Do you wish to finance a new home in Burlington?
Applying for mortgage financing can be one of the most troublesome aspects of buying a house for a buyer, but it doesn't have to be.
I'm connected to some lenders in the Burlington area, and they've helped me understand a few things that make the loan application process a snap.
1 – Organize a list of questions regarding your loan program
Be sure to have a list of questions with you if you don't thoroughly comprehend the advantages and disadvantages of the different programs.
I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in a rate, it means that the lender keeps to the interest rates for the loan – often at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who prefer to float think 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 decrease your rate
If you choose 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. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will help you determine if purchasing points is right for you.
4 – Bring your paperwork
Obtaining a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of general loan documentation.