Your Local Mortgage Lender
Located in Ellicott City, Maryland
Personalized Mortgage Experience
Earl Geoghegan offers personalized service and loan options you'll love. We shop multiple lenders to find the best rate and product for you, getting you into your dream home faster.
With wholesale interest rates and cutting-edge technology, we make the mortgage process seamless. Trust the experts who focus solely on mortgages. Support your local community and experience elite client service.
Let us help you achieve your homeownership dreams!
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
House Shopping
Work with a trusted Real Estate Agent to find a home you would like to move into.
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Experience the best mortgage experience located in Ellicott City, Maryland.
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
USDA Home Loans.
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There is no limit to the number of times you can refinance. However, you must qualify every time you apply and there will be costs associated with closing the loan each time.
Can I buy a home if I do not have money for a down payment?
Yes! There are a number of bond programs that offer low or no down payment financing options.
How do I know which mortgage is right for me?
The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
How long will the loan process take?
The Truth in Lending Act (TILA) does not permit a lender to close a loan until at least seven (7) business days have passed from the date your application was received. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Loan Officer with the details of your specific loan scenario, they will be able to provide you with a more specific timeline.
Will I qualify for a home loan?
The only way to find out is to speak with a qualified mortgage professional. Our Loan Officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your financial situation and long-term financial goals, and then match you with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. Getting pre-qualified prior to beginning your home search can give you an idea of what you may be able to afford.
Why do people refinance their mortgages?
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.
How much money will I have to pay upfront to buy a home?
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
Can I get a mortgage after bankruptcy?
You may still qualify for a home loan even if you have experienced a bankruptcy. The best way to find out if you qualify is to talk with a Loan Officer to discuss your options. Be sure to bring all paperwork regarding your bankruptcy so your Loan Officer can find the program that best fits your situation.
Should I lock my interest rate now, or wait until we are closer to our closing?
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your Loan Officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
Most Recent Blog Updates
The Fed Just Raised Rates and Here Is What Most People Get Wrong About What That Means for Mortgages
The Assumption That Every Fed Announcement Produces and Why It Is Worth Correcting
The Federal Reserve raises rates and within hours buyers are asking whether they should pause their home search because mortgage rates just went up. Earl Geoghegan hears this every time a Fed announcement drops and wants to clear up the most common misconception before it drives decisions based on information that does not connect the way people assume.
What the Fed Actually Controls
The Federal Reserve sets the federal funds rate. That is the rate banks charge each other for overnight lending and it is a short-term instrument with short-term effects. Credit card rates move almost immediately when the Fed acts. Auto loan pricing adjusts. Home equity lines of credit which are tied to the prime rate respond quickly because the prime rate follows the federal funds rate closely.
A thirty-year fixed mortgage rate operates on a completely different timeline and responds to completely different inputs. The two are related in the broadest sense that both exist within the same economy but they do not move in lockstep and the Fed announcement does not dictate what happens to your mortgage rate.
What Does Drive Your Thirty-Year Mortgage Rate
Mortgage rates follow mortgage-backed securities and the ten-year Treasury yield. Those markets respond to inflation expectations, employment data, and where institutional bond investors collectively believe the economy is heading over the long term. They are forward-looking instruments that price in anticipated conditions rather than simply reacting to current policy decisions.
This is why mortgage rates can stay flat when the Fed raises rates. The bond market may have already priced in the increase before the announcement. It is also why mortgage rates can actually fall after a Fed hike if the market interprets the action as evidence that inflation will be contained. And it is why rates sometimes move significantly in the days before a Fed meeting as the market positions itself around anticipated decisions.
The headline number from the Fed announcement is not the number that determines your monthly payment.
What Actually Changes Your Monthly Payment
Your payment strategy is what changes your monthly number and those tools have nothing to do with what the Fed did this week.
Seller concessions in the current market are being negotiated into offers regularly. A seller credit directed toward a temporary rate buydown reduces the payment during the early years of the loan at the seller's expense rather than the buyer's. The right loan program for your specific timeline whether that is a fixed rate product, an adjustable rate structure, or something tailored to your income profile changes the payment in ways that are entirely within the buyer's control.
All of those options are still on the table right now regardless of what the Fed announced.
Send Earl Geoghegan a message and he will run the numbers on what a purchase actually looks like for you in the current rate environment. No pressure. Just clarity.
Sources
FederalReserve.gov
TreasuryDirect.gov
MortgageNewsDaily.com
ConsumerFinancialProtectionBureau.gov
Investopedia.com
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