There are many mortgage options available to homebuyers in Maryland. From conventional mortgages to VA, FHA, & USDA programs, Lyn Graham can help you sort through it all to find the best possible solutions for your home mortgage needs.
There are a comprehensive group of Maryland mortgage programs designed to assist the new home buyer. Some require home buyer courses along with specific income, credit and property requirements. See if there home buying assistances programs available in Maryland for you.
If a borrower in Maryland currently has a mortgage or owns a home with no mortgage, they may be able to refinance. Refinancing a Maryland home may allow a borrower to reduce their Maryland mortgage rate, change the loans term and/or cash out to pay off debt.
If you are a Maryland resident and you own a home and are over 62 years old a reverse mortgage may eliminate your current mortgage payment or allow you to take cash out. If you currently have a HECM (Maryland reverse mortgage) and would like to see if you can get more cash an HECM to HECM refinance may be available.
Maryland FHA Financing
The FHA home loan is one of the most common first mortgage programs utilized buy home buyers looking to acquire a home in Maryland. This Federally backed program of HUD was designed to help promote home ownership.
As an adult, there will be many numbers that are important to you, but arguably none more important than your credit score. Your credit score can affect your employment, your transportation, where you live, an so much more. Learn some effective strategies for managing your credit score.
Maryland Adjustable Rate Mortgage (ARM)
What is an adjustable-rate mortgage (ARM)? It’s a type of home loan with an interest rate that adjusts up or down with other U.S. interest rates. ARM rates change at regular, pre-specified intervals (such as one, five or seven years). In general, when interest rates are low, ARM rates are low. When rates go up, ARM rates rise, too. However, these types of loans may be useful for certain Marylanders specifically if you plan to payoff your mortgage quickly or if you need to start with a lower interest rate.