Are you financing your home in Longport? Matthew Vassallo Real Estate can help.
Applying for a loan can be one of the most stressful elements of purchasing a house, but it doesn't have to be.
I'm pretty well-connected to many mortgage lenders in Longport, and they've helped me understand some things that make the loan application process pretty simple.
1 – Compose a list of questions regarding your loan program
Make sure to bring a list of questions with you if you find that you do not completely comprehend the pros and cons of the various loan programs.
I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the rate, it indicates that the lender guarantees the interest rates for the loan – usually at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Those who prefer to float presume that interest rates will fall 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 lower your rate
Normally you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
To decide if buying points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of normal loan documentation.