Which Loan is Right for Me?

Whether it’s your first house or your fifth, Sandy Spring has the solution and service to put you in the home you’ve been thinking of.

We have a variety of loan programs. Not sure what is right for you? Talk to one of our Mortgage Bankers!

Fixed Rate
Adjustable Rate
Interest Only
Construction Loans
First Time Buyer
Home Equity Line of Credit
Home EquityLoans


Loan Programs



Fixed Rate Mortgages

  • Monthly payments are fixed over the life of the loan
  • Interest rate does not change
  • Protected if rates go up
  • Can refinance if rates go down
  • Possible higher interest rate
  • Possible higher mortgage payments
  • Rate does not drop if interest rates improve

Adjustable Rate Mortgages

  • Often lower initial monthly payment
  • Lower payment over a short period of time
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • More interest rate risk
  • Payments may change over time
  • Potential for increased payments if rates go up

Interest Only Programs


  • Lower initial monthly payment
  • Lower payment over a short period of time
  • Many Interest Only Programs offer the option to convert to a new loan after the initial term.
  • No principal curtailment
  • Possible higher amortizing payments after interest only period

Construction Loans

  • Can lend up to 100% of cost
  • Interest only payments
  • Can modify into permanent loans
  • Normal construction risks involved

First Time Buyer Programs

  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rates
  • May be subject to income and property value limitations
  • Some programs which have government subsidies may have a recapture tax if you sell the house too early

Home Equity Line of Credit


  • You only borrow what you need
  • Pay interest only on what you borrow
  • Flexible access to funds
  • Interest may be tax deductible*
  • Rates can change
  • Possibly higher interest rate
  • Payments can change
  • Harder to refinance your first mortgage

Home Equity Fixed Loan

  • Fixed payments
  • Interest may be tax deductible*
  • Higher interest rates than on 1st mortgages
  • Harder to refinance your first mortgage


*Please consult your tax advisor regarding tax deductibility.


Interested in a Sandy Spring Mortgage or have more questions?

Our Fair Lending Policy Statement is available to view online.