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MORTGAGE HELP FOR HOME BUYERS IN COLUMBIA,
MARYLAND
Consumers looking for homes in Columbia will be offered a variety of mortgage alternatives.
Our experienced agents will help you determine the base loan type for your particular home price
and financing needs.
The mortgage industry is in transition since mid-1007 due to the collapse of the sub-prime
mortgage market and many lenders, loan officers, mortgage companies have closed their doors
or limited the loan types that they are offering. We are glad that the mortgage industry has
lost many unethical and consumer unfriendly lenders, loan officers and mortgage companies.
We believe that there will be more contraction in the mortgage industry. However, none of the
mortgage companies or personnel that we refer our buyers to have changed. We still refer our
home buyers to the same reliable mortgage professionals as before. We only refer buyers to
experienced professionals that have a successful track record with our home buyers. As always,
if you already have a relationship with a buyer, fine.
Our agents can work with any loan officer. Your successful home purchase is our goal. We don't
own an interest in ANY mortgage company and have no relationships with any lenders, loan officers
or mortgage companies. Our loyalty is to our home buyers and that will never change. We are
experienced with home financing and can review any Good Faith Estimate to make sure that the
mortgage company you have been pre-qualified with is offering good rates and reasonable loan fees.
Homefinders.com believes that Columbia Maryland home buyers should have information about the mortgage process so they understand the procedures and costs. Below is a brief description of different loan types that can be used in to finance the purchase of any real estate in Columbia, Maryland.
Below are descriptions of the four major loan type: FHA, VA, Conventional and Jumbo.
Conventional Conforming
These 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
Luxury Home priced home buyers will need 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.
FHA
These 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. Loan limits vary. Call us and we'll give you the CURRENT loan limit for your purchase period.
VA
These loans are guaranteed by the Department of Veterans Affairs. Only active duty and military veterans can use this loan. The VA mortgage loan is the best loan on the market but limited to eligible borrowers.
CONTACT US FOR A FREE CREDIT REVIEW.
Lenders provide a FREE credit review and pre-qualification letter for our home buyers. You will have to have a Lender's Letter to accompany any offers to buy real estate in Columbia. Competition for homes is vigorous and only offers with a Lender's Letter will be considered. We can usually have a credit review and get a lender's letter within hours. We'll make sure you're ready to compete for the home you wish to buy.
Real Estate for Sale in Columbia MD
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