MORTGAGE HELP FOR HOME BUYERS IN LAUREL, MARYLAND
Financing isn't hard. We can refer you to experienced lenders who offer good rates.
Real estate in Maryland is expensive. One way to make the home buying experience easier for home buyers is to make sure you know what's going on with your home loan. Our agents are experienced with all types of loans and lenders and we'll watch the loan process until you are approved and settle on your new purchase.
WHAT ABOUT LENDERS?
Lenders are wonderful. They lend huge amounts of money to help us buy our homes. Local lenders know our market and will help you get a good loan at a good price. The lenders we recommend do not charge high "junk fees". Homefinders.com agents do not receive any benefit when we recommend a lender for your needs. We want what you want. We want to get to settlement. We can help.
THE CREDIT REPORT
All lenders will want to review your credit report before considering lending you money. Even though the loan is secured by a lien against your home, foreclosures are costly for lenders and certainly not pleasant for home owners. A high percentage of defaulted loans on a lender's books interferes with a lender's ability to borrow money.
HOW DO I FIND OUT HOW MUCH I CAN BORROW?
Use our easy mortgage calculator below and you'll know approximately how much money you can borrow.
FHA loan limit for Prince George's County is $234,650
FHA loan limit for Anne Arundel and Howard County is $189,805
Loans over the above amounts will be Conventional Loans with slightly higher down payments.
WHAT EXACTLY IS A POINT?
Points are pre-paid interest. When a lender quotes a interest rate, they will quote one rate for a loan with no points, or pre-payment, and a lower interest rate if you pay points. Each point is one percent (1%) of the loan amount. It's that simple. You pay points to reduce the interest rate on your loan.
Wellington, built in the late 1990s offers luxury homes on nice wooded lots. Large homes for large families and Ramblers for folks who don't want steps.
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WHAT KIND OF DOCUMENTATION WILL I NEED FOR MORTGAGE APPLICATION?
Generally, the documents needed will verify your income and debt. The list below is the minimum for VA, FHA and conventional loans.
Generally, the documents needed will verify your income and debt. The list below is the minimum for conventional loans.
Past two ears W-2 Forms
- Current address
- Employment addresses
- Three months bank statements
- Name and address of current creditors
- Social Security numbers
- Last two years pay receipts
Don't forget, your Homefinders.com buyer's agent will be with you and available for consultation when you have a question. Relax and enjoy your home search.
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Copyright © 2001-2003, Lenn Harley
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