Thinking of financing your home in Fall River?
When buying a home, applying for a loan is very distressing for many people, but it doesn't have to be.
I'm very well-connected with many lenders in the Fall River area, and they've helped me learn a few things that make the process of applying for a loan very easy.
1 – Compose a list of questions regarding your loan program
If you find that you do not completely comprehend the advantages and disadvantages of all the various programs, make sure you bring a list of questions.
I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program, because it's a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in the rate, the lender is sure to keep to the interest rates for the loan – typically at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who choose to float believe 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 interest rate
Typically you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
If you're undecided on whether or not purchasing points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of common loan documentation.