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Redwood Mortgage Services

(410) 266-1621
2077 Somerville Road Ste 220
Annapolis, MD 21401
 http://www.redwood-mortgage.com/
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Today: 8:30 AM to 5:00 PM

Mortgage LenderVeteran-OwnedHome Mortages and Refinance

Hours

Mon 8:30 AM to 5:00 PM
Tue 8:30 AM to 5:00 PM
Wed 8:30 AM to 5:00 PM
Thu 8:30 AM to 5:00 PM
Fri 8:30 AM to 5:00 PM
Sat Closed
Sun Closed

About Redwood Mortgage Services

Since 1999, Redwood Mortgage Services has been helping people with their mortgage needs. Whether you are a first time homebuyer or looking to refinance we will make the process easy and rewarding for you. We have a vast amount of loan programs for our clients. Conventional, FHA, USDA, VA, DSCR, Non-QM, Jumbo, Construction and Reverse Mortgages.

Veteran-Owned

Areas Served

We are licensed in Maryland, Virginia, DC, Delaware, North Carolina and Florida

Services

Home Mortages and Refinance

Since 1999, Redwood Mortgage Services has been helping people with their mortgage needs. Whether you are a first time homebuyer or looking to refinance we will make the process easy and rewarding for you. We have a vast amount of loan programs for our clients. Conventional, FHA, USDA, VA, DSCR, Non-QM, Jumbo, Construction and Reverse Mortgages.

FAQ

On average, 30 to 45 days from contract to closing. The timeline depends on the loan type, appraisals, inspections, and how quickly you provide documents.

Mortgage insurance (PMI or MIP) protects the lender if you default: Required for most conventional loans with <20% down (PMI) Required for FHA loans (MIP) Not required for VA loans

Your monthly mortgage may include: Principal: the loan balance Interest: cost to borrow Taxes: property taxes (escrowed) Insurance: homeowners and possibly mortgage insurance

Points are upfront fees paid to lower your interest rate. 1 point = 1% of the loan amount Paying points can save you money over time if you plan to stay in the home long enough to break even.

Pre-qualification is an estimate based on self-reported info—quick but not verified. Pre-approval involves full documentation and a credit check. It's stronger and shows sellers you’re serious and qualified.

Pay stubs (last 30 days) W-2s or tax returns (last 2 years) Bank statements (last 2 months) Photo ID Proof of assets or other income sources

Lenders consider your debt-to-income (DTI) ratio, income, credit, and down payment. A common rule: your total mortgage payment should be no more than 28-31% of your gross monthly income. Use pre-approval to find your true price range.

FHA loans: 580 (with 3.5% down) Conventional loans: 620+ VA and USDA loans: typically 620+, but flexible Higher scores usually mean better interest rates and terms.

It depends on the loan type: Conventional loans: as little as 3% FHA loans: 3.5% VA and USDA loans: 0% down (for eligible borrowers) A larger down payment can lower your interest rate and eliminate mortgage insurance.

A mortgage is a loan used to purchase or refinance real estate. The property acts as collateral for the loan. You repay it over time (typically 15 to 30 years) through monthly payments that include principal and interest—and sometimes taxes and insurance.

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