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

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Mortgage broker Wheaton MD

Ability Mortgage Group has been labelled one of the best mortgage brokers in Wheaton 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?

Wheaton 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 Wheaton Maryland

Replacing your current mortgage with a new on different terms is known as mortgage refinance. How does your mortgage 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 Wheaton 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 Wheaton 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 Wheaton 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 Wheaton 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.

Wheaton is home to the Wheaton Regional Park, which includes a nature center; riding stables; dog park; a picnic area with carousel and miniature train; an athletic complex with indoor tennis, ice rink, inline skating rink, and ball fields; and Brookside Gardens, Montgomery County’s 50-acre (200,000-m²) public display garden. Much of Wheaton was developed in the 1950s.

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In the 1960s its shopping center, Wheaton Plaza (now known as Westfield Wheaton), was the largest in the Maryland suburbs of Washington, D.C. Wheaton is also home to the Wheaton Library and Recreation center which opened on September 8, 2019. The Wheaton Volunteer Rescue Squad is one of the busiest (11,000 calls in 2007) predominantly volunteer fire departments in Montgomery County. The diversity of the neighborhood is reflected by the high concentration of various ethnic restaurants located in Wheaton.

It is served by the Red Line of the Washington Metro system. Spanning 508 feet (155 m), the Wheaton station has the longest escalator in the Western Hemisphere.

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Since Wheaton has the highest location in the Washington, DC area, it was also the home of the first television license in the United States. Using the call sign W3XK, Charles Francis Jenkins began broadcasting from his home at the corner of Windham Lane and Georgia Ave. starting on July 2, 1928
Between 2000 and 2010, Wheaton’s Hispanic population has increased from 29% to 42%. Wheaton’s Hispanic population is highly ethnically diverse – as of the 2010 Census, Wheaton is 18.5% Salvadoran, 3.2% Mexican, 2.8% Guatemalan, 2.3% Peruvian, 2.3% Honduran, 1.3% Dominican, 1.2% Nicaraguan, 1% Bolivian, 0.9% Colombian, 0.8% Puerto Rican, 0.7% Ecuadorians, 0.3% Cuban, 0.3% Chilean, and 0.3% Argentine, all numbering over 100 residents. 16.5% of Wheaton’s residents were White Hispanics/Latinos, 1% were Afro-Hispanics/Afro-Latinos, 0.6% were American Indian or Alaska Native Hispanics/Latinos, 0.2% were Asian-American Hispanics/Latinos, 3% were Hispanics/Latinos of two or more races, and 20.5% were Hispanics/Latinos from some other race.

Local gang issues. In 2020 local prosecutors outlined in a 28 page indictment that 21 MS-13 Gang members had committed crimes against 18 victims. Of the 18 victims, 9 were in Wheaton. The crimes against Wheaton residents includes murder, attempted murder with a gun, assault and racketeering

Source: Wikipedia – Wheaton, Maryland (August 17, 2021)

Contact

Ability Mortgage Group

Wheaton Maryland

Call: 1-410-210-4241