When purchasing a home, the loan application is very exasperating for many people, but it doesn't have to be.
We have close professional relationships with many mortgage lenders in Morristown, and they've helped us recognize some things that can make the process of applying for a loan easy.
Be sure to have a list of questions if you find that you do not perfectly grasp the ins and outs of all the various programs.
One of our trusted lenders or staff will be able to assist you with understanding the advantages and disadvantages of each one, because it's hard to understand the differences between both fixed and adjustable rate mortgages.
Locking in indicates that the lender holds to the interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate anytime between application and closing. Those who decide to float conclude that the interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
When you choose to pay additional points to lower the interest rate of your 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.
If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.
Acquiring a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to preview typical information that goes on a loan application.
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