One of the biggest challenges many homebuyers face is selecting a home financing option. There are a number of different mortgage options available, including (but not limited to):
- Conventional loans
- Adjustable Rate Mortgages
- FHA loans
- VA loans
Continue reading to learn more about each type of home financing option—or contact the experts at Coakley Realty today to get more information about the different loan types. Fill out the form to the right or call 301-637-0966 to talk to a professional.
Some of the most common mortgage options in the DC metro area are:
These are one of the most standard types of financing options available. They generally require a 20 percent down payment and can be paid off in 15, 25, or 30 year terms. The interest rate for this loan stays the same over the course of the loan.
Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages are especially common among first-time homebuyers who are planning to move or refinance within 3 – 5 years because the loan features a low initial interest rate that usually increases over time. The length of these loans varies based on the lender.
FHA loans are increasingly popular—particularly with young first-time homebuyers—because they require a very low down payment. The down payment can be as little as 3 percent; however, these loans require mortgage insurance to protect the lender over the entire duration of the loan. The length and interest rate on these loans varies based on the lender.
Veteran Administration (VA) Loans
These loans are available to qualified veterans of the United States Armed Forces and National Guard. They can exceed $200,000 without the need for a down payment and tend to have flexible underwriting guidelines. The payments are fixed for the full term of the loan, and the interest rates vary by lender.
Learn more about your home financing options by visiting one of the following links:
Learn More About Your Home Financing Options
If you’re planning on buying a home in MD, VA, or DC, learn more about your home financing options by calling the experts at Coakley Realty. We can help point you in the right direction when finding a lender.
Contact us online or by phone at 301-637-0966 to schedule an appointment with one of our real estate agents.
FIND THE PROPERTY YOU NEED.PROPERTY SEARCH
CONTACT US TODAY
Featured Real Estate Listings
- Residential 9476 Newbridge Dr,
Potomac, MD 20854
ENTERTAINER'S DELIGHT! Stunning 2 acre lot located in sought after Falconhurst. Spectacular, private yard features newly renovated pool, pool house w/ FB, tennis courts & beautiful sun filled patio. Enjoy the spacious kitchen, formal living & dining rooms,1st floor office, fin bsmt, storage & 3 car garage. Two story family room features over sized windows & offers scenic views of the backyard.VIEW LISTING
- Residential 23400 Woodfield Rd,
Gaithersburg, MD 20882
Mitchell & Best Home on gorgeous 2+ acre lot in Watkins Preserve - a subdision offering 5 additional lots! 5,700 SF (3,934 fin above grade) incl. 4 bdrms, 3.5 baths, 2 car gar, & a full W/O bsmt. 1st fl features office, formal liv& dining rms, gourmet kitchen w/ cntr island, brkfast area & lg family rm w/ FP. Enjoy the gorgeous sunset views from the spacious deck!VIEW LISTING
- Lot 11013 Riverwood Dr,
Rockville, MD 20854
GORGEOUS 2+ acre lot in heart of Potomac. At the end of prestigious Riverwood Drive, this lot is on a cul de sac. Public water & sewer & gas available. Enjoy all that Potomac has to offer: Potomac Village features shops, restaurants, supermarkets, Starbucks and more! Outdoor enthusiasts will love Swains Lock & Great Falls Park. Country Clubs, equestrian facilities,& sought after schools nearby.VIEW LISTING