Applying for a loan in Fall River with the help of EZ Home Search Real Estate
When buying a home, the mortgage loan application is demanding for most people, but it doesn't have to be. I have excellent relationships with a lot of lending companies in the Fall River area, and they've helped me understand a few things that make the process of applying for a loan a breeze.
1 – Compose a list of questions about your loan program
Be sure you bring a list of questions with you if you do not entirely comprehend the advantages and disadvantages of all the different programs. One of my trusted lenders or I will be able to assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
Locking in designates that your mortgage lender keeps to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Those who prefer to float presume 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 reduce your interest rate
Generally you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use my points calculator. This tool will help you decide if buying points is the best option for you.
4 – Compile your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to preview common information that goes on a loan application.