When is a regular mortgage not enough? When the loan amount to purchase a property exceeds the conforming loan limit of $726,200*. Find out the limits by county in this interactive map. To understand a Jumbo loan, you must understand two other terms: conforming and non-conforming loans. Conforming loans adhere to …
All about mortgage rate locks
Mortgage rates change a lot. They can move up or down throughout the day. They can be subject to many things, from the Federal Reserve (The Fed) announcing a rate increase to events occurring in the US or worldwide. You may have a conversation with your loan officer today only to learn that the rate you discussed has …
CMG’s Rate Protection Program is a win-win for Maryland borrowers!
Get off the sidelines and look for your new house! Homebuyers are on the fence today about whether to enter the market or stay put. First-time homebuyers who are still renting hope rates and prices will come down. Now that we are entering the spring homebuying season and none of those things have happened, lenders …
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Owning a home is more affordable than renting one
Owning a home is more affordable than renting one in the Maryland, DC, and Virginia area Considering buying over renting? If the new year has you thinking of making a change, you are not alone. However, you may wonder if the dollars and cents add up in your favor as home prices continue to rise in the Maryland, DC, …
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How does a bridge loan work?
Most homeowners use the equity in their current home as the down payment for their next home. Properties in Baltimore, Owings Mills, and other hot communities in Maryland go fast, and the competition is fierce. One way to make your offer more competitive is to waive the home sale contingency. A bridge loan can …
What you need to know about 2-1 buydown loans
In the current interest rate environment, many lenders in the DC, Maryland, and Virginia areas are looking for ways to help make homeownership more affordable. A 2-1 buydown may just be the thing! It is a mortgage lending approach that provides for a lower mortgage payment during the first two years of the loan. In the …
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