Are you looking to finance your new home in Burlington?
Most buyers think applying for the mortgage loan is one of the more distressing elements of purchasing a home, but it doesn't have to be.
I'm pretty connected to some lenders in Burlington, and they've helped me realize a few things that make the loan application process much easier.
1 – Compose a list of questions regarding your loan program
If you do not entirely understand the advantages and disadvantages of the different programs, make sure to have a list of questions with you.
It's a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one.
2 – Determine when to lock
By locking in a rate, your lender is committing to the interest rates for the loan – most often at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who opt to float conclude the interest rates will fall 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 lower your rate
Usually 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 closing.
To decide if buying points is the best option for you, click here to use our points calculator.
4 – Gather your paperwork
Obtaining a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of normal loan documentation.