Let David Massey Real Estate help you with financing your new home.
For most people, applying for mortgage financing can be one of the more exasperating aspects of purchasing a home, but it doesn't have to be.
Being connected to some lenders in Burlington has helped me understand some things that will make the loan application process a breeze.
1 – Compose a list of questions regarding your loan program
Make sure to bring a list of questions if you find that you do not perfectly comprehend the advantages and disadvantages of all the various loan programs.
I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
By locking in the interest rate, the mortgage lender is keeping to the interest rates for the loan – generally at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who prefer to float presume the interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to decrease your interest rate
Normally you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing.
If you're uncertain if buying points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of normal loan documentation.