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Magnolia Realty is a leading realtor in MD and DC with years of experience in the market. They can help you with deciding on mortgages as well as finding the right home and more.
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Are you planning to buy a home anytime soon in Maryland or Washington DC? Then the post below is for you! Have a look – In order to stabilize the real estate market the federal government took some firm moves that led to drop in the mortgage rates for continuously two weeks. Such drops in the interest rates will prove to be beneficial for home buyers as they will get an opportunity to lock their dream homes at lower rates and save on mortgage payments over the long run. According to reports, until 2nd April the interest rates for primary mortgages went down to 3.33% from 3.5% the previous week which was 4.08% during the same week last year. However due to the increasing home buying demands the interest rates have experienced slight rises during recent weeks. In such scenarios, as a home buyer you need to make the right choice of mortgage especially if you are a first-time home buyer. According to the National Association of Realtors, about one-third of the home buyers are first timers, which indicates that they not just need a good lender but should also be aware of the mortgage industry and how it works to avoid hassles in long run. Of course the internet and technology provides you with a lot of options but for a newbie home buyer the process of finding the right lender and right mortgage option can be intimidating and overwhelming. However, to make the choices easier and effective taking help o reliable and experienced real estate agents is highly advisable.
An experienced realtor will have contacts with genuine lenders as well as they will have the right knowledge about mortgage options and every other aspect of the home buying process. However, this post is specifically meant for first time mortgage shoppers. So following is the different types of mortgages that one can choose from. In general, there are three main types of mortgages i.e. conventional, jumbo and government-backed. Conventional Mortgage Conventional mortgages are also known as “conforming” as these mortgages comply with the loan limitations and guidelines provided by the Federal Housing Finance Agency (FHFA). Jumbo Mortgage Jumbo mortgages are non-conforming mortgages that exceed the limits set by the Federal Housing Finance Agency and suits best to those who wish to purchase a luxury property. The loan limit varies with states. Government-backed Mortgage As the name suggests these mortgages are backed and subsidized by the government programs like Federal Housing Administration (FHA), the United States Department of Agriculture (USDA), and Department of Veterans Affairs (VA). The key advantage of these mortgages over the conventional ones is lower credit score requirements as well as getting a loan on smaller down payment or no down payment provided you qualify. Conclusion: Magnolia Realty is a leading realtor in MD and DC with years of experience in the market. They can help you with deciding on mortgages as well as finding the right home and more. To know more about the perk of taking their services visit https://www.magnolia-realty.com/buy-a-home/
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