When purchasing a home, the mortgage loan application is stressful for most people, but it doesn't have to be. We have excellent relationships with various lending companies in Big Lake, and they've helped us understand some things that make the loan application process very easy.
If you find that you don't thoroughly realize the pros and cons of all the different loan programs, be sure to have a list of questions with you. At times, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. One of our lenders or associates will assist you with understanding the advantages and disadvantages of each program.
When you lock in a rate, your mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who choose to float presume the interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
Getting a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to preview general information that goes on a loan application.
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