Fixed Rate Mortgages

A fixed-rate mortgage is the most common loan option, offering stable, predictable monthly payments that remain the same throughout the life of the loan. These fixed-rate mortgage options typically come in terms ranging from 10 to 30 years and are fully amortized, meaning they are designed to be paid off by the end of the term. With fixed-rate mortgage options, you can plan your budget more easily because your monthly payments stay the same throughout the loan.

For those who want to shorten the loan term, a bi-weekly mortgage might be a better choice. With bi-weekly payments, you pay half of the monthly amount every two weeks. This results in 26 payments, or 13 full monthly payments, which can help you pay down the loan faster.

If you have an impound account, your monthly payment may change. This account collects extra funds for property taxes and homeowners insurance. If you put down less than 20% on the home, the lender uses these funds to cover these expenses. If the tax or insurance costs change, the lender may adjust your payment.

In the District of Columbia or Maryland, you have access to various mortgage loan options. These include FHA / VA loans for eligible buyers, low down payment mortgages, and bad credit mortgage options. First-time homebuyers should work with a mortgage lender who understands their needs and can guide them through the pre-approval process.

If you’re considering refinancing, you can explore flexible mortgage options. Real estate investors can also consider DSCR loans or investment property loans. Self-employed individuals may qualify for mortgage solutions tailored to non-traditional income sources. A local mortgage broker can help you find the best loan option for your financial goals.