out refinance) the value of their home equity allowing them to remodel their home, consolidate debt, pay for college, or other expenses.