Applying for mortgage financing can be one of the most troublesome parts of purchasing a house. But it doesn't have to be.
I have close working relationships with several lenders in the the Charlotte metro area, and they've helped me understand some things that make the loan application process very easy.
Make sure to have a list of questions if you do not totally comprehend the ins and outs of all the different loan programs.
One of my lenders or I can assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.
When you lock in the rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – typically at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who prefer to float believe the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a feel for common information that goes on a loan application.
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