If you're like most people, purchasing a home is probably one of the biggest investments you'll ever make in your lifetime. If you're considering buying a home, you're likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it's important to prepare as best you can. Atlantic Financial, Inc. offers a wide variety of loan programs including, but not limited to, Conventional, FHA, VA, Investor Loans, Jumbo Loans, and Construction Loans.  We are dedicated to finding the loan that fits your individual needs.

Loan Types:  Mortgage Loans can fall into several categories.  There are Conventional or Government Loans, fixed rate or adjustable rate loans, and there are conforming and non conforming loans. The following is a brief summary of loan options offered by Atlantic Financial, Inc.  For a complete list of offerings and to find out which loan best suites your circumstances, please contact us at 301-277-7600.

 

Conventional Loan	Conventional loans are not backed by the government, so they require private mortgage insurance (PMI).  Conventional loans offer competitive rates to buyers who have documentation and good credit and often offer flexibility in underwriting.
FHA or VA Loan	FHA and VA loans are government guaranteed loans.  Often these loans carry lower down payments and favorable loan terms.
Conforming & Non- Conforming	Fannie Mae and Freddie Mac purchase these conventional loans and ultimately provide availability of mortgage credit for Americans.   Conforming Loan Limit for 2012 is $417,000.  Loans larger than the conforming limit are considered non-conforming or Jumbo loans, and often carry higher interest rates.
Fixed or Adjustable Rates	With a fixed rate loan, the interest rate and the monthly payment of your mortgage will remain fixed for the life of the loan, usually 15, 25, 30 or 40 years.  The payments are structured to pay a large portion of the interest early in the life of the loan, and later payments apply more toward the principal.   An adjustable rate mortgage adjusts the monthly payments to a predetermined index over time.  Adjustable rates transfer part of the interest rate risk from the lender to the borrower. The borrower benefits if the interest rate falls and loses out if interest rates rise.