What are my mortgage options?
Rock Spring will guide you through each step of applying and completing the process for any type of mortgage you’re considering, from purchasing your first home to a reverse mortgage to provide for your retirement.
With the security of consistent monthly payments, fixed rate loans are the most popular option for those looking to purchase or refinance a home. Programs ranging from 10 to 30 years are offered for fixed rate mortgages.
Adjustable Rate Mortgage (ARM):
An adjustable rate mortgage (ARM) can significantly lower your payment with interest rates changing at a predetermined frequency. If you view your property as a short term stay, or anticipate a substantial increase in your income/property value in the next few years—an ARM may work best for you.
If you’re searching for alternatives to conventional financing, the US Government insures Federal Housing Administration (FHA) loans. FHA loans include insurance premiums but provide flexibility with financial requirements.
Veterans Affairs (VA) loans are exclusively available to veterans, members of the military, and surviving spouses of veterans. Without any down payment or insurance premiums required, veterans and military members can become homeowners with ease.
Refinancing typically involves six simple steps—establishing your financial goals, speaking with a loan officer or applying online, choosing your loan program, submitting documents, processing, and closing.
Reverse mortgages are available for senior homeowners ages 62 and older. This option allows seniors to convert a portion of their home value into tax-free income.
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MD Lender License 2043835
Corporate NMLS ID: 2043835 |
2021 A Emmorton Rd #224, Bel Air, MD 21015