If you are in the market for a new home in Pikesville, Maryland and need assistance, an experienced loan officer can help. With a loan officer’s guidance, the loan process will be smooth and stress free.
Your loan officer will be able to explain the many mortgage types on the market today and help you find the one that is right for you and your family. They will also be there to guide you through the entire loan process, from filling out the loan application to closing.
Mortgage Types
Which type of mortgage will work for you will depend on your personal circumstances and financial history. Your loan officer will use the information you provide to advise you on these mortgage types. The common mortgage types include fixed rate, adjustable rate, balloon, and interest-only. Your loan officer will be able to explain these to you in detail and help you determine which will benefit you the most. There are also other mortgage packages available in Pikesville, Maryland that your loan officer can explain. If you have special circumstances, such as having a veteran in the family or some physical handicaps, there are mortgages available to help.
First Steps
At the first meeting with your loan officer, you will be asked a lot of questions. This will help the loan officer get to know you so that they can determine if you are a good risk for a loan. You will be asked to fill out a loan application. It is important that you fill out this form accurately and completely so that there are no delays in the loan process. The meeting will probably last around an hour, as this form is very detailed. You will be asked to provide both personal and financial information at this time. It will speed the process along if you have information with you regarding your employment history, credit history, bank statements, current housing expenses, tax records, and pay stubs.
Your loan officer will gather this information together, and the next step will be for you to wait. Since all this information has to be supplied in written form, it may take from 3 to 4 weeks for this process to be complete. Keeping in touch with your loan officer and being patient will allow this process to be stress free. Soon, you will receive the news that your loan has been approved.
Final Step
Your loan officer will set up a meeting called closing. At this meeting you will purchase your new home. You will be presented with many documents to sign. It is important that you understand what you are signing, so do not hesitate to ask questions. You will also be asked to make your down payment and pay closing costs. This needs to be done with a certified check. Closing usually lasts an hour. When every document is explained and every line is signed, you will be the proud owner of a new home.
What about a Refinance Loan?
An option homeowners in Pikesville, Maryland have is to get a refinance loan. These loans allow you to replace your existing loan with a new loan. This is especially helpful if you have an adjustable rate mortgage and interest rates are rising. You can switch to a fixed rate loan and make sure your mortgage payments stay the same. If you already have a fixed rate loan with a higher interest rate than what are available, a refinance loan will allow you to lower your interest rate. You will have more money left over after you pay your mortgage payment, which can go towards medical bills, credit card bills, or even help to purchase a new car.
Home Equity Loans
Home equity loans are a great way to help with education costs, start a new business, or even to help buy a vacation home. You are allowed to borrow money on the equity you have earned in your home. Equity is the difference between the value of your home and the amount you owe on the loan. You can receive this loan either as a lump sum payment or a line of credit. Home equity loans usually have a 10 to 15 year term.
Whatever your lending needs are in Pikesville, Maryland let one of our loan officers help with a mortgage, refinance, or home equity loan today.
