For many people, securing a mortgage loan can be one of the more demanding parts of buying a home. But it doesn't have to be.
I have close working relationships with some reputable mortgage lenders in Newport Beach, and they've helped me understand a few things that can make the process of applying for a loan pretