Are you financing your new home?
Feeling lots of anxiety over applying for a mortgage?
You don't have to be. I've got great connections to a lot of lenders in the Flushing area, and they've helped me understand a few things that make the loan application process a snap.
2 – Decide when to lock
When you lock in the interest rate, it means that your mortgage lender guarantees the mortgage interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who choose to float think that interest rates will dip 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
Determine if you want to pay additional points to lower your interest rate
When you choose to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if purchasing points is right for you.
4 – Compile your paperwork
Compile your paperwork
Obtaining a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a feel for general questions you'll have to answer on a loan app.