Are you financing your home in Burlington? David Massey Real Estate can help.
For a lot of people, applying for the mortgage loan can be one of the most exasperating aspects of buying a house, but it doesn't have to be.
Being close to many mortgage lenders in the Burlington area has helped me realize some things that make the loan application process a breeze.
1 – Create a list of questions about your loan program
If you find that you don't entirely comprehend the ins and outs of the various programs, be sure you bring a list of questions.
Oftentimes, it can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs.
2 – Determine when to lock
When you lock in a rate, a mortgage lender is sure to hold to the mortgage interest rates for the loan – generally 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 the loan and closing. Those who choose to float think that the 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
Oftentimes you can elect to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. It will help you decide if buying points is the best option for you.
4 – Compile your paperwork
Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of normal loan documentation.