Choosing the best mortgage plan is a vital decision that depends on several personal financial factors. Gaurav Mahajan at Draper & Kramer Mortgage Corp is dedicated to helping you make an informed choice that aligns with your long-term homeownership goals and financial situation. Here’s how Gaurav can guide you through this process:

• Evaluate Your Financial Health: The first step Gaurav takes is a thorough assessment of your credit score, savings, debt-to-income ratio, and income stability. Understanding where you stand financially helps narrow down which mortgage options are the best fit for you.
• Understand Your Homeownership Goals: Whether you’re a first-time homebuyer or looking to refinance or invest in a second property, Gaurav will tailor recommendations based on your specific goals. For instance, a fixed-rate mortgage provides stability with consistent payments, whereas an adjustable-rate mortgage (ARM) might offer lower initial payments if you’re planning to sell or refinance within a few years.
• Compare Loan Options: Draper & Kramer Mortgage Corp offers a range of mortgage products, including conventional loans, FHA loans, VA loans, and jumbo loans. Gaurav will walk you through the benefits and drawbacks of each option. For example, an FHA loan might suit first-time homebuyers with lower down payments, while a jumbo loan is designed for high-value properties exceeding conforming loan limits.
• Select the Right Loan Term: Gaurav will help you choose between a 15, 20, or 30-year mortgage term. A shorter-term loan often comes with higher monthly payments but lower overall interest costs, while a longer-term loan spreads payments over time, offering more affordable monthly payments but higher total interest.
• Consider Additional Costs: Beyond the mortgage itself, Gaurav will guide you through other associated costs like private mortgage insurance (PMI), property taxes, and homeowner’s insurance. These additional costs play a significant role in determining the affordability of your mortgage plan.

Working with Gaurav Mahajan means having an experienced mortgage expert in your corner, helping you make the best decision for your financial future. To explore your mortgage options, contact Gaurav at (202) 487-6816.

Your credit score plays a key role in determining the terms and rates available to you on a mortgage. Gaurav Mahajan at Draper & Kramer Mortgage Corp offers actionable steps to help you improve your credit score before applying for a mortgage in Maryland:

1. Review Your Credit Report
   The first step is to obtain and carefully review your credit reports from the three major credit bureaus: Equifax, Experian, and TransUnion. Middle Credit Score® can help with a detailed review, identifying any errors or inaccuracies that may be negatively impacting your score.
2. Dispute Credit Report Errors
   If you find any incorrect information on your credit report, it’s essential to dispute these inaccuracies. Correcting these errors can boost your score quickly. Gaurav will guide you through the dispute process, ensuring you know exactly how to address the credit bureaus effectively.
3. Pay Down Existing Debt
   Reducing your debt-to-income ratio by paying down credit card balances and outstanding loans is a crucial step in improving your credit score. Gaurav recommends keeping your credit utilization ratio below 30% to demonstrate to lenders that you are a responsible borrower.
4. Avoid Opening New Credit Accounts
   Avoid opening new lines of credit or applying for new loans in the months leading up to your mortgage application. Doing so can temporarily lower your score. Gaurav advises maintaining a stable credit profile to ensure you qualify for the best mortgage terms available.
5. Make Payments on Time
   Your payment history accounts for a large portion of your credit score. Be diligent about paying bills on time, whether they are credit cards, loans, or utilities. Using Middle Credit Score® tools for reminders and automatic payments can help you stay on track.
6. Address Negative Marks on Your Report
   If your credit report includes negative marks such as late payments, collections, or charge-offs, it’s crucial to address them. Gaurav can help you create a strategy to resolve these items, either by negotiating with creditors or using credit repair services.

Improving your credit score will enhance your chances of securing better mortgage terms. To learn more about how to improve your score, contact Gaurav Mahajan at (202) 487-6816 for personalized advice.

Yes, whether you’re refinancing an existing mortgage or purchasing a new home, Gaurav Mahajan at Draper & Kramer Mortgage Corp can assist with either scenario, offering expert guidance to ensure you get the best loan terms.

Home Purchase with Gaurav Mahajan at Draper & Kramer Mortgage Corp

• Pre-Qualification and Pre-Approval: The first step to buying a home is pre-qualification or pre-approval. Gaurav will assess your financial situation and help you determine how much you can afford. A pre-approval letter demonstrates to sellers that you are a serious and qualified buyer.
• Select the Right Loan Program: Whether you’re considering a conventional loan, FHA loan, VA loan, or jumbo loan, Gaurav will walk you through each option, explaining how factors like down payments, interest rates, and loan terms affect your monthly payments and overall costs.
• Lock in Competitive Rates: With access to a wide range of mortgage programs, Gaurav can help you lock in competitive interest rates, ensuring you get the best possible deal for your home purchase.
• Guidance Throughout the Process: From the moment you apply to the day you close on your new home, Gaurav provides step-by-step guidance, making sure you are fully informed and confident in each decision.

Refinancing with Gaurav Mahajan at Draper & Kramer Mortgage Corp

• Lower Your Interest Rate: Refinancing can help you take advantage of lower interest rates, potentially reducing your monthly payments and saving you thousands over the life of the loan. Gaurav will review your current mortgage and help you determine if refinancing is a smart financial move.
• Cash-Out Refinancing: If you’ve built up equity in your home, cash-out refinancing allows you to access that equity for home improvements, debt consolidation, or other financial goals. Gaurav will guide you through the process, ensuring it aligns with your long-term objectives.
• Shorten Your Loan Term: If you want to pay off your mortgage sooner and save on interest, refinancing to a shorter loan term (e.g., from 30 years to 15 years) can be a great option. Gaurav will assess if this solution works for your budget and financial plans.

To explore your home purchase or refinancing options, contact Gaurav Mahajan at (202) 487-6816 for personalized mortgage solutions.

Gathering the required documents for your mortgage application ahead of time will help streamline the process with Gaurav Mahajan at Draper & Kramer Mortgage Corp. Here’s what you’ll need to get started:

General Documents Required for Mortgage Applications

• Proof of Income:
  • W-2 Forms: Provide W-2 forms from the past two years to verify your income.
  • Pay Stubs: You will need your most recent pay stubs covering at least 30 days.
  • Tax Returns: If you are self-employed or have additional income, provide tax returns from the last two years.
• Proof of Identity:
  • Government-Issued ID: A driver’s license, passport, or other valid photo ID is required.
  • Social Security Number: This will be used to pull your credit report.
• Credit History:
  • Credit Report: Gaurav will review your credit report to assess your eligibility.
  • Debt Information: Provide details on any outstanding debts, such as credit card balances, auto loans, or student loans.
• Proof of Assets:
  • Bank Statements: Submit the last two months of bank statements to verify sufficient funds for the down payment and closing costs.
  • Investment or Retirement Account Statements: If you’re using funds from a retirement or investment account, provide the necessary statements to verify the balances.
• Proof of Employment:
  • Verification of Employment: In some cases, Draper & Kramer Mortgage Corp may contact your employer for verification. Self-employed borrowers may need to provide business licenses or profit and loss statements.

Loan Program-Specific Documents

• Conventional Loans: Typically require extensive documentation of income, assets, and credit.
• FHA Loans: May require additional documents for those with lower credit scores.
• VA Loans: Require a Certificate of Eligibility (COE) for veterans.
• USDA Loans: Proof of the property’s eligibility in a rural area may be needed.

By gathering these documents early, you’ll help ensure a smoother mortgage application process. For more information on what’s required, contact Gaurav Mahajan at (202) 487-6816.