Applying for a loan with the help of David Massey Real Estate

When buying a home, applying for the loan is a exasperating event for most people, but it doesn't have to be. I'm pretty close to a lot of lenders in Burlington, and they've helped me realize some things that will make the loan application process effortless.

1 – Assemble a list of questions about your loan program

If you find that you don't completely comprehend the pros and cons of all the various loan programs, make sure you have a list of questions with you. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate signifies that the mortgage lender holds to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Those who opt to float believe that 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 lower your interest rate

Oftentimes you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.75% 3.79%
15-yr Fixed 3.22% 3.29%
1-yr Adj 3.46% 3.49%
* national averages