Buying a home is exciting, but at getting your first mortgage can seem daunting. When it's time start looking for a mortgage in Frederick, MD, you'll want to be sure that you have everything ready before you reach out to a broker. Here are the steps to follow and things you should be prepared to do before taking that first step.
1.) Straighten Out Your Finances
You don't have to have perfect credit to get a mortgage, but you'll get the best rates if you put in an effort to get your finances in order first. Clean up any negative marks on your credit history and take steps to reduce your outstanding debts. Avoid applying for any other debt or lines of credit until after your mortgage is approved.
2.) Get Preapproved
Preapproval gives you an idea of how much of a budget you have to work with. This is very important. If you start shopping for a home without preapproval, you might fall in love with something outside of your budget and be disappointed when you're rejected. This is a good time to shop around for lenders. You...more
Purchasing a new home can be both exciting and overwhelming. If you're planning to buy a home in 2018, there are several steps you can take right now to make the process easier. Securing the home of your dreams should be as stress-free as possible. Consider the following tips to allow you to focus on the joy of this exciting stage of your life.
Work to Improve Your Credit Score
Mortgage lenders will take a hard look at your credit score, reliability in paying your financial obligations, and the degree of debt you already have. By demonstrating some hard work and forethought now, you can take small steps to improve your overall credit score. This will help you get a home loan that meets your needs. The higher your score is when you purchase a house, the better your interest rates will be. Reducing your overall percentage of debt to income, paying off any past due accounts, and always being on time with payments can drastically affect your score for the better.
Budget and Save
In order to make a large purchase such...more
For its up-and-coming residents, families, and young professionals alike, Frederick Maryland has plenty to offer. Whether you’re new to town or have been renting a place for a while, you may be wondering whether buying a home in Frederick is better than just renting one. Although the answer varies for everyone, there are a few universal factors at play. Here are some things to consider when you’re debating renting vs. buying:
The Realities of Renting
Many renters are attracted to the fact that they're not ultimately responsible for the property. What they commonly fail to consider is that they also sacrifice the advantages that come from home ownership.
When you rent over the long term, you inevitably end up putting more money into your rental than you get out of it. In addition to your actual rent, you may have to pay for material upgrades and repairs that your landlord isn't willing to cover. You might also lose your security deposits and other nonrefundable deposits, such as extra fees for your pets.
Before you purchase a new home, it’s imperative you speak with your lender about a few key pieces of information. You should make sure to ask questions that pertain to your mortgage, the future of your home, and your finances. At The Deibler Group, our knowledgeable lending team is available to answer your questions anytime to help make the lending process simpler and more enjoyable. The buying process is one that can be quite stressful at times, and it’s the Deibler Group’s mission to make it as seamless as possible when you apply for home loans in Frederick MD. Keep reading to see the most important questions you need to understand when purchasing a home.
What will my mortgage payment be?
Most lenders max qualify you for a home loan, and don’t ask you what your specific budget is, and what you can afford in your unique situation. They only see what you can qualify for, but don’t take into account another very important factor: YOU. Make sure they understand what you want the payment to be so that they can find a mortgage payment that...more
Receiving your tax refund can be an exciting, and enlightening, time of year. This year, instead of putting it into savings, or making a few extra car payments, why not think about using this once a year cash influx to jump start your home buying search? There are quite a few reasons that tax refund season is the perfect time to get the home buying process started.
The first reason that tax season is an ideal time to begin the home buying process is very simple; you have your tax refund money! This extra cash you’ll have on hand is an ideal seed for your home down payment. Whether you already have some home down payment savings, or if you're just starting out, this additional cash can make a big difference. Your tax refund can also contribute to your home buying process by serving as an extra home loan payment, or, it can serve as a base for your closing costs.
It can be hard to get ahead in today's economy and start saving for a down payment, but this tax season can be the first step towards lifelong financial security. Tax season comes just once a year, and if...more
If you haven't yet applied for a mortgage loan, you probably think you have a really good reason for waiting. For example, perhaps you just think you will be rejected. Or maybe you think your credit score is too low. Or you could be scared of your own finances.
