![]() Recent pay stubs and contact information for each borrower’s employer.Up to two years of tax returns, released to the lender via an authorization submitted by the buyer using IRS form 4506-T.This can also include documentation of rent payments. ![]() Several months of statements for any outstanding loans, lines of credit, or other liabilities.Several months of statements for each bank account a borrower holds (including any investment accounts).These vary by situation, but the most commonly requested documents are: The buyer sends a series of personal financial disclosures to their lender. Before the buyer is ready to write an offer, a pre-approval with a lender should be acquired.The final costs are likely to deviate from this estimate. Within 3 days, the lender sends a “Good Faith Estimate,” or GFE, to the buyer that is a breakdown of estimated closing costs.See a sample Uniform Residential Loan Application used in Maryland. A buyer submits a loan application to their lender, either directly or through a mortgage broker.The following is the general process in Maryland: It’s best to start as early as possible and be ready to produce lots of documentation. The buyer may also negotiate for a home warranty that covers major appliances from failure for a time period after the sale, typically a year.įor those borrowing to purchase their home, the mortgage process is usually the most stressful and opaque part of the transaction.All of this, of course, is done in writing. In response, the buyer can continue to negotiate, accept the seller’s position, or walk away. Sellers have three options: agree to all of the buyers’s requests, offer a modified solution back to the buyer, or decline to make any amends. Or, they can ask the seller for repair work, closing cost credits, or a reduction in the sale price due to flaws that were uncovered. Based on the outcome of inspections, buyers may elect to walk away if something material is found.A termite inspection is also often performed in Maryland. ![]() The types of inspections vary by property type and situation (and locale), but in Maryland, a home inspector generally inspects the home first, and other inspections and tests can be ordered if revealed to be necessary by the initial inspection. Each of these inspections must be completed by a certain date, which is called an inspection contingency date.
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