Photo by Phylicia Ghee for Live Baltimore


For most homebuyers, purchasing a home involves obtaining a mortgage loan.

There are many types of mortgages, designed to suit a wide variety of individuals and their financial situations. Some loans allow buyers to have smaller down payments or to renovate their home at the time of purchase, while others are for restricted audiences (such as individuals with disabilities or veterans).

In addition to traditional loans, including FHA and Conventional, Baltimore City homebuyers have access to a number of special loan programs that may make homeownership more affordable. Many of these loans are available through the Maryland Mortgage Program (MMP) of the Maryland State Department of Housing and Community Development. MMP loans have unique eligibility criteria and can only be issued by authorized lenders. Read more about these and other loan programs below. Then, contact us or a listed lender for more information or to pre-qualify.

Mortgage Terms to Know:

A mortgage term is the amount of time (usually in years), that a lending agreement is in effect. Typical mortgages carry 30- or 15-year terms.

A rate or Annual Percentage Rate (APR) is the rate of interest that will be paid back to your mortgage lender for the term of your loan. Rates may be fixed or adjustable.

Points refer to money paid up front to reduce your mortgage’s rate of interest. Points my offer a savings to buyers who plan to stay in their home for a long period.

Your principal is the amount of money you borrowed to purchase your home. This amount will be paid back, with interest, over the term of the loan.

A Good Faith Estimate (GFE) is an estimate of all mortgage-related costs, including your down payment and closing costs, that will be needed at the time of closing. A GFE is a tool to help homebuyers shop and compare loan products.

Have more questions about Baltimore City mortgage loans?

We’re here to help. Send us an email or call 410-637-3750 for one-on-one assistance.

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