Best Homes Network

BUT. . .Your Homefinders.com buyer's agent will look out for you and make sure that you don't pay a higher than market interest rate or pay an unreasonable amount of money for lender fees (better known as lender junk fees). You can use any lender with whom you feel comfortable and confident. However, we have a lot of experience with many lenders and we will watch out for you. Below are some guidelines to help you understand what type of loan will be best for you. The best loan for you will be determined by:

We'll explain the entire mortgage process to you when you're ready. The sooner the better. We like smart informed home buyers.

MORTGAGE FACTS FOR HOMES IN MONTGOMERY COUNTY, MD

Buying real estate in and getting a mortgage loan in Montgomery County can be easy if you are prepared with the necessary information to provide to the lender.

GETTING PRE-QUALIFIED FOR A HOME IN MONTGOMERY COUNTY
Real estate in Maryland compared with many other areas in the United States. Buying a home and getting a mortgage loan, in Maryland is even more complicated when home buyers don't understand the home loan process. We'll try to make is as easy as possible. However, borrowing Thousands or Hundreds of Thousands of Dollars is not a minor matter. Borrowing money is a very serious matter and we treat it as such. But, with some education, mortgages can be made easy to understand. We can help. We sell many homes every year and we help our real estate buyers with the mortgage process from pre-qualification through settlement.

More important, sellers will NOT enter into a contract of sale with a buyer unless the buyer is, at least, pre-qualified by a qualified lender. The Montgomery County real estate market is fast moving and VERY competitive. Sellers, on advice of their agents, will insist on review of a letter from a qualified lender that you, the home buyer, is qualified to obtain financing for the home you wish to buy.

HOW TO GET PRE-QUALIFIED
Easy. Just provide a qualified lender with your name, address, phone number, Social Security number, annual income and they will do the rest. This information will permit the lender to obtain a copy of your credit report which will state your present outstanding credit accounts, payment history and any negative information that would reflect negatively on your ability to obtain a mortgage loan. Your credit score will indicate a composite of your credit profile. The higher the credit score, from 550-850, the better terms you can get.

We will describe the mortgage process further down this page, but first, you should understand what a mortgage is and how it works The procedure will vary little from lender to lender, but since the procedure is basically simple, you just need to understand that:

Lenders lend large amount of money. Lenders want to lend to folks who will repay the loan. Lenders secure their loan with a lien against your home. If you pay your monthly mortgage payment, every thing is fine. If you default, the lender will foreclose the property.

Sounds simple doesn't it. It can be. But, unless you've obtained a mortgage loan before, sometimes buyers don't understand why lenders need particular information.

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.

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.

Past two years W-2 Forms Current address Employment addresses Recent bank statements Name and address of current creditors Social Security numbers Certificate of Eligibility for VA buyers.

If you are self employed, you will need two years tax returns and a profit and loss statement, simplified. Don't forget, your agent will be available for consultation when you have a question. Relax and enjoy your home search.

Your lender will have a copy of the Contract of Sale for the home you are purchasing. Your lender will process the loan and have the mortgage approved prior to the date of settlement date in the Contract. The lender will send the proceeds of your home loan to the settlement company along with instructions to the title company about what charges are and the title company will conduct the settlement meeting. You sign the documents accepting the loan, the sellers signs the deed over to you, you get the keys to your newly purchased home.