Buying a home in Howard County will be a very pleasant experience for most home buyers. About 3% of our home buyers are cash buyers. That means that 97% of folks buying a home in our market will be obtaining mortgage financing. We'll be glad to make lender recommendations based on the type of home you are purchasing, new, resale, to be built, etc. Or, if you already have a relationship with a lender, that's fine too. Homefinders.com is not affiliated with any lender so our advise is based on YOUR need. However, we have worked with numerous lenders and, like most REALTORS, we have loan officers that we recommend based on a history of reliable service and competitive rates, programs.

For personal contact with a local lender, contact:

Timothy F. Moylan
Assistant Vice President
Chase Home Finance
800-348-6694

When you apply for a mortgage loan, you will be asked for a lot of information about your present and recent past financial history. Your lender must establish that you have and will continue to have the ability to repay the loan of many thousands of dollars. Of course, the loan will be secured with a lien on the deed and if you default, the lender can foreclose, but lenders do not want to foreclose. They want to lend money and be repaid. So, you will have to make the lender understand your financial profile clearly. We have provided a Uniform Loan Application to help you prepare for the information the lender will request.

As a part of the loan approval process, the lender will require certain documentation to verify information provided on the loan application. The following documents are generally sufficient to process a loan.
Past two years W-2 Forms
Current address
Employment addresses
Recent bank statements
Name and address of current creditors
Social Security numbers
If you are a self employed borrower, you will need to provide two years income tax returns.

Often borrowers are apprehensive about the loan process. Our real estate agents, your buyer's agent, will be with you every step of the way. We'll help.

Once the loan application is made, the process is very fast. In this electronic age, lenders can obtain credit information in minutes and the documentation you have provided is usually sufficient to obtain loan approval with the condition that the home you select will appraise for the purchase price. Some lenders will have to verify certain information by telephone or mail, but the process is becoming more streamlined daily.

Appraisal

Golfers

Your lender will order an appraisal of the home you have selected to buy. The appraisers job is to determine the value of the property. Appraisers are hired by lenders to make sure the contract price is not more than the property value. Appraisers protect you by making sure you don't pay more than the property is worth.

Occasionally, an appraiser will, after observing a property, require certain repairs to be made to a property so that the home you have selected to buy is in acceptable condition for occupancy.

ATTENTION GOLFERS:

The Timbers at Troy
6100 Marshalee Drive
Elkridge, MD 21075

Voted one of the "Top 100 Golf Courses" in the Mid-Atlantic by Washington Golf Monthly magazine.