First Time Home Buyer

Your Dream Home Awaits

Ready to take the exciting step of becoming a first-time homebuyer? Let us guide you through the process with expert advice and support every step of the way. Contact us today to start your journey toward owning your dream home!

Loan Process

There are 5 essential steps in the loan process. Explore them below.

Find Our How Much You Can Borrow
Select The Right Loan Program
Apply For A Loan
Begin Loan Processing
Close Your Loan

Find Out How Much You Can Borrow

The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines. You may also elect to get pre-approved for a loan which requires verification of your income, credit, assets and liabilities. It is recommended that you get pre-approved before you start looking for your new house so you: Look for properties within your range. Be in a better position when negotiating with the seller (seller knows your loan is already approved). Close your loan quicker

PRE-QUALIFY

Select The Right Loan Program

Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each. Whether you are buying a home or refinancing, there are 2 basic types of home loans. Each has different reasons you'd choose them. 1) Fixed Rate Mortgage Fixed rate mortgages usually have terms lasting 15 or 30 years. Throughout those years, the interest rate and monthly payments remain the same. You would select this type of loan when you: Plan to live in home more than 7 years Like the stability of a fixed principal/interest payment Don't want to run the risk of future monthly payment increases Think your income and spending will stay the same 2) Adjustable Rate Mortgage Adjustable Rate Mortgages (often called ARMs) typically last for 15 or 30 years, just like fixed rate mortgages. But during those years, the interest rate on the loan may go up or down. Monthly payments increase or decrease. You would select this type of loan when you: Plan to stay in your home less than 5 years Don't mind having your monthly payment periodically change (up or down) Comfortable with the risk of possible payment increases in future Think your income will probably increase in the future By carefully considering the above factors and seeking our professional advice, you should be able to select the one loan that matches your present condition as well as your future financial goals.

PRE-QUALIFY

Apply For A Loan With Bill Jeffreys of Bay Capital Mortage

One integral aspect to the success of Bill’s career has been his emphasis on creating honest and lasting relationships. Weekly updates, quick response times, knowledgeable answers and clear communication are the cornerstone of Bill’s dedication to supplying the best possible professional relationships. Instead of viewing it as an option, going the extra mile is always seen as a necessity to Bill and his staff. They would be honored to have the opportunity to help you with the financing of your next home. Contact Bill today to get started.

Contact Bill Jeffreys, Loan Officer

bjeffreys@baycapitalmortgage.com
410-533-1711

NMLS# 184103

APPLY TODAY

Begin Loan Processing

Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan and the value of the property. Once your loan application has been received we will start the loan approval process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out. This information includes: Income/Employment Check Is your income sufficient to cover monthly payments? Industry guidelines are used to evaluate your income and your debts. Credit Check What is your ability to repay debts when due? Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained. Asset Evaluation Do you have the funds necessary to make the down payment and pay closing costs? Property Appraisal Is there sufficient value in the property? The property is appraised to determine market value. Location and zoning play a part in the evaluation. Other Documentation In some cases, additional documentation might be required before making a final determination regarding your loan approval. In order to improve your chances of getting a loan approval: Fill out your loan application completely. You may use our online forms to expedite the process. Respond promptly to any requests for additional documentation especially if your rate is locked or if your loan is to close by a certain date. Do not move money into or from your bank accounts without a paper trail. If you are receiving money from friends, family or other relatives, please prepare a gift letter and contact us. Do not make any major purchases until your loan is closed. Purchases cause your debts to increase and might have an adverse affect on your current application. Do not go out of town around your loan's closing date. If you plan to be out of town, you may want to sign a Power of Attorney.

PRE-QUALIFY

Close Your Loan

After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public. There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Bring a cashiers check for the down payment and closing costs if required. Personal checks are normally not accepted. You also will need to show your homeowner's insurance policy, and any other requirements such as flood insurance, plus proof of payment. Your loan will normally close shortly after you have signed the loan documents. On owner occupied refinance loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

GET STARTED

What Loan Program Is Best For You?

The many different types of home loans available can seem overwhelming. Should you choose a fixed rate, adjustable rate or government loan mortgage? The truth is there is no right answer. Choosing a loan type is an important decision that is best made after you have researched your options. Remember, taking the time to explore your options now can mean saving thousands of dollars in the long run. Ask yourself the following questions to determine what loan type is right for you: Do you expect your financial situation to change over the next few years? Do you plan to live in your current home for a long time? Do you feel comfortable with the idea of a changing mortgage amount? Do you want to be free of mortgage debt by the time your children go to college or you retire? A professional lender, like Bill Jeffreys and his team are the best resources available to help you decide which loan best fits your needs.

CALL BILL

Are You Eligible?

BILL JEFFREYS

First Time Home Buyer

Your Dream Home Awaits

Loan Process

Find Out How Much You Can Borrow

Select The Right Loan Program

Apply For A Loan With Bill Jeffreys of Bay Capital Mortage

Begin Loan Processing

Close Your Loan

What Loan Program Is Best For You?

Are You Eligible?

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BILL JEFFREYS

Mortgage Advisor