Are you going to finance a new home in Burlington?
Applying for the mortgage loan is one of the most stressful elements of purchasing a house for a buyer, but it doesn't have to be.
I have a close relationship with various mortgage lenders in the Burlington area, and they've helped me recognize a few things that will make the loan application process much easier.
1 – Put together a list of questions regarding your loan program
Make sure to bring a list of questions if you find that you don't completely understand the pros and cons of the different loan programs.
It can be a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each.
2 – Determine when to lock
When you lock in an interest rate, it means that the lender guarantees the mortgage interest rates for the loan – often at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between application and closing. Buyers who opt to float presume that the interest rates will dip 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 reduce your interest rate
If you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will assist you in determining if purchasing points is right for you.
4 – Gather your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of common loan documentation.