Securing mortgage financing can be one of the most distressing aspects of buying a house. But it doesn't have to be. I have excellent relationships with several mortgage lenders in Novi, and they've helped me recognize some things that make the process of applying for a loan uncomplicated.
Make sure you have a list of questions if you do not thoroughly understand the advantages and disadvantages of the various programs. It can be a challenge to understand the differences between fixed and adjustable rate mortgages. One of my lenders or I will assist you in understanding the advantages and disadvantages of both.
Locking in the rate signifies that your mortgage lender keeps to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those 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.
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to see typical questions you'll have to answer on a loan app.
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