How To Get Approved For A Mortgage In Maryland
If you have ever dreamed buying a home but you don’t have a boatload of cash sitting around, you are probably wondering if you can ever qualify for a mortgage. Do you already own a home but are not sure if you are in the RIGHT loan? That’s where a competent mortgage professional comes in.
In order to get qualified for a mortgage loan, a lender requires certain information to help them to determine IF you qualify and what type of loan will work best for your situation.
The first thing you want to do is to speak to a lender in your area. Finding a lender on the same page with you who has your best interest at heart will help the process to go a whole lot smoother. You should expect the right lender to return your calls and emails in a timely manner. They should be available to answer your questions and provide guidance. You deserve to be educated on the process by a lender with integrity.
When you choose to work me and my team, our first discussion will include me getting to know you and your goals, and you getting to know us. We will discuss basic information about your income, credit history and cash available for the purchase or the goals for your refinance.
The next step will require personal information including full name, address, birthdate and social security number. This will allow my team to order your credit report and scores. Often, the better the credit scores, the better your rate and lower your fees. If your score is not high enough to qualify right now, it just means that we have some work to do before you are mortgage ready. There is hope and together we’ll get you there.
If your score is already within qualifying range, congratulations, you are ready for the next step or as one of my clients put it, it’s time to get financially naked.
You’ll be asked to provide current income and asset documentation.
pay stubs (most recent)
2 months of bank statements
2 years of w2’s or 1099’s (though less income history and proof of higher education (like a college degree) will work too).
There will be additional documentation required based on your specific situation-these might include a divorce decree, personal tax returns, business tax returns…remember I said naked?
While we get to know you personally, the underwriter approving your loan only gets to know you as “pieces of paper” that tell a story as to why you should or should not be approved. Our job is to help you tell that story with the right documentation so that it is easy for the underwriter to see that you are a good credit risk and are likely to pay back the loan!
Next, based on all of this and your comfort level for your monthly payment, we’ll be able to help you to determine which financing options are best for you. You are now ready to begin your search for the perfect home.
If you would like to get started on your mortgage approval, please visit my website:
and click on the APPLY NOW button. Take some time and look around, there Is lots of great info there too! We will get back to you within 24 hours to discuss your first step on your Road home. If you can’t wait, call me now!
How To Get Approved For A Mortgage In Maryland
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