Do you wish to finance your home in Fall River? E Z Home Search Real Estate Inc. can help.

When buying a home, applying for the loan is a exasperating event for most people, but it doesn't have to be. I have a close business relationship with various lenders in the Fall River area, and they've helped me learn some things that can make the loan application process easy.

1 – Assemble a list of questions regarding your loan program

If you don't completely comprehend the pros and cons of the various programs, make sure to have a list of questions. Oftentimes, it can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in an interest rate, it signifies that a mortgage lender keeps to the 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 anytime between the day of your loan application and the issuing of closing documents. Buyers who choose to float think interest rates will decline 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

When you opt to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.

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