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maggiedo0dle t1_iyap8f6 wrote

Michelle Wasamuth at Meridian. best rate for us and she was the most responsive person i’ve ever dealt with—-never lost my confidence.

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SockaSockaSock t1_iybaue3 wrote

Seconding this - Michelle kicked ass. Super responsive and great at explaining things. Also great at Baltimore-specific stuff like ground rent (which some national lenders did not know how to handle).

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Sivla-Alegna OP t1_iybga26 wrote

Whoa, what's ground rent?

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bonaroo t1_iycy74e wrote

It's local to the area. I guess there's 99 year leases on the ground for some reason, now my mortgage company has to pay some guy in Florida 75 bucks twice a year. You have the option to buy it out, but if it's in the neighborhood of 5k, not even worth it to me.

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Panserbjornsrevenge t1_iyd2oz8 wrote

FYI a lot of properties have ground rent, but not all of them. It's a nusciance more than anything. I had no problem finding a property without it, but it might depend on what neighborhood you're looking in.

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SockaSockaSock t1_iydkwcf wrote

Just to add to what others have said - it’s a historical thing in Baltimore that is very common. You just pay a small amount twice a year but as a matter of Maryland law the other party doesn’t have any real rights or anything over the land as long as you pay. You also have a statutory right to redeem it so you own the whole property in fee simple, but it’s usually cheaper to just pay the ground rent (and your mortgage company is generally the one paying it for you out of your payments).

Some non-local lenders have problems with it though because to them it seems similar to buying a home built on leased land, which is often the kind of thing they won’t finance, but they may not tell you that until pretty far in the process.

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