Do you wish to finance your new home in Longport? Matthew Vassallo Real Estate can help.
Applying for mortgage financing can be one of the most distressing parts of buying a home, but it doesn't have to be.
I have a close relationship with many lending companies in Longport, and they've helped me realize a few things that can make the loan application process uncomplicated.
1 – Organize a list of questions about your loan program
Make sure you bring a list of questions if you don't fully understand the ins and outs of all the different programs.
I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
Locking in an interest rate means that your mortgage lender commits to the interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between application and closing. Buyers who prefer to float conclude the interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to decrease your rate
If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
If you're unsure as to whether or not purchasing points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.