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An interest rate buydown will decrease the interest rate for the first 1-2 years. There exists in the mortgage industry both a 1 year buydown and also a 2-1 buydown. For example in a 1 year buydown, let’s say the starting interest rate is 6%. For the first year, thanks to the buydown, the interest…

Home insurance on your new home is required to approve financing for your home. Home insurance is also often referred to as homeowner’s insurance or hazard insurance, and these terms are interchangeable.   You’ll need to choose an insurance provider and agree to the coverage, deductibles, and cost for them to finalize the policy. You…

You may already have a payment range you’ve determined that would work for you.  But when people think about getting pre-approved for a maximum loan amount, we have our own system for determining what we think would work for you.   When asking about a maximum amount you can borrow, what we really look at…

We offer community reinvestment act (CRA) loan programs in DC, Maryland, Virginia which can offer improved loan terms to eligible buyers.  An eligible home buyer could make just a 3%+ down payment on a conventional 30 year fixed loan and potentially not have mortgage insurance.  These programs are for both repeat and first time home…