Applying for your new home loan with the help of David Massey Real Estate

When purchasing a home, applying for financing is a very distressing event for many people, but it doesn't have to be. I have a close business relationship with several lenders in the Burlington area, and they've helped me understand some things that will make the loan application process much easier.

1 – Put together a list of questions about your loan program

Be sure to bring a list of questions if you find that you do not entirely comprehend the advantages and disadvantages of all the various programs. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs, because it's hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate signifies that the lender keeps to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who decide to float believe 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 lower your rate

Oftentimes you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of normal loan documentation.

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Today's Rates

Mtg Loan Rate APR
30-yr Fixed 3.78% 3.9%
15-yr Fixed 3.08% 3.24%
1-yr Adj 2.74% 3.4%
* national averages