Let Matthew Vassallo Real Estate assist you in applying for a new home loan.
When purchasing a home, applying for the mortgage loan is a demanding event for a lot of people, but it doesn't have to be.
Being close with many mortgage lenders in the Longport area has helped me understand some things that make the process of applying for a loan very manageable.
1 – Assemble a list of questions about your loan program
If you find that you do not fully understand the advantages and disadvantages of the different programs, make sure to bring a list of questions with you.
I or one of my lenders can assist you with understanding the advantages and disadvantages of each program, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in a rate, it indicates that a mortgage lender holds to the interest rates for the loan – most often at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who prefer to float believe the interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Decide if you want to pay additional points to reduce your rate
Usually you can opt to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
To decide if you should purchase points, click here to use our points calculator.
4 – Compile your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.