Are you thinking about financing a new home? We can help.
When purchasing a home, applying for a mortgage loan is very stressful for many people, but it doesn’t have to be. I have close relationships with various lending companies, and they’ve helped me learn some things that make the loan application process pretty simple.
1 – Assemble a list of questions regarding your loan program
If you do not thoroughly understand the advantages and disadvantages of all the various loan programs, make sure to have a list of questions. Oftentimes, it can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both.
2 – Determine when you want to lock
When you lock in the rate, your mortgage lender is guaranteed to keep to the mortgage interest rates for the loan – usually at the time the loan application is received by them. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who decide to float conclude interest rates will drop in the near future.
3 – Bring your paperwork
Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documents together.