For many people, applying for financing is one of the most troublesome elements of purchasing a home. But it doesn't have to be.
I have excellent relationships with several mortgage lenders in the Islamorada area, and they've helped me recognize some things that make the loan application process very easy.
If you find that you don't completely realize the advantages and disadvantages of all the various loan programs, make sure you have a list of questions.
It is a challenge to know the differences between both fixed and adjustable rate mortgages. One of my lenders or I can assist you in understanding the advantages and disadvantages of both programs.
By locking in the rate, a mortgage lender is keeping to the mortgage 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 at any time between the day of your loan application and closing. Those who elect to float think that the interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a feel for general information that goes on a loan application.
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