Applying for the loan is one of the more stressful parts of purchasing a house. But it doesn't have to be. Being close to several lending companies in the Stillwater area has helped us learn a lot of the things that can make the loan application process very manageable.
If you don't completely understand the advantages and disadvantages of all the various loan programs, be sure you bring a list of questions. Oftentimes, it can be a challenge to know the differences between fixed and adjustable rate mortgages. One of our lender contacts or associates will be able to help you understand the advantages and disadvantages of each one.
When you lock in a rate, a lender is guaranteed to hold to the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who choose to float think that interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.
Typically you can elect to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if purchasing points is right for you, click here to use our points calculator.
Getting a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to preview common questions you'll have to answer on a loan app.
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