MORTGAGE TYPES FOR FINANCING YOUR PURCHASE OF REAL ESTATE IN
BALTIMORE COUNTY
You're going to be spending many Thousands of Dollars for finance charges on the loan that you use to finance your newly purchased home. You deserve to know the details of what the money is for and where it goes. Below is a description of the four types of real estate loans available; FHA, VA, Conventional and Jumbo loans. Contact Homefinders.com and we'll put you in contact with lenders who have proven records of success with our buyer / clients.
Below is a description of the four types of real estate loans available in Maryland and Virginia: FHA, VA, Conventional and Jumbo loans.
100% Mortgage Loans
Yes. You can finance the full amount of the purchase price of your home. Ask your Homefinders.com buyer's agent for a referral to an experienced lender who will qualify you for a NO DOWN PAYMENT loan with reasonable rates and fees.
APPLICATION/PROCEDURES
When you apply for a mortgage loan, you will be asked for a lot of information about your present and recent past financial history. Your lender must establish that you have and will continue to have the ability to repay the loan of many thousands of dollars. Of course, the loan will be secured with a lien on the deed and if you default, the lender can foreclose, but lenders do not want to foreclose. They want to lend money and be repaid.
As a part of the loan approval process, the lender will require certain documentation to verify information provided on the loan application. The following documents are generally sufficient to process a loan.
Past two years W-2 Forms
Current address
Employment addresses
Recent bank statements
Name and address of current creditors
Social Security numbers
If you are a self employed borrower, you will need to provide two years income tax returns.
Often borrowers are apprehensive about the loan process. Our real estate agents, your buyer's agent, will be with you every step of the way. We'll help. Once the loan application is made, the process is very fast. In this electronic age, lenders can obtain credit information in minutes and the documentation you have provided is usually sufficient to obtain loan approval with the condition that the home you select will appraise for the purchase price. Some lenders will have to verify certain information by telephone or mail, but the process is becoming more streamlined daily.
APPRAISAL
Your lender will order an appraisal of the home you have selected to buy. The appraisers job is to determine the value of the property. Appraisers are hired by lenders to make sure the contract price is not more than the property value. Appraisers protect you by making sure you don't pay more than the property is worth Occasionally, an appraiser will, after observing a property, require certain repairs to be made to a property so that the home you have selected to buy is in acceptable condition for occupancy.
When Homefinders.com helps you find a home we will also help you find a good loan. If you are already pre-approved or pre-qualified by a local lender, that's fine. We do not have a financial interest in any lender.
Our job is to help you find the best home for your money.
Baltimore Real Estate
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