Crown Gaithersburg MD | Taking Fear Out of the Mortgage Process

 

As Gaithersburg has developed over the years, many neighborhoods are now blended with one and another without any distinction or personalities. 

Not in CROW, the newest and most vibrant community in Gaithersburg MD   

Located next to Rio, this new and unique neighborhood is separate in four groups   

 

* Downtown Crown   

* Crown West   

* Crown Central    

* Crown East    

 

If you are looking for city-living style with a flair of urban village, The Crown community has everything to offer and more. 

There is even a direct Metro Shuttle between the community and Shady Grove Metro Station to connect you directly with Washington DC and its surroundings.   

Today, I would like to talk about Taking Fear Out of the Mortgage Process

 

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.

 

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.

Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:

 

1.- Find out your current credit history & score – even if you don’t have perfect credit, you may already     qualify for a loan. The average FICO Score® of all closed loans in September was 731, according to     Ellie Mae.

2.- Start gathering all of your documentation – income verification (such as W-2 forms or tax returns),     credit history, and assets (such as bank statements to verify your savings).

3.- Contact a professional – your real estate agent will be able to recommend a loan officer who can help     you develop a spending plan, as well as help you determine how much home you can afford.

4.- Consult with your lender – he or she will review your income, expenses, and financial goals in order       to determine the type and amount of mortgage you qualify for.

5.- Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might     be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers     that you are serious about buying!

Bottom Line

Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.

 

Source.. KCM Fernando Herboso Blog

 

If you have any questions about the Crown Plaza, Gaithersburg MD, the schools, amenities or the surrounding community, don't hesitate to give us a call at 301-246-0001 We will be happy to help you. We specialize in Gaithersburg MD and our agents also live here.  

To reach us, please call 301-246-0001