Understanding the different types of mortgage refinance Refinancing your mortgage can be a powerful financial tool, allowing you to adjust your loan terms, lower your interest rate, or even access cash for other needs. But with various refinancing options available in Maryland, it’s important to understand which type …
Chenoa Fund down payment assistance
How does the Chenoa Fund work? The Chenoa Fund provides second mortgages to be used with FHA loans to cover the minimum down payment requirement when purchasing an FHA-insured home. In effect, pairing the DPA with an FHA loan requires no money from the borrower, and the entire cost of the house is financed. The …
MEP’s Rate Protection Program is a win-win for borrowers!
Every rental payment you make is building equity for someone else. Home values are predicted to continue to appreciate. The prices you see today are going to continue to rise. Don’t you want to realize that appreciation for yourself? MEP’s Rate Protection Program (RPP) allows you to get off the sidelines and buy the …
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Mortgage options for self-employed borrowers
Why is self-employed different? Self-employed people often struggle to qualify for a home loan because their income is challenging to verify. Traditionally, lenders will ask to see a borrower's W2s and tax returns. Since Maryland business owners do not get W2s and often use tax write-offs for business expenses, their …
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Are mortgage rates going down?
Mortgage rates are on the decline Yes, mortgage rates are going down and this has sparked an exciting sudden change in the Maryland housing market. But who knows for how long? Many prospective borrowers with strong credit were locking their mortgages at the end of last week. Mortgage interest rates change all the time …
Baby boomers and retirement
The best routes for retirement Baby boomers own the most significant portion of housing value nationwide. Data from the Federal Reserve shows that total real estate wealth in the fourth quarter of 2023 was $44.84 trillion, and boomers claimed an impressive $18.65 trillion (42%) share of that value. A baby boomer is …
