Maryland’s proximity to Washington D.C. means the state of 6 million people enjoys an average household income of nearly $85,000 per year; this translates to median home values of around $375,000. But how does this measure up to mortgage lender opportunities within the state?
In this article, we look at the top factors that go into a home loan, such as credit score minimums, down payments accepted, loan eligibility, and more. With these aspects of a mortgage loan in mind, you will be able to select the right lender for your circumstances and enjoy a home within your means!
The minimum accepted credit score is up to the lender to decide. What this means is that certain mortgage lenders will be better suited to working with you than others. Decide if you’d like to go through a large bank or a credit union, for example. Credit unions may offer more attentive customer service and term flexibility while a larger lender may offer a wider assortment of mortgage loans for you to choose from. For these reasons, many opt for a mid-range lender like MCS, which offers more term flexibility than a credit union and better customer service than a large bank.
Regardless of what size lender you decide to go with, most lenders accept credit scores of 620 or higher—but if you have scores lower than that, there may be a lender that will work with your circumstances! Lower credit scores can often be offset by contributing a larger down payment, so check with a mortgage lender and see if they are willing to work with your circumstances.
traditional mortgage or opting for some kind of mortgage loan to help pay off your house. Some quick questions yourself to ask include:
· Are you a military veteran? Look into VA Loans.
· Are you looking for a primary place of residence in a rural area? Check out USDA Loans.
· Are you interested in a loan insured by the Federal Housing Administration? Perhaps you’d like an FHA Loan.
· Are you planning on fixing up your house and selling it someday? You may be interested in a Home Equity Loan.
For more information on how the different kinds of home loans compare, click here; to begin a loan application today, check out your loan options with MCS!
While lenders are often ranked on factors like customer service, types of loans offered, rates of spread, and more, looking for a lender that works with your circumstances is vital to securing the right home loan for you. This process should weigh the size of your down payment and your credit score, but also considerations on the lender’s end like the size of the lender, availability of online or in-person services, and the scope of available loan options.
Looking for a Maryland mortgage lender with the flexibility of a credit union but the range of a large-scale lender? Apply for a mortgage loan with MCS today!
