Long & Foster

Multiple ways you can get that loan

If you’re buying, look at all possibilities for financing

The decision to buy a home is significant. Real estate is the biggest investment the average person will make in his or her lifetime, which underscores just how significant the home buying decision can be.

The real estate experts at Zillow recently reported that the national median price of a home in the United States is $272,446.

However, since the National Association of Realtors reported a record low housing inventory late in 2020, the average house price has been rising rapidly nationwide.

The Federal Reserve Bank of St. Louis estimates the median home sales price at $374,900, and certain states have much higher prices.

WOWA, a real estate and finance technology company, says the average sale price of a home in Canada was $679,051 in July 2021.

Most people do not have $300,000 to $600,000 in savings on hand to purchase a home in cash. If they did, they probably already own a home.

That means most buyers also need to obtain some kind of financing to pay for their homes.

Conventional lending

Conventional lending refers to when a bank or another financial institution loans a home buyer money to buy a home.

This is one of the most common ways to fund a home purchase. Personal credit score as well as credit history help determine eligibility and interest rates for conventional loans.

Availability of assets as well as income level are some additional determining factors.

Conventional loans are traditionally 10-, 15- or 30-year notes and will require a certain percentage as the down payment to secure the loan.

LONG & FOSTER REAL ESTATE, INC. LONG & FOSTER REAL ESTATE, INC.

11701 Coastal Hwy | Ocean City Square Shopping Center | 410-524-1700 11701 Coastal Hwy | Ocean City Square Shopping Center | 410-524-1700 WE HAVE BUYERS IF YOU WISH TO SELL GIVE US A CALL TODAY!

KAREN RUSSO CELL: 410-262-7320

NEW LISTING

$1,195,000

(DESU2008628)

38841 TYLER AVE SELBYVILLE, DE

Waterfront 4BR/3.5 BA Stucco Colonial w/5 Decks & One Car Attached Garage in Sought-After Cape Windsor. Stunning features, Bonus Upper-Level Room, Sliding Glass Access to Expansive 30 x 9 Upper-Level Waterfront Deck w/Spectacular Views of The Canal, Bay And Ocean City/Fenwick Skyline. As Well As Upper-Level Master Suite, Bedroom 3 w/Sliding Glass Access to Private 14 x 6 Upper Level Balcony. Exterior Of Residence is an Outdoor Waterfront Oasis w/Waterfront Covered Rear Patio 9x27 Composite Deck w/Vinyl Railings, Lower Level 25x28 Composite Sun Deck, Vinyl Fenced Rear Yard, Boat Dock w/Electric Boat Lift, Landscaping, Paver Sidewalk and 8x6 Vinyl Shed to Store Your Boat & Beach Toys All Perfect for Outdoor Entertaining and Waterfront Fun. Furniture Negotiable. HOA Amenities Include Community Pool and Boat Ramp. LOT FOR SALE

$835,000

(MDWO114874)

12902 ASSAWOMAN DRIVE OCEAN CITY

Rarely available lot in prime, sought-after location with utilities available. The approximately 50 x 100 lot previously housed a 4 unit building with some ocean views. Steps from the beach & convenient to many goods & services. All information by the county/city.

MARY MCCRACKEN CELL: 410-430-7302

NEW LISTING CENTURY I UNIT #411 OCEAN CITY

Appraisal on hand for $540,000!! 2BR/2BA bi-level condo on the direct oceanfront w/stunning views of the ocean and bay on 4th floor location. Large living room $540,000 has floor to ceiling/wall to wall sliders offers picture perfect views of the ocean. (MDWO2001160) Gorgeous renovations in the updated kitchen w/cabinets, counters, and appliances. Both bedrooms have floor to ceiling/wall to wall sliders with views and a balcony. Gorgeous Bath Renovations w/ceramic tile showers, tile floors and updated cabinetry. Century I is a premiere oceanfront building w/large indoor pool, exercise room, onsite management, and security. This condo has large private beach storage that can convey to buyers for $400 refundable fee.

NEW LISTING THE QUAY UNIT #706 OCEAN CITY

Lovely open floor plan in this spacious 2BR/2BA condo on the oceanfront makes this space perfect for all your friends and family. Large country kitchen opens to full dining $450,000 room and large living room with double french sliding doors to balcony providing nice (MDWO2002750) ocean and bay views plus sunny southern exposure and coastal breezes. Spacious master bedroom with ensuite bath and dual closets. The Quay has extensive renovations over last few years including heater in outside pool, elevators, sprinkler system, fire alarms, caulked and resealed entire building, emergency generator, paved driveway and more. Enjoy all the amenities including Heated Outdoor Pool, Y/R Indoor Pool, Game room, Exercise Room, Shopping, Library, 24/7 Security and Loads of Extra Parking.

NEW LISTING THE PLAZA UNIT #1601 OCEAN CITY

Gorgeous South End 3BR/2BA condo w/Large Oceanfront Balcony plus sprawling Bayside Patio plus Extra South Facing Window with Amazing Views. Over 1600s.f. Large Ocean$800,000 front Living Room w/balcony access offers spacious living, Full Dining Room w/Large Picture (MDWO2003334) Window and Fully Equipped Kitchen w/lots of Storage. Oceanfront Master Suite also offers balcony access and Large Picture Window plus En Suite Bath. Second Bedroom has Large Sliders to Private Bayside Patio offering Views from the bay to the bridges. The Plaza is OC's Premiere Oceanfront Living w/Heated Outdoor Pool, Tiki Bar/Grill, Kiddie Pool, Y/R Indoor Pool, Hot Tub, Saunas, 5-Star Dining, 24/7 Security and Maintenance Staff. 2 Parking Spots and Private Beach Storage included in Sale.