Do you wish to finance a new home in Burlington?
Many buyers think that applying for the mortgage loan is one of the most distressing aspects of buying a home, but it doesn't have to be.
I have a close relationship with various lending companies in Burlington, and they've helped me realize some things that can make the loan application process a snap.
1 – Make a list of questions about your loan program
Make sure to bring a list of questions with you if you find that you don't fully realize the ins and outs of the various loan programs.
It's hard to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each program.
2 – Determine when to lock
When you lock in a rate, the mortgage lender is guaranteed to hold to the interest rates for the loan – generally at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who elect to float believe that the interest rates will plunge 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 interest rate
Normally you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing.
If you're uncertain if purchasing points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.