Mortgage guidelines change from time to time and Homefinders.com can refer you to an experienced lender who will get you to the settlement table on time. If you are not working with a lender, contact us. We can help.

Financing a home is a very important step in your home purchase in Waldorf. While we have many Waldorf home buyers who are eligible for VA or FHA loans, many home buyers will prefer the flexibility of Conventional Financing, now that low or no-down payment loans are popular and offer many instruments.

Mortgage lenders rely almost entirely on a home buyer's CREDIT SCORE to determine the type of loan that is best suited for a buyer.

Step # 1 to Home Financing: Review of Your Credit Report
Your lender will obtain a copy of your credit report and, in addition to your credit score, the lender will determine if your credit payment are within normal
limits and made timely. A simple late payment of a credit card bill can lower your credit score and cause the lender to require a higher interest rate
for your home loan.

Hints for keeping your credit score high:

Make all payments quickly.

Do not make credit applications for furniture, automobiles or other consumer goods prior to settlement.

DO NOT shop for automobiles. This is deadly on a credit report. Not only will it lower your credit score, you will have to explain why you are out shopping
for a new car while processing a mortage loan application.

DO NOT max out your credit card limits. Your credit scores will be lowered if you are using all credit available to you.

MAKING THE LOAN APPLICATION
Many lenders will take a mortgage loan application over the phone. Lenders are required to provide you with a GOOD FAITH ESTIMATE of closing costs when you make a loan application. Be sure to make a copy and give it to your HOMEFINDERS.COM Buyer's Agent. If you have any questions, we can help you understand the GOOD FAITH ESTIMATE. Lenders who do not provide you with a GOOD FAITH ESTIMATE WITHIN 72 HOURS OF TAKING A LOAN APPLICATION are in violating of the rules for lenders. DEMAND A GOOD FAITH ESTIMATE.

There is a lot more to a mortgage loan than the interest rate charged by the lender. Lender fees can add up to several Thousands of Dollars. You don't want to get to settlement and find that the lender you thought was giving you a good loan was making up for a low interest rate with high lender fees.

MORTGAGE TIP FOR CHARLES COUNTY HOME BUYERS

Q. What documents will I need to provide to the lender to process my loan?

A. Good question and don't forget to keep these documents available when you pack. It's a good idea to save these documents throughout the year so you have them "at the ready" when you make loan application

W-2 forms for two years
2 months pay stubs
Name and address of landlord
Employment addresses for past 2 years
Copy of Contract of Sale for home buying
Bank statements for past 2 months
Loan numbers of all real estate financed
Name, address, account number for all credit card accounts, loans.
2 years tax returns for self-employed borrowers, P&L for present year
Social Security number(s)
HUD-1 for recently sold real estate

Contact Homefinders.com if you have any questions about documents needed to process your mortgage loan.

Homes for Sale in Waldorf MD
A part of the Homefinders.com Network

Broker: Homefinders.com