Maryland Loan Guide

The great American dream is own a piece of land with a nice home on it. In order to make that dream a reality, many lenders are teaming up with government incentive packages to help people get the mortgage loans they need. Even those who are struggling to keep up with their existing mortgages may be able to get assistance from certain programs designed to counteract the unforeseen complication of adjustable rate loans or ballooning mortgage payments.

Maryland Home Loans

Mortgages are not a one size fits all proposition. What works great for one person is not going to be financially acceptable to the next. To account for this, there are many different options available, such as mortgage terms in differing lengths, such as 15, 20, 30, and even 40 year mortgages. Look at the long-term costs associated with each term, and choose the one that will work best for your family over the years, not just what looks best at the moment.

Maryland Refinancing and Restructuring

Refinancing is when your existing mortgage is sold, and a new one is taken out. This is essentially the same as getting the original mortgage except that you have hopefully paid down the principle somewhat, resulting in lower interest rates or better monthly payments. Another option for those caught by the recent market collapse is to get a loan modification that convert Adjustable Rate Mortgages into more affordable Fixed Rate Mortgages more suitable to the family’s income.

Maryland Home Equity Loans

If your mortgage is not the problem but you still need to come up with cash for a home renovation or a child’s college expenses, a home equity loan could be the right thing to do. You will need to have a minimum of accrued equity, and that changes from lender to lender, but a rough estimate is that you should have at least 3% equity in the home.

Maryland FHA Loans

FHA loans can make it possible for many people to get into a home who would otherwise be left wanting. Where the maximum available was once around $6,000, recent developments have increased that amount, and you may be able to get as much as $10,000 if you qualify.

Maryland Mortgage Tips

There is absolutely no substitute for having a good credit score. If your score is lower than 680, it is a good idea to get a copy of your credit report and take what steps are necessary to get things back in line.

Maryland Helpful Links

HUD Maryland
Maryland Homeowners Information
Maryland Foreclosure Prevention and Assistance Program

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