To qualify for a new mortgage, refinance loan, or home equity loan in St. Charles, Maryland, you will be required to provide a lot of personal and financial information. This will include employment history, pay stubs, bank statements, credit history, current housing cost, and information regarding any other assets you may have. Because this is such sensitive and private information, it is important to find a loan officer who you can trust. You also want your loan officer who is able to answer any questions you may have. Finding the right loan officer will help alleviate any concerns you may have regarding the loan process. Your loan officer can guide you through the entire process and make this process go smoothly.
Getting a mortgage
Your employment history is a key element in the loan process. It is necessary to obtain job information for the past two years. A Verification of Employment form will be sent to your previous and present employers. This, along with your pay stubs and any additional employment information, will help you qualify for a good loan.
Your financial history is another important element. Information provided regarding your credit history will help establish if you are a credit risk or if you would be a great prospect for a loan. A Verification of Deposit will be sent to all the banks you have accounts with to see how well you handle your money. It will be necessary for you to provide information about your other assets, such as a 401K, mutual funds, and stock information. All of this information will help your lender determine what your interest rate, loan amount, monthly payment, and term of loan will be.
Some special circumstances may also factor into your loan determination. If you have a family member who is experiencing a physical handicap from illness or accident, you may qualify for certain types of loans. Also, if you have a veteran in the family, you may qualify for a VA loan. Giving as much information as possible to your loan officer will enable him to find the right loan for you and your family.
Along with gathering all of the above information, you will be asked to fill out a loan application. Your loan officer will present all of this vital information to the lender. It can take a few weeks for the entire process. Keep in touch with your loan officer during this time. Don’t be afraid to ask questions. Soon you will receive a call saying, “Your loan has been approved!”
Closing
The next step is closing. At this meeting, you will present a certified check for payment of the closing costs and your down payment. You will receive the exact amount needed for this check a few days before the meeting. You will be asked to sign your name multiple times on multiple documents. Be prepared to stay as long as necessary to get this done. Closing usually lasts around an hour, but do not set up other appointments or your moving day on the same day.
Refinancing and home equity loans
Existing homeowners in St. Charles, Maryland have options to help them with their financial needs. A refinance loan allows you to replace your existing mortgage with a new mortgage. This is especially helpful if the interest rate on your existing mortgage is higher than the current rate. Refinancing will allow you to lower your mortgage payments and, in turn, free up money you can use for other things. Be prepared to go through the entire loan process again since you are actually obtaining a new mortgage.
Home equity loans are also an option for existing homeowners. You can borrow money on the equity you have earned in your home. These loans are available in either a lump sum payment or a line of credit. You will only pay interest on the actual amount you borrow. This money will be available for remodeling or repairing your existing home, unexpected medical bills, education costs, credit card bills, or even a family vacation.
Whatever your lending needs are, one of our knowledgeable loan officers will be able to help you. Contact our office today.
