Do you wish to finance your home in Burlington?
Most people believe applying for a mortgage loan is one of the most distressing parts of purchasing a house, but it doesn't have to be.
I'm very well-connected to various lending companies in Burlington, and they've helped me learn a few things that can make the loan application process uncomplicated.
1 – Compose a list of questions regarding your loan program
If you don't perfectly realize the pros and cons of all the various loan programs, be sure you have a list of questions with you.
I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it is hard to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in a rate, the mortgage lender is sure to commit to the mortgage interest rates for the loan – normally at the time the loan application is presented.
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 conclude that interest rates will drop 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
Oftentimes you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.
4 – Gather your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of typical loan documentation.