Do you wish to finance your home?
When purchasing a home, applying for the mortgage loan is a very distressing event for many people, but it doesn't have to be.
Being connected to some lenders in Plantsville has helped me recognize a few things that will make the loan application process effortless.
1 – Create a list of questions about your loan program
If you don't entirely comprehend the advantages and disadvantages of all the different loan programs, be sure you have a list of questions.
I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
By locking in the rate, a mortgage lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who elect to float think the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to reduce your interest rate
If you decide to pay additional points to lower the 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.
To decide if buying points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of normal loan documentation.