Learning Center

Home Loan Products

Finding the best possible loan program for your home purchase or refinance can be a difficult task. BAMC strives to educate and inform consumers in regard to the myriad of mortgage products available. The list below highlights some of the most popular loan programs, as well as some options for first-time homebuyers and self-employed borrowers.

Fixed Rate Mortgages

30-year fixed
20-year fixed

15-year fixed

10-year fixed

  • Monthly payments are fixed over the life of the loan
  • Interest rate does not change
  • Protected if rates go up
  • Can refinance if rates go down
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve
Adjustable Rate Mortgages

10/1 ARM
7/1 ARM
3/1 ARM
1-year ARM
6-month ARM
1-month ARM

  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • More risk
  • Payments may change over time
  • Potential for high payments if rates go up
Balloon Mortgages

7 -year
5-year

  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Many balloon mortgages offer the option to convert to a new loan after the initial term.
  • Risk of rates being higher at the end of the initial fixed period
  • Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
First-Time Buyer Programs

 

  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rate
  • May be subject to income and property value limitations
  • Some programs which have government subsidies may have a recapture tax if you sell the house too early.
Stated Income Programs

 

  • Don't need to verify income
  • Faster approval
  • Higher rates
  • Higher down payment
No point, No fee Programs

 

  • No closing costs
  • Less money required to close
  • Slightly higher rates
  • Slightly higher payments
Imperfect Credit Programs

 

  • Potential for reestablishing credit if you pay your mortgage on time.
  • When used for debt consolidation, you may be able to reduce your monthly debt payment
  • Higher rates
  • Terms may not be as favorable
  • Harder to get long term fixed loans
  • Loans may have prepayment penalties

Additional Loan Programs
Besides our standard loan programs, BAMC also offers a large number of innovative programs for first-time buyers , move-up buyers and self-employed individuals.

apply now or call toll-free at 1.866.535.BAMC

(1.866.535.2262)

Experience the Baltimore American Mortgage difference today. Choose from a variety of mortgage programs designed to meet your individual financial situation. All with expert assistance and a great rate! When you apply with BAMC you avoid paying a broker fee and other costs to a middleman.

BAMC offers a variety of financing solutions with different rates and terms in addition to the no points and no closing costs option. Consult a loan representative to determine the program that's right for you.

calculators Get Rates schedule it

* Loan programs are not available in all states. Minimum loan amount $175,000. Lower loan amounts available on other programs. A $500 lock-in fee is required at the time of application. This fee is refunded at the time of settlement as reflected on line 1304 on the borrower's HUD1. Actual closing costs credit to borrower is reflected on line 1305 of the HUD1. Other restrictions apply. Consult a Baltimore American Mortgage loan representative for complete program details, current rate quotes and available financing options. Borrower required to utilize the combined services of Baltimore American Mortgage, RE/MAX Exclusive Realty and Americom Title, LLC on purchase transactions.