Are you going to finance your home in Burlington?
Applying for financing is one of the most stressful elements of purchasing a house for a buyer, but it doesn't have to be.
Having connections with various mortgage lenders in Burlington has helped me learn some things that can make the loan application process much easier.
1 – Compose a list of questions about your loan program
If you find that you don't completely realize the pros and cons of all the various loan programs, be sure to bring a list of questions.
It is a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both.
2 – Determine when to lock
Locking in a rate designates that the mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is received.
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 choose to float presume interest rates will decline 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
When you decide to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan.
To determine if you should purchase points, 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 documents together. Click here to get a list of general loan documentation.