Like in all other US states, in Maryland your ability to get and successfully service a mortgage can boil down to the type of mortgage loan you choose. That is because things like down payment, insurance, interest rates and closing cost requirements vary from one loan to another. Ultimately, all those factors will play very important roles in determining how much of a loan you can get and how much your monthly mortgage payments will be. That means if you take out a certain loan that comes with favorable requirements you can save thousands of dollars over the duration of the mortgage.
Additionally, Maryland lenders will also use personal information like income, credit score, assets and the amount of your savings to approve you for a mortgage. Again, the specific requirements for all those items usually vary from one loan to another. Meaning you can fail to qualify for one type of mortgage loan but qualify for another.
So, the big question is, if you are a potential homebuyer, what Maryland mortgage options are available for you? There’s quite a variety. You can choose a conventional loan or a government-backed loan. If you opt for the latter, your options widen even more. It can either be a FHA, VA or USDA loan. At the same time, conventional mortgages can either be conforming or jumbo (non-conforming). Want to know more about each Maryland mortgage? We have explained each one in details right on our site. Read on and learn which mortgage options suits you best. At MainStreet Lenders we allow homebuyers to apply for any mortgage product of their choice. But for the sake of surety, we strongly recommend that you contact us and we will assign you a Maryland mortgage expert to help you make the best decision.
Maryland City Mortgage Service Areas