If you don't fully understand the advantages and disadvantages of all the different financing options, make sure you bring a list of questions.
At times, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. One of our trusted lenders or associates will be able to assist you with understanding the advantages and disadvantages of both.
When you lock in an interest rate, a lender is guaranteed to keep to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who opt to float presume the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.
Normally you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing.
To determine if purchasing points is the best option for you, click here to use our points calculator.
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a feel for typical information that goes on a loan application.
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