Mortgage Lender in Baltimore, Maryland for VA, FHA, USDA, Jumbo and Conventional loans

Mortgage lender Baltimore

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Ability Mortgage Group has been labelled one of the best mortgage lenders in Baltimore 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?

Baltimore MD Mortgage lender

Transparency of operations is a very essential aspect of an excellent mortgage lender in Baltimore. 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 Baltimore 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 Baltimore 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 Baltimore 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 Baltimore 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 Baltimore 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

In 2011, then-Mayor Stephanie Rawlings-Blake said her main goal was to increase the city’s population by improving city services to reduce the number of people leaving the city and by passing legislation protecting immigrants’ rights to stimulate growth. Baltimore is sometimes identified as a sanctuary city.Mayor Jack Young said in 2019 that Baltimore will not assist ICE agents with immigration raids.

Baltimore City’s population has declined overall from 2010 to 2020 by about 34,830 people, representing a 5.6% drop. The official US census places the city’s population at 585,708 for 2020. The year between 2018 and 2019 had the largest year-to-year population loss, and in 2020 Baltimore lost more population than any other major city in the United States.

Gentrification has increased since the 2000 census, primarily in East Baltimore, downtown, and Central Baltimore, with 14.8% of census tracts having had income growth and home values appreciation at a rate higher than the city overall. Most, but not all, gentrifying neighborhoods are predominantly white areas which have seen a turnover from lower income to higher income households. These areas represent either expansion of existing gentrified areas, or activity around the Inner Harbor, downtown, or the Johns Hopkins Homewood campus. In some neighborhoods in East Baltimore, the Hispanic population has increased along with home values and income, while both the non-Hispanic white and black populations have declined, a trend which is not seen in many other American cities.

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After New York City, Baltimore was the second city in the United States to reach a population of 100,000. From the 1830 through 1850 U.S. censuses, Baltimore was the second most-populous city, before being surpassed by Philadelphia in 1860. It was among the top 10 cities in population in the United States in every census up to the 1980 census, and after World War II had a population of nearly 1 million.

Once a predominantly industrial town, with an economic base focused on steel processing, shipping, auto manufacturing (General Motors Baltimore Assembly), and transportation, the city experienced deindustrialization which cost residents tens of thousands of low-skill, high-wage jobs. The city now relies on a low-wage service economy, which accounts for 31% of jobs in the city. Around the turn of the 20th century, Baltimore was the leading US manufacturer of rye whiskey and straw hats. It also led in refining of crude oil, brought to the city by pipeline from Pennsylvania.

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As of March 2018 the U.S. Bureau of Labor Statistics calculates Baltimore’s unemployment rate at 5.8% while one quarter of Baltimore residents (and 37% of Baltimore children) live in poverty. The 2012 closure of a major steel plant at Sparrows Point is expected to have a further impact on employment and the local economy. The Census Bureau reported in 2013 that 207,000 workers commute into Baltimore city each day. Downtown Baltimore is the primary economic asset within Baltimore City and the region with 29.1 million square feet of office space. The tech sector is rapidly growing as the Baltimore metro ranks 8th in the CBRE Tech Talent Report among 50 U.S. metro areas for high growth rate and number of tech professionals. Forbes ranked Baltimore fourth among America’s “new tech hot spots”.

Mortgage lender near Baltimore, MD

Purchasing a house is one of the biggest investments and commitments you will make in your entire lifetime. It is important to find the best possible mortgage lender. The wrong one could cost you thousands of dollars. Contact our office and let one of our experienced team members help you thru the application process. Our goal is to get you approved quickly, stress free and get the best rate possible.

Sources

Wikipedia (Sept 22, 2021). Baltimore
https://en.wikipedia.org/wiki/Baltimore

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Baltimore Maryland

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