Stressed out about getting financing for a home purchase? You don't have to be. Having connections with several lenders in Burlington has helped us recognize a lot of the things that can make the loan application process very easy.
If you do not perfectly understand the ins and outs of the different financing options, make sure to bring a list of questions. One of our lender contacts or staff can assist you in understanding the advantages and disadvantages of both programs, because it can be hard to know the differences between fixed and adjustable rate mortgages.
Locking in the interest rate means that a mortgage lender holds to the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Buyers who decide to float presume that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
Normally you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're undecided on whether or not buying points is the best option for you, click here to use our points calculator.
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to see general information that goes on a loan application.
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