George Mason Mortgage, LLC, is a wholly-owned subsidiary of United Bank. They offer comprehensive mortgage solutions for a wide range of borrowers. Whether moving into your first home or renovating a current space, George Mason Mortgage prides itself on simplifying the loan process for its customers with in-house underwriting, processing, and closing.
George Mason Mortgage lends in the following states: Virginia, Maryland, Washington DC, West Virginia, Delaware, Pennsylvania, Ohio, Tennessee, Kentucky, North Carolina, South Carolina, Florida, and Georgia.
Finance your home through George Mason Mortgage
First-time homebuyers
George Mason Mortgage specializes in products and solutions tailored toward first-time homebuyers. With the help of a GMM loan officer, you can find the best lending solutions and online resources for your needs. Here are a few programs offered specifically for first-time homebuyers:
- DC Open Doors – This program offers qualified buyers affordable home loan options and includes down payment assistance.
- Maryland CDA (Community Development Administration) – A program that offers mortgage loans, down payment assistance and closing cost assistance to eligible buyers with low-to-moderate-income levels.
- VHDA – The Virginia Housing Development Authority offers affordable housing options to residents of Virginia who may not otherwise have the ability to purchase a home.
- USDA – The US Department of Agriculture offers programs in rural communities with the help of specialized lenders to offer loans for multi-family housing units and homes under construction.
George Mason Mortgage also provides online tools and resources for first-time borrowers, including a mortgage calculator. These blog posts feature home-buying tips, and easily accessible forms necessary for loan application.
Second-home purchase
Whether you’re interested in purchasing a second home to generate extra income or simply want a vacation home to enjoy with your friends and family, GMM offers several mortgage options for second-home buyers.
Suppose you’re interested in a home that requires renovation. In that case, George Mason Mortgage offers rehabilitation loans that factor in the cost of upgrades or renovations to the final loan amount, so you don’t have to worry about running out of money.
In addition, a GMM loan officer can pre-qualify you before you begin shopping for properties. Pre-qualification will give you an idea of how much you can afford and if financing a home needing updates or renovation could yield a better return on investment.
Refinancing
There are many reasons why homeowners refinance their current mortgage, such as to reduce payments, consolidate debt, and more. GMM offers a cash-out refinance program which allows you to borrow against the equity in your home.
Construction Lending
GMM’s Construction Lending Department provides loans for lot and property acquisition, demolition, and transaction costs through construction completion. The company’s construction lending professionals inspect completed work at intervals and release funds based on progress made. These programs typically allow for up to 12 months of build time.
Renovation Lending
Whether you need a solution for home financing or repairs, George Mason Mortgage offers a wide range of renovation solutions for every project:
- Add a room, garage, or new level
- Enhance accessibility for the disabled
- Energy and structural improvements
- Kitchen and bath upgrades
- Roof replacement
- Landscaping or pool
Borrowers can choose between two types of renovation loans. The key benefit of both options is that the borrower can buy or refinance a home and pay for repair or renovation costs with a single loan.
Purchase and Remodel
This is ideal for borrowers who are purchasing a home that requires a little TLC. The loan amount is based on your home’s value after improvements, which covers home purchase and renovation funds.
Refinance and Remodel
This loan type is a great option for borrowers interested in expanding or updating their homes. This can be used to fund a wide range of projects and is based on your home’s value after renovations.
George Mason Mortgage Loan Options
Georgia Mason Mortgage offers a variety of products and services for every type of mortgage loan borrower.
Conventional Loan
Conventional loans are not insured by the federal government and may offer terms and conditions that are more attractive to borrowers compared to FHA and VA loans. Conventional loans are either fixed or adjustable and generally require a higher down payment than other loan types. This means borrowers who qualify for a GMM conventional loan typically have lower debt ratios and higher credit scores.
FHA
The federal government created this loan to provide qualifying borrowers with affordable housing. FHA loans are federally insured and offer more flexible guidelines, making homeownership more realistic for individuals who may not otherwise be eligible. FHA loans have low down payment requirements and a lower credit score threshold than conventional loans.
Portfolio
George Mason Mortgage offers portfolio loans through United Bank. A portfolio mortgage loan is basically a home loan that the lender – in this case, United Bank – keeps in its investment portfolio. United Bank’s portfolio products include:
- Conventional 5/1, 7/1, and 10/1 ARM products
- Doctor’s Program (Specifically for medical professionals)
- Practicing Attorney Program (Specifically for law professionals)
VA
If you are a military veteran, VA home loans are an affordable solution when looking for home financing. GMM offers VA loans up to $1,500,000 with no down payment required in most cases. These loans have low fixed-rate and adjustable-rate loans. The VA funding fee varies between 0%-3.3% depending on many factors:
- VA loan type
- Whether this is your first time using your entitlement
- If you are a disabled veteran
- Your down payment/equity
- If you served active duty or National Reserves/Guard
George Mason Mortgage Resources and Tools
To help borrowers have the easiest and stress-free experience, GMM offers many resources and tools to help guide you through the lending process. These include loan lookup tools, mortgage calculators, blogs and articles, a mortgage glossary, and printable forms. George Mason Mortgage prides itself on open communication and top-tier customer service, with a dedicated team of loan officers and support staff available to answer your questions.