Your Mortgage Consultant
We make the home loan process as simple as possible by guiding you through every step.
202 Thompson Creek Mall
Robert Gallagher, NMLSR #193450 has 24 years' experience in structuring mortgages for his clients. Whether you are a first time, move up homebuyer or seasoned refinancer, Rob understands that each transaction is unique and treats it as such. Listening to his clients objectives and clearly communicating all of the available options is what adds to Rob's customer service success. Rob will set realistic and accurate expectations upfront with all of his clients. He strives to eliminate last minute surprises by working to resolve any possible difficulties with the loan well in advance. This is done to ensure a smooth process from start to finish.
In addition to realtor, builder, financial advisor, and CPA referral sources, Rob takes pride in the high percentage of past customers who refer family, friends and coworkers. Rob adopted the philosophy of "take care of your clients and your clients will take care of you" early in his career.
Born in Washington DC and raised in Maryland, Rob graduated from Towson University in the fields of Management and Finance. Rob lives on Maryland's Eastern Shore with his wife Amy and their 3 sons Shane, Braden and Nolan. In his off time he enjoys spending time with family, fishing, and regularly attends Washington Redskin and Capitals games. He also enjoys coaching Ice Hockey where he has earned a Level 4 certification through USA hockey.
I'm here to answer allyour mortgage questions
Do I need to save for a 20% down payment?
No! With FHA loans you can get approved for as little as 3.5% down, VA and USDA loans can offer you $0-down options, and with Private Mortgage Insurance (PMI) you can get into your new home with less than a 20% down payment. Whatever your situation, you have options.
Are Pre-Qualification and Pre-Approval the same thing?
No. Pre-qualification and pre-approval are two different things. Pre-qualification means that a mortgage lender has reviewed your financial records and believes you will qualify for a loan. A pre-approval is a conditional committment from a lender that they will lend you the money for a mortgage.
What's the difference between an adjustable and a fixed rate mortgage?
A fixed rate mortgage means that the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage, the interest rate may go up or down after a certain amount of time. Many adjustable rate mortgages will start at a lower interest rate than fixed rate mortgages.
What is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is a type of insurance you may be required to pay if you are taking out a conventional mortgage with a downpayment that is less than 20% of the home's overall value. If you refinance your home with a conventional loan and your equity is less than 20% of the home's value, you may also be required to pay PMI. Private Mortgage Insurance protects the lender in the event that you stop making payments on your loan.
Can I access my home equity before I finish paying off my loan?
Yes! Your mortgage advisor can help you find the right refinance and reverse mortgage options to help you access your home equity before you've finished paying off your loan. This can help with covering the cost of remodels, college tuition, long-term care plans, and more! Talk to your mortgage advisor to find out how you can access your home equity to cover any of your life's needs.
What do I do if I can't afford my mortgage payment anymore?
The first thing you should do in the event that you can't afford your mortgage payments anymore is reach out to your lender. An experienced mortgage advisor can help you find options, such as refinancing or restructuring your loan, to help you keep up with your payments. Always reach out to your lender to ensure that you can keep up with your payments and stay in your home.
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