Mortgage lender in Towson, Maryland for VA, FHA, USDA, Jumbo and Conventional loans

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Mortgage broker Towson MD

Ability Mortgage Group has been labelled one of the best mortgage brokers in Towson Maryland because we strive to offer some of the lowest rate and fees available on the wholesale market. We have a multiple of loan options from a VA loan, FHA loan, Jumbo loan, USDA loan and standard Refinance mortgages.

Passion about our job and doing it right is what Ability Mortgage Group is all about. It is about the customer and their expectation of us and their overall experience with us that makes us a leader. We appreciate your business and look forward to developing customers for life!

How much can I afford?

Towson MD Mortgage lender

Transparency of operations is a very essential aspect of an excellent mortgage lender. Don’t choose a lending company who is not transparent enough and doesn’t keep you informed every step of the way. Low quality mortgage brokers are more likely to charge you higher interests just to achieve his monthly paycheck target. So full transparency is what Ability Mortgage Group is all about.

We Are Good Listeners: Last but not the least; we are mortgage providers that listens to you. We make sure to protect your interests. At Ability Mortgage Group, you are the top priority and therefore we make sure to cater to your budget and needs.

Mortgage refinancing in Towson Maryland

Replacing your current mortgage with a new on different terms is known as mortgage refinance. How does your lender know that you qualify? They do this by calculating your loan-to-value ratio by dividing the balance owing on your mortgage and any other debts secured by your property into the current value of your property. You are allowed to refinance if your loan-to-value ratio is less than 80%. Your monthly income and debt payments are also checked by the lender. Copies of documents you may be asked to provide include; your mortgage statement, notice of assessment or a recent pay stub, last year’s tax returns, recent asset statements for your investments and savings accounts; and a recent property tax bill.

VA loan in Towson Maryland

The purpose of a VA Loan is to provide long term financing to Veterans in all divisions of the military. National government-certified lenders are allowed to issue V.A loans, with the assurance of the U.S Veterans Administration. Keep in mind that VA Loans require no down payment and are quite easier to qualify for than conventional loans.

We will gladly help you determine whether you are eligible. Generally, a significant number of current and former servicemen qualify. This includes:

Reservists
National Guard members
Qualified surviving spouses
Active and retired military members
Veterans

FHA loan in Towson Maryland

An FHA insured loan is a US Federal Housing Administration mortgage insurance supported mortgage loan issued by an FHA-approved lender. They’re basically a type of federal assistance. Historically, these loans have enabled lower-income Americans to borrow money to buy a home that under normal circumstances would have been too expensive for them. FHA loans are designed for new home owners rather than real estate investors. This way, they differ from regular loans in that the home must be occupied by the owner for at least a year. Normally, loans with lower down-payments involve more risk to the lender. For this reason, the house buyer must pay a two-part mortgage insurance; a one-time bulk payment and a monthly instalment to mitigate the risk

USDA loan in Towson Maryland

Two type of USDA Loan programs exist: Guaranteed and Direct – each with different rules and conditions. The USDA Guaranteed Loan doesn’t have a limit. On the other hand, the USDA Direct Loan has a set limit.

Essentially, the USDA Guaranteed Loan is a USDA-supported mortgage. This is where money is loaned by private lending organizations (approved by USDA) such as mortgage companies and banks. The USDA then insures the loan when it is closed.

The USDA Guaranteed Loan has the reputation of being the most common Rural Housing Loan. Moreover, it’s quite easy to qualify for. Our Rural Housing Loan piece looks at the advantages as well as what it takes to qualify.

Jumbo loan Towson Maryland

Jumbo loans provide loan amounts that are higher than the conforming loan limit set by Fannie Mae and Freddie Mac is $424,100 for single-family residences in most places.. This is applicable in most areas. However, regions considered as high-cost markets are an exception with a limit of $636,150. High-cost areas are typically large urban centres where the population is high and there is increased demand for housing.

The applicant can acquire Jumbo mortgages for primary residences, second or action homes, and investment properties. You can choose either adjustable rate loans or fixed-rate, among other attractive terms.
Compared to regular mortgages, Jumbo loan have more stringent underwriting rules, have higher interests, and require larger down payments.

The community is located immediately north of Baltimore City, inside the Beltway (I-695), east of I-83 and along York Road. Its census boundaries include Pikesville to the west, Lutherville and Hampton to the north, Parkville to the east, and Baltimore to the south.

Major neighborhoods in Towson include: Anneslie, Idlewylde, Greenbriar, Southland Hills, Rodgers Forge, Stoneleigh, Wiltondale, Towson Manor Village, Hunt Crest Estates, Knollwood-Donnybrook, East Towson, Loch Raven Village and West Towson. Ruxton, which lies to the west, is sometimes considered a part of Towson. Eudowood is a Towson neighborhood named after Eudocia, the wife of Dr. John T. Stansbury, on whose former estate it is situated.

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As of the census of 2000, there were 51,793 people, 21,063 households, and 11,331 families residing in the CDP. The population density was 3,688.7 people per square mile (1,424.3/km2). There were 21,997 housing units at an average density of 1,566.6 per square mile (604.9/km2). The racial makeup of the CDP was 86.9% White, 7.53% African American, 0.10% Native American, 3.7% Asian, and 1.9% Hispanic.

There were 21,063 households, out of which 23.1% had children under the age of 18 living with them, 43.6% were married couples living together, 7.8% had a female householder with no husband present, and 46.2% were non-families. 36.4% of all households were made up of individuals, and 17.3% had someone living alone who was 65 years of age or older. The average household size was 2.16 and the average family size was 2.87.

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In the CDP, the population was spread out, with 17.4% under the age of 18, 17.5% from 18 to 24, 24.9% from 25 to 44, 20.1% from 45 to 64, and 20.1% who were 65 years of age or older. The median age was 38 years. For every 100 females, there were 82.8 males. For every 100 females age 18 and over, there were 78.8 males.

The median income for a household in the CDP was $53,775, and the median income for a family was $75,832 (these figures had risen to $64,313 and $98,744 respectively as of a 2007 estimate). Males had a median income of $49,554 versus $38,172 for females. The per capita income for the CDP was $32,502. About 2.5% of families and 7.7% of the population were below the poverty line, including 3.8% of those under age 18 and 4.7% of those age 65 or over.

Source: Wikipedia – Towson, Maryland (September 28, 2021)

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Towson Maryland

Call: 1-410-210-4241