Looking to finance a home?
Applying for a mortgage loan is one of the most exasperating parts of buying a home for a buyer, but it doesn't have to be.
I'm very well-connected with a lot of lending companies in Burlington, and they've helped me realize a few things that will make the process of applying for a loan easy.
1 – Assemble a list of questions about your loan program
If you do not entirely realize the pros and cons of all the various programs, make sure you bring a list of questions with you.
It is a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both.
2 – Determine when you want to lock
When you lock in the interest rate, a lender is sure to keep 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 anytime between the day you apply for your loan and at the time of closing. Buyers who opt to float conclude the interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Decide if you want to pay additional points to reduce your rate
If you choose to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan.
Click here to use our points calculator. It will assist you with determining if buying points is right for you.
4 – Gather your paperwork
Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of normal loan documentation.