Are you thinking about financing your new home?
When buying a home, the loan application is very demanding for a lot of people, but it doesn't have to be. Being connected to many lenders in has helped me learn some things that can make the loan application process easy.
1 – Compile a list of questions regarding your loan program
If you don't totally understand the ins and outs of all the different financing options, be sure you have a list of questions with you. Oftentimes, it can be a challenge to understand the differences between fixed and adjustable rate mortgages. One of my lender contacts or I will assist you with understanding the advantages and disadvantages of both programs.
2 – Decide when you want to lock
By locking in the rate, a lender is guaranteeing the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Those who decide to float think interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Bring your paperwork
Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a feel for common questions you'll have to answer on a loan app.