Located just north of the major metro areas of both Baltimore and Washington D.C. is the town of Edgewood. Edgewood is situated right on the major highways that pump traffic north to Philadelphia and south to Baltimore and D.C. This makes getting in and out of the cities and getting home every night after work a snap. The town is one of the most beautiful in Maryland thanks to the proximity to the ocean and the ease of escaping into Maryland’s rural countryside. It is no wonder then that Edgewood is becoming one of the most popular suburban destinations in all of Maryland. If you already call Edgewood home, you might benefit from a great home equity loan or maybe a complete refinance. If you are thinking about relocating to Edgewood, you might be in need of a first mortgage. Here are a few helpful tips to get you through your next bank loan experience with a smile on your face.
Refinancing
When some folks finally apply for a refinance, they tend to get the feeling that they have been through this process before. And yes, the refinance process is very similar to getting a first mortgage, however, it tends to be easier and much more fun because the majority of folks are in far better financial shape now then they were 5 or 10 years ago. More money is saved, credit scores are higher and debt is under better control. But, one aspect of your life that your lender is going to want to look into is your job. To your lender, your job is like a guarantee that their investment is sound and that you will be ready to make your mortgage payments each and every month. But, believe it or not, if you changed jobs in the past 12 months, even if it was to a higher paying position, the bank may take a dim view of this move. Your bank is going to assume that your workplace works like most others. The last one hired is often the first one fired when hard financial times crop up. Your bank will actually place a higher value on job stability and seniority than they will a small discrepancy in pay. So unless you are doubling the amount you make per year, try not to apply for a major bank loan of any kind for at least a year after you switched jobs.
Mortgages
While trying to figure out how to impress your lender with the best possible application is something that we all do, some folks tend to take it a bit farther. Stretching the truth is seriously frowned upon, and outright lies are treated as a very serious matter. Not only would your application be rejected outright on the spot, but possible criminal charges could be pressed, and you can bet that your lender will press charges. Not only would this ruin your chance of getting a mortgage, but it could possibly lead to jail time. We all want our application to be as fantastic as possible, but lenders check everything out in advance and if you are not being honest, they will find out. Play it safe and do not fib on your mortgage application.
Home Equity Loans
The same kind of honesty that is expected with a mortgage or refinance is also expected with a home equity loan. It can be frustrating when you feel that your home has appreciated in value more than the bank’s appraiser says it has, but avoid doing anything that could cloud the waters. Most banks allow a second, non-affiliated appraiser to take a look at your home if you dispute the first appraisal.
If you would like more information on getting a home equity loan, a refinance or a first time mortgage, please fill out the short form below.
