MORTGAGE HELP
Financing help for home buyers. Mortgage types and requirements for buyers in Germantown, Maryland. Understanding the different home mortgages.
Tour the following pages and feel comfortable that Homefinders.com will help you get the mortgage information you need to finance your home purchase in Germantown. Our agents will introduce you to qualified, experienced lenders who will help you all the way to settlement.
How to save money every month when you make your mortgage payment.
KEEP MORTGAGE INTEREST RATES LOW
Action No. 1
If you wish to keep interest rates as low as possible, we recommend that you consider the full documented loan with verifications of all pertinent
financial information. This type of loan, known as the Conventional, Fully Documented, Underwriter Approved loan offers the lowest interest rates.
Action No. 2
Another way to save money through lower interest rates is to apply for a mortgage loan with a term of less than the popular conventional 30 year loan.
Consider loans that are fixed for 3 years, 5 years, 10 years. The shorter the loan term, the lower the interest rate will be.
Action No. 3
Protect your credit score. Once you decide to buy a home and apply for a mortgage loan, let your credit report have a rest. Don't make any
large purchases, keep credit card balances as low as possible and, most importantly, PAY THAT CREDIT CARD BILL WHEN IT IS RECEIVED.
Don't wait until the due date. That's very risky and can lead, through inadvertence, to a late payment on your credit report which will IMMEDIATELY
raise the interest rate that you'll have to pay for your new mortgage loan.
Action No. 4.
Don't make large deposits to your checking or savings accounts within 4 months of making mortgage loan application. Lenders will require
copies of your bank statements for at least 3 months prior to the loan application. It's wise to deposit any large sums prior to that time
and let the money "age" in the account.
Action No. 5.
If you anticipate gift money, advise the giver that verification of the gift funds will have to be documented by the lender. Often family members
will offer to gift a sum of money to a home buyer. However, unless that money is in the buyers' bank account and "aged" prior to making
loan application, the lender will have to have documentation of the bank account(s) of the person making the gift.
There are many intricate procedures and requirements for mortgage loans. Your Homefinders.com Germantown agent will help you understand the process and recommend experienced lenders that can meet your special needs.
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