GETTING THE RIGHT MORTGAGE FOR YOUR HOME PURCHASE
- The most important purchase most folks will make in their lifetime, their home, means that you are going to finance a very large purchase. We want to make sure that you get the very best loan for your needs at the very best rates that your credit rating will allow.
If you need help understanding the loan process, what points are, what the mortgage costs are, how interest rates are figured, etc., we can help. We sell many homes through the year in all price ranges and we are familiar with all loan types, FHA, VA, Conventional, Jumbo and speciality loans.
All lenders will want to review your credit report before considering lending you money. Even though the loan is secured by a lien against your home, foreclosures are costly for lenders and certainly not pleasant for home owners. A high percentage of defaulted loans on a lender's books interferes with a lender's ability to borrow money.
If you do not know how much money you can borrow,
- FHA - FHA loans are insured by the Federal Housing Administration and permit buyers to finance some of their closing costs, thereby reducing the amount of cash that you need to buy. This loan is very popular for first time home buyers. Anyone can use the FHA loans. FHA loans are very popular with first time home buyers.
- VA - VA loans are guaranteed by the Department of Veterans Affairs. Only active duty and military veterans can use this loan. This loan requires no down payment and the seller can pay up to 100% of the buyer's closing costs. The VA mortgage loan is the best loan on the market but limited to eligible borrowers.
- CONVENTIONAL CONFORMING - Conventional loans conform to the Fannie Mae guidelines for eligibility, meaning that, on average, the buyers may devote up to 28% of their before tax income to housing. These loans require a down payment of at least 5%. You can also obtain 100% financing with conventional loans. In exchange for a slightly higher interest rate, the lender will lend you money with no down payment and will even pay your closing costs. The higher interest rates are deductible and are often a good buy for folks with good income, good credit and little cash.
- JUMBO LOANS - We work with lenders who specialize in the Jumbo or Portfolio loans for special people like you who are in the luxury home market. You will not have to lift a finger. Our lenders will communicate and process your loan by electronic means or, if you are local, will meet with you at your convenience in your office or home. Loans up to over several million are available and special long lock loans, up to 9 months, are also available. This may be important if you decide to build and it appears that rates may be on the increase. We follow loan programs with long term locks, float-down features, short term locks, fixed, ARMs, no documentation or low documentation loans, or any type that is best for you. We have Jumbo Loan lenders with rates of up to 1/2 % lower than market. We can save you real money on your Jumbo loan and it is a local company.
For more information about mortgages in Maryland, CLICK HERE
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