Finding The Best Loan For You!
Whether you are refinancing, purchasing, building your very first home, or buying investment properties or vacation homes, our staff of qualified professionals will work with you to secure the financing that best suits your goals.
As your on-going advisor, we will also keep you abreast of interest rates and make refinancing recommendations in addition to providing you with excellent service.
Our proactive approach to mortgages has saved our clients hundreds of dollars each month, and resulted in very high client retention.
|
Baltimore Mortgage Brokers
Equity United Mortgage Corp First Fidelity Mortgage Group 1st Atlantic Mortgage |
|
|
Real Estate Brokers
Sterling A Johnson Realty Retail Strategies Merritt Construction |
Title Companies
Atlantic First Title Company King Title Company Inc Howard Perlow Pa |
In a difficult economic time, many Baltimore mortgage companies and Maryland mortgage brokers have gone out of business. Our partners, however, continues to thrive - which we credit to our core values.
Interesting Mortgage related articles
Adjustable Rate Mortgage - Refinance and Save
Fluctuating Rates Means Instability for You
An adjustable rate mortgage has a rate that is adjusted at the beginning of each fiscal year (July). Using a formula that takes into consideration the fluctuations in the economy and in the housing sector, your lender will give you a rate that they have adjusted for these conditions, and that rate will apply until the following fiscal year, at which time it will be readjusted to suit current trends. A lot of folks are finding that the past few years have seen their payments of around $600 a month balloon up to $1100 or more. That is nearly double the amount that they had planned to pay when they signed on.
Obtain a Fixed Rate - Know What Your Payment Is
The best way to get rid of your adjustable rate and the uncertainty that it carries with it is to refinance. By refinancing, you can obtain a fixed rate that is more pleasant on your budget - assuring that you will not become one of the tens of thousands who have had their homes go into foreclosure because of their adjustable rate mortgage.
Competition Between Online Lenders
To find a great fixed rate on your mortgage refinance, you should visit online lending institutions. Because there is more competition online between lenders than there is between banks in your town, you will be able to find the best interest rate on your mortgage by comparing lenders. There are sites that are devoted to finding you the best interest rate; they do all the shopping for you.
There are also online lenders who will go the extra mile to refinance your home under terms that they come up with according to your available budget. These lenders want to win your business, so they work with you to make sure that you are able to afford the terms and conditions that they provide. Source
The Disadvantages of Reverse Mortgages
The first disadvantage is the relative cost of a reverse mortgage. Reverse mortgages tend to be very expensive when compared with a conventional mortgage. This is due to the rising-debt nature of reverse mortgages. For example, a typical reverse mortgage may provide a homeowner with a $300 per month payment with a yearly interest rate of 12 percent compounded monthly. Over the course of ten years, the homeowner will receive $36,000 in payments, but will owe almost $70,000-almost twice as much as received.
The second disadvantage is the complex and confusing contracts of reverse mortgages, that can have a tremendous impact on the overall cost of a reverse mortgage to the borrower. The complexity of the contracts often allow lenders and third parties involved in arranging reverse mortgages to not fully disclose the loan’s terms or fees. These numerous other front-end and/or back-end fees can also quickly drive up the cost of a reverse mortgage. These fees can include origination fees, points, mortgage insurance premiums, closing costs, servicing fees, shared equity and shared appreciation fees.
Out of all these fees, the shared equity and shared appreciation fees should be avoided, as they can quickly raise the cost of the mortgage without providing any benefit to the borrowers. As an example, a shared appreciation fee can give a lender an automatic 50% interest in the difference between the current value of the home when the loan is signed and the appreciated value of the home when the loan is terminated. What makes the fees unfair is the fees have no relation to the amount that is borrowed.Read More
Home Equity Loans - Are They Right For You?
Home equity loans can be a fantastic way to start your own business or to take advantage of an investment opportunity. They can also make your situation worse than it was before you got the home equity loan.
The reason’s for taking advantage of home equity loans are the most important part of the process. Take the time to sit down and ask yourself, “Do I really need a home equity loan? Do I want to go on a spending spree or am I really trying to improve my life?”
A home equity loan is like having a second mortgage on your home. Suppose your home is worth $200,000 and you have a mortgage against it at $150,000, you will have $50,000 of equity available. Home equity loans allow you to borrow up to 80%, and sometimes more in certain situations, of your home value. In this situation you could borrow $80,000 as a home equity loan and still have only borrowed 80%.
This is why it is so important to take a good look at your situation before making a decision. You can see how easy it could be to get carried away with home equity loans. Let’s say you only need $20,000 for that new car and some home improvements. You decide to borrow another $15,000 of equity for that vacation to Hawaii you have been dreaming about. First of all, a vacation to Hawaii would not cost $15,000 unless you went on a first class, spare no expense vacation. Read More
…