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We do Mortgages in Salisbury, Maryland
Do you ever ask yourself, “How do I get a mortgage in Salisbury, Maryland?” or “Who will give me a home loan in Salisbury, Maryland?” Great News! You've found the answer with Moreira Team! We are mortgage brokers in Salisbury, Maryland.
The mortgage process can be tedious and the time it takes can really drag out. Moreira Team, a wholesale mortgage broker in Salisbury, Maryland, will help you get the mortgage you need at a price you can afford and in a timeline that makes sense. That’s right, we’ll make your Salisbury, Maryland mortgage fast and easy! There’s no need to babysit the process or figure out how everything is going to get done on time, we handle it all from start to finish. Your Salisbury, Maryland mortgage can't get any easier than this.
Let’s face it. The traditional mortgage experience is brutal.
That is why we have made it our purpose, for more than a decade, to provide our clients with the best mortgage experience possible. We have the mortgage know-how and experience to make the home loan process “done-for-you”. Getting a mortgage with us is actually a lot easier than you might think, and we have programs available for every situation. We shop your loan with over 22 different lenders and banks to make sure we deliver on our promise to get you the best deal. That means you save money, get a lower rate, and spend less money out of pocket. Our guarantee is to provide you with a transparent and easy home buying experience, and our promise is to find you the best deal.
Are you looking to buy a home?
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Here's a few easy steps to get started on your mortgage:
Analyze Your GoalsHaving a solid idea of your wants and needs is a great place to start. What are your home needs? What area do you want to live in? What is your current financial situation? What monthly payment are you conformable paying each month?
Have a ConversationCall 800-599-1563 to talk to a licensed mortgage advisor to get a custom strategy on how to make your home purchase a reality. A mortgage advisor will be able to tell you exactly how much home you can afford given your unique circumstances.
Get Approved FastTo get the mortgage process rolling you will want to get pre-approved. You can do this yourself by clicking below or a mortgage advisor can help you step-by-step right over the phone. It takes very little time and lets you know right away how much you are approved for. Get Pre-Approved
Find Out How Much You Can Afford (and Save!) with Our Mortgage Calculators
A mortgage calculator can help you see how much mortgage you can afford on your home. It can also help you figure out how much you can save by exploring different down payment and term options. Below we have a mortgage calculator and an affordability calculator. Feel free to play around with some numbers. And if you have any questions or want to talk more about your options give us a call or schedule a time to talk with a licensed mortgage advisor.
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We do mortgages in these Salisbury, Maryland neighborhoods:
We do home loans in these Salisbury, Maryland neighborhoods:
- Upper Ferry Estates
- Lincoln Heights
- And More!
Your Salisbury, Maryland 5 Star Mortgage Broker
Get a Fast Mortgage in Salisbury, MarylandClick on the video to learn more...
Mortgages Explained Salisbury, Maryland: How Much Can I Afford?
If you are serious these days about buying a house in Salisbury, Maryland or even just looking at a home, there is one thing you’d better get – a mortgage preapproval. One of the most frequently asked questions from Salisbury, Maryland home buyers is “How much can I afford?” followed up by “What program is the right fit for me based on my down payment?” These are smart questions and the best place to start is to determine how much down payment you can afford. Compare down payment options and mortgage programs below.
Down Payment Amount: $36,000
For 20% down payment, you may qualify for the following mortgage loans:
The USDA loan is one of the best zero down payment loans still available today. Its location based meaning it has to be in a USDA approved area and eligibility is determined by household income. Many rural and suburban neighborhoods across American are eligible so it’s a perfect fit for first time and repeat home buyers that want to live in a more rural setting outside city limits.
VA Home Loan
The VA home loan is available to veterans, active military personal, and eligible spouses who have VA entitlement. It required a zero-down payment, requires no mortgage insurance, and offers flexible underwriting guidelines. It’s one of the best programs available today from an affordability standpoint and offers below market rates.
HomeReady / HomePossible
This conventional loan program assists low- to moderate-income borrowers with loans made for certain low-income areas along with more developed areas-based income eligibility. Must be a first-time homebuyer. The programs offers very flexible guidelines with a low 3% down payment and reduced mortgage insurance amounts for approved borrowers.
The Conventional 97 program is a type of low-down payment mortgage for first time home buyers. There are no income limit restrictions. Borrowers only need to come up with a 3% down payment which makes it a 97% Loan to Value loan. That’s where the program gets its name. It allows for a gift for the down payment and offers common sense underwriting guidelines.
FHA Home Loan
An FHA mortgage is one of the most popular home purchase programs available today, not only for first time home buyers but repeat buyers as well. It requires a small 3.5% down payment and is perfect for borrowers with less than excellent credit, lower income, or past credit events like: foreclosure, bankruptcy, or short sale. This is a government-sponsored program designed to help more people become homeowners. That why the payments are affordable, guidelines are flexible and it offers common sense underwriting.
The Standard conventional loan offers a low-down payment of 5% and offers loans up to the conventional loan limit currently $510,400. It is designed for borrowers with good to excellent credit (700 or higher) and offers attractive rates and reduced mortgage insurance. The guidelines are less restrictive for borrowers that are considered risk due to a high credit score, solid work history and a low debt to income ratio.
An 80-10-10 loan also known as a “piggyback loan” lets you buy a home with two mortgages that total 90% of the purchase price with only a 10% down payment. Borrowers get a first and second mortgage simultaneously: one for 80% of the purchase price, and one for 10%. One loan “piggybacks” on top of the other. This strategy avoids borrowers paying private mortgage insurance and sidesteps the strict lending requirements of jumbo loans. By taking advantage of this program the overall payment is often less than doing a traditional jumbo mortgage with offers higher interest rates and more restrictive underwriting.
Conventional Home Loan
Unlike the popular belief that 20% is required for this program you can qualify for a conventional home loan with as little as 10% down. Although mortgage insurance is required many home buyers are surprised to learn how affordable it really is with solid credit. This strategy makes sense versus coming up with a large 20% down payment to avoid mortgage insurance entirely.
Traditional Conventional Mortgage
The Traditional Conventional Mortgage option requires no private mortgage insurance (PMI) with 20% down and offers the most favorable terms including the most attractive rates. For borrowers who have a large down payment and great credit it’s the best option when purchasing your home or condo.
Multi-Unit & Investments
You can buy a duplex, triplex, or four-plex by making a down payment of 25% or more. Purchasing a multi-unit home is a great way to get your rental portfolio jump started as a landlord or as a primary residence if plan to move into one of the units and rent out the rest of the units. Whether you plan to live in one of the units or rent out the entire building this program is excellent to secure an income producing property. Homes with up to four units are eligible for the conventional mortgage program.
Find Out How Much Your Salisbury, Maryland Home is Worth!
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