When purchasing a home, the loan application is very troublesome for most people, but it doesn't have to be.
Having connections with various lending companies in South Florida has helped me realize some things that can make the loan application process very easy.
Make sure you have a list of questions with you if you find that you don't totally grasp the ins and outs of 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 understand the distinctions between fixed and adjustable rate mortgages.
When you lock in an interest rate, it signifies that a mortgage lender keeps to the interest rates for the loan – generally at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who decide to float think interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to see general questions you'll have to answer on a loan app.
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