It has been a wild ride the past couple of years. The world was turned upside down in March of 2020, as the Covid-19 pandemic began weaving it’s way through the planet’s population. Factories were shut down, jobs were lost, and let’s be honest- things have been at least a little tougher for pretty much everyone everywhere.
Life, however, goes on. Your hopes, dreams, and realities are still alive and well. Although the housing market is still high on buyers, and lower on sellers, one’s objective of becoming a homeowner doesn’t change. It is at this juncture where it is best to partner with a knowledgeable, trustworthy mortgage company. In addition, this is the type of time period where using a broker instead of a lender is a major advantage for a prospective homeowner. Hawk Mortgage Group in Bel Air, Maryland is one example of a mortgage company who has experience and therefore are knowledgeable. Also, Hawk Mortgage has an exceptional reputation for assisting homeowners in reaching goals and objectives.
Certain mortgage brokers, such as Hawk Mortgage Group, are able to shop the greatest amount of different rates and lenders. They can also explain a multitude of options, including concepts like paying for discount points to buy down your mortgage rate. These discount points are generally deductible on income tax returns.
Another route might be to apply for a conventional loan. To have all these options explained, it is extraordinarily beneficial to speak with an experienced mortgage company. To even be able to receive these options, it is advantageous to partner with a broker, not a lender. Hawk Mortgage has established itself as one of the premier mortgage brokers in Maryland and in the mid-Atlantic region.
An adjustable rate mortgage may also be a very good idea with rising mortgage interest rates. They may start out with a lower rate than a fixed-rate mortgage. Bigger down payments could also keep your monthly payment lower, which would offset some of the increase in rates.
The good news is rates are still very low by historical standards. There are certainly eras where home buyers paid 11 or 12% interest. Additionally, if a home buyer is using the property as an investment, real estate remains relatively inexpensive when only considering interest rates.
Mortgage brokers such as Hawk Mortgage Group can also tell potential homeowners when they should lock in their rate. In certain cases, consumers can take advantage of a float down option, where following a lock in and a drop in mortgage rates, they are allowed to receive the lower rate. Consumers can also receive lower rates when they keep their credit score pristine.
An unintended benefit of rising rates is the fact that less people will qualify at higher rates. This in turn allows for less people to be bidding on homes, easing the demand level. Thus, home prices may stabilize some, after a period in which they have been rising quickly. In the Maryland, Pennsylvania, Delaware, and Virginia areas, purchasing a home is still more affordable long term than renting a home or apartment.
All these options and intricacies are laid out and explained well by the more experienced mortgage brokers. Hawk Mortgage Group is one of the leading mortgage experts in the region. They’ve been headquartered for decades in Bel Air, Maryland, near Baltimore. This makes them well positioned to service prospective homeowners all over the mid-Atlantic. Hawk Mortgage is well versed in refinancing, in addition to home mortgage loans. They have the benefit of being a broker, not a lender. They are quite possibly the best mortgage company in Maryland.
725 N. Hickory Avenue; Suite 200
Bel Air, MD
Office : 443-619-7900