Buying a home is a big decision, one you’ve undoubtedly spent days, weeks, months, or even years thinking about. While it may be exciting to search the listings for the perfect place, finding the right home is only half the battle. Financing that perfect purchase is essential. Finding the right lender may not be as fun as finding the home you want, but it doesn’t have to be such a challenge. Today we breakdown how to find the right mortgage lender in Baltimore, MD.
Begin With Your Credit
Before shopping for loans, it’s important to straighten your own credit out to the best of your ability. A credit checkup will help you get an idea of what you can afford, and what rates may be offered by lenders. Annually, you are entitled to a free credit report from each of the big three credit reporting agencies: Experian, TransUnion, and Equifax. By visiting AnnualCreditReport.com, you can get a sense of your current credit health and monitor for any inconsistencies or issues you may need to address. This is a useful step to help streamline the mortgage shopping process and make it easier to find the right mortgage lender in Baltimore, MD. Ensure you are making your credit payments on-time and taking any necessary steps to bring your score up as much as possible before seeking a home loan.
Trust Experience and Feedback
Once the lender shopping is underway, it can be rather overwhelming considering the vast number of options out there. To sort through them, it’s important to take into account the feedback they’ve received from past clients. This will help you get a clear indication of what working with a particular lender will be like in practice. Did they address a client’s needs in a timely manner? Did they work their hardest to offer a good rate to the prospective client? Sorting through reviews can help you answer many of the burning questions you may have before going with one lender over the other.
Seek Pre-Approval
Pre-approval is a quick and easy method of getting a clearer sense of what you can afford. Pre-approval will help you in your home shopping process. With a clearly defined window of what you can afford, you’ll be better equipped to find a home that fits within your budget.
To apply for pre-approval from most lenders, you’ll need a few things:
- a state issued ID
- Social Security numbers for any applicants
- Employment history with verification
- Proof of income
- Two months of bank statements
- Proof of any outstanding debts
- Downpayment information
- Two years of federal tax returns
Individual lenders may request more information, but these are generally the basics of what will be required for pre-approval. Once pre-approval is secured, you’ll have a much better idea of your mortgage loan prospects and can be more informed while you shop.
Go Local
To find the right mortgage lender in Baltimore, MD, trust who the locals trust. With over 150 five star reviews on Google, Federal Hill Mortgage is the number 1 rated mortgage lender and brokerage firm in Maryland. Our team works tirelessly to secure a loan that works for you. Get started with your pre-approval today or contact us with any questions about the mortgage loan process you may have.
