David Massey Real Estate can assist you in financing a home.
A lot of people think that applying for a loan is one of the most distressing parts of buying a home, but it doesn't have to be.
I have a close relationship with various mortgage lenders in Burlington, and they've helped me recognize some things that can make the loan application process effortless.
1 – Put together a list of questions about your loan program
If you don't completely comprehend the pros and cons of the different programs, make sure you have a list of questions with you.
It is often hard to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs.
2 – Determine when you want to lock
By locking in an interest rate, a lender is committing to the interest rates for the loan – often at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who prefer to float presume 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 – Decide if you want to pay additional points to lower your rate
If you elect to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying 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. This tool will assist you in deciding if purchasing points is the best option for you.
4 – Gather your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.