While you may be intimidated, applying for a mortgage is an important part of your home search. Realtors will give priority to those who have their finances in line, and not having a clear budget will only delay your home search.
These are three of the most common obstacles that people cite when they are asked why they haven't yet applied for a mortgage loan. In this post, we will take a look at each and outline strategies to overcome them.
Reason 1: Fear of rejection.
Right now, think back as far as you can to the very first time you ever felt a fear of rejection. What did you do in that situation? Did you go ahead and tackle the challenge anyway and triumph in success? Did you slink away with your tail between your legs while wondering "what if..."?
Fear of rejection can...more
There are many reasons to get pre-approved for a home loan. During the home loan pre-approval process, the lender will look at your credit, review assets, and determine the right loan program for you. While some people may be intimidated or scared to know the truth about their finances, the reality is that you don't need to have perfect credit to get approved. In addition, getting preapproved for a home loan gives you as a home shopper important information you need to find the right home for you. You'll know what kind of budget you have for your home, and will avoid wasting time looking at homes that are out of your reach. Why wait? Start a home search with an idea of what you can budget for.
What to Expect
If you are reading this, you’re likely researching how to prequalify for a home loan. Your lender will walk you through the process step-by-step, but it helps to know what to expect. The pre-qualification process for a home loan is relatively simple in an age where many important documents are available online or digitally. You may be able to...more
So you've been approved for a home loan, and you're excited to get started on your search for the perfect home in Frederick, MD. However, you may quickly realize that the shortage of inventory is making it difficult to find a home that fits your needs. First time homebuyers don’t yet have the experience buying a home to understand it’s not always as easy as walking into your dream home and moving in 30 days later. It’s a bit more complicated, and with the shortage of homes on the market in Frederick, it can be even more difficult to find a home you truly love. The Deibler Group, the Frederick MD division of Goldwater Bank, wants you to have the home of your dreams, and they want you to know you can build your dream home as a first-time homebuyer. It’s not as complicated as it sounds when you have an experienced home loan lender to help, and it may be the best option when you can't find a home that fits your needs. Read on to learn more about building your own home from The Deibler Group.
Step 1: Pre-Qualifying for A Mortgage
Our mortgage lenders can...more
After you've been preapproved for a home loan, and are just starting your home search in Frederick, MD, you may quickly realize that the shortage of inventory is leading to fewer home options than you initially planned for. When the supply of move-in ready homes within your budget is slim, consider the option of renovating a home in Frederick. While many think a full home renovation is out of their budget, The Deibler Group wants to change this mindset. Through construction loans or 203k renovation loans in Frederick, a beautifully renovated home can be an option for many first time home buyers. Read on to see our loan lender’s tips on how to renovate a home in Frederick MD, and contact us today and see how Goldwater Bank and The Deibler Group can help you purchase and renovate your dream home, or renovate your current home for increased room and style.
Seek Financing from an Experienced Lender
When renovating a home, it’s important that you first become prequalified for a renovation loan from an experienced lender. It’s best to use a lender that has...more
Home loan pre-approval has always been an important factor when it comes to buying a home. There are certain sellers who won’t even allow a buyer into their home without a home loan prequalification, and there are also markets in which realtors and sellers won’t show homes of a certain price point to anyone without a pre-approval as well as proof of the buyer’s finances. While the market is different everywhere you go, obtaining a home loan prequalification is always important. Current housing market conditions in Frederick, MD make obtaining a pre-approval necessary, even when you’re not in the market for an expensive home. The Deibler Group, the Frederick, MD division of Goldwater Bank, N.A, is well-versed in home loan pre-approvals and real estate in the Frederick, MD area, and we want to share our expertise to homebuyers to make the home buying process smoother. Read on to learn about the shortage of inventory in the Frederick housing market, and see how The Deibler Group can help increase your chances of buying your ideal home.
The shortage of inventory is a...more
Looking for a new home in Frederick, MD can be an exciting time, but there are a few steps you should take before beginning your home search. By getting prequalified for a home loan, you create the foundation for buying a home. It gives shoppers something viable to show realtors and sellers, and helps put shoppers' goals at the top of their lists. Read on to learn more about how to get prequalified, and see how The Deibler Group can help you every step of the way.more