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

Mortgage broker Aspen Hill MD

Ability Mortgage Group has been labelled one of the best mortgage brokers in Aspen Hill 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!

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How much can I afford?

Aspen Hill 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 will provide.

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 Aspen Hill 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 Aspen Hill Maryland

The purpose of a VA Loan in 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 Aspen Hill 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 Aspen Hill 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 Aspen Hill 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.

More info on Aspen Hill

The name of the community comes from the aspen trees that originally stood near the area’s initial post office. The post office, which opened in 1864 and was located in a general store on what was then known as the Washington-Brookeville Pike (now the intersection of Connecticut and Georgia Avenues), was located in a general store on what was then known as the Washington-Brookeville Pike (now the intersection of Connecticut and Georgia Avenues).

The neighborhood had 48,759 residents, 16,697 households, and 11,959 families according to the 2010 census. 4,799.2 persons per square mile (1,852.3/km2) was the population density. At an average density of 1,590.2 per square mile (611.6/km2), there were 16,697 dwelling units. The area’s racial makeup was 50.60 percent White, 21.70 percent Black or African American, 0.60 percent Native American, 10.9 percent Asian, 0.00 percent Pacific Islander, 11.5 percent of other races, and 4.6 percent of two or more races. Hispanic or Latino people of any race made up 27.9% of the population. Non-Hispanic whites made up 37.2 percent of the population, while White Latinos made up 13.4%. Non-Hispanic African-Americans made up 20.9 percent of the population, while Afro-Latinos made up less than 1%.

The median household income in the area was $63,340, while the typical family income was $73,736 (as of a 2007 estimate, these values had grown to $75,014 and $81,474, respectively). Males had a median income of $44,341, while females had a median income of $36,739 dollars. The area’s per capita income was $27,905.

Contact

Aspen Hill Maryland

Call: 1-410-210-4241