Do you wish to finance your home?
Applying for the mortgage loan can be one of the most exasperating parts of buying a house, but it doesn't have to be.
I have a close business relationship with many mortgage lenders in , and they've helped me realize a few things that will make the loan application process a breeze.
1 – Create a list of questions regarding your loan program
Be sure you have a list of questions with you if you find that you do not thoroughly understand the advantages and disadvantages of all the different programs.
Oftentimes, it can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each program.
2 – Decide when you want to lock
When you lock in an interest rate, the lender is sure to keep to the mortgage interest rates for the loan – normally at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Those who choose to float think the interest rates will fall 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 reduce your interest rate
When you elect to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of typical loan documentation.