Wheaton is one of the most popular places to live in Montgomery County, Maryland. With the Washington beltway, Metro, and major roads located conveniently right at hand, Wheaton is easy to travel to and from. There is something exciting about a community made up of so many neighborhoods, yet located just minutes from our nation's capital. Wheaton offers an amazing variety of educational and recreational opportunities for families and individuals, making it a great place to live and work.
If you are looking for a new refinance, mortgage, or home loan in Wheaton, we would like to help you get started with some basic information. Your first step may be to get pre-approval mortgage if you are shopping for a new home because it gives you a much better idea of how much you can afford and lets buyers know that you are serious about purchasing their home. They will be much more likely to select a buyer who already has financing over one who does not. In order to get pre-approved, you will need to submit some paperwork so your lender can verify that you can afford the loan. During the pre-approval process, the lender will run a credit check.
There are many different types of mortgages which can be applied for whether you are looking to refinance or get a new mortgage. The most common choice is between fixed rate and adjustable rate mortgages. Fixed rate loans have higher initial interest rates, but the rate is locked in for the life of the loan. Payments will never change during the entire loan term. Adjustable rate loans offer lower payments for the first few years, but they are then free to adjust according to the lender’s index, market fluctuations, and caps set by the lender. There are other types of mortgages available as well. A 50 Year Mortgage is an adjustable rate loan great for homes with a higher than average price tag. Interest-only loans are another adjustable rate loan choice where, for ten years, you pay only the loan’s interest. After those ten years end, you pay both interest and principal on your home. Jumbo mortgages are types of loans that do not conform to industry standards, and thus they come with a much bigger interest rate. Options ARMs are good for individuals who do not know how much they will be able to pay each month, so they can choose from a variety of payment options each month. Balloon Loans will offer the lowest interest rate on the market, but the drawback is this loan reaches maturity in just five years. There are many other types of loans that you can choose from as well.
A lender is required to present you with a number of forms if you are applying for a refinance, mortgage, or home equity loan. One of the first forms you should see is the Good Faith Estimate. You should receive this within three days after you have actually applied for your loan. This should give you an idea of what your closing costs will be as well as all terms of your loan. You should also get a Truth in Lending Act statement disclosing your estimated monthly payments on the loan and your loan’s APR. This way you should see the actual interest rate and any costs involved in your loan before your closing.
Wheaton is a great place to look for a refinance, mortgage or home equity loan. With so many options available, the right loan for you can easily be found. Let our brokers help you today by filling out this form. We will soon be in touch to get you started on your refinance, mortgage or home equity loan in Wheaton.
