When buying a home, the mortgage loan application is very demanding for many people, but it doesn't have to be.
I've got great connections to several lending companies in the Durham area, and they've helped me realize some things that will make the loan application process a snap.
If you find that you don't completely understand the pros and cons of all the various loan programs, be sure to bring a list of questions.
One of my lenders or I will be able to help you understand the advantages and disadvantages of each one, because it is hard to know the distinctions between both fixed and adjustable rate mortgages.
When you lock in a rate, it designates that your mortgage lender commits to the mortgage interest rates for the loan – usually at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who opt to float believe that interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to preview common questions you'll have to answer on a loan app.
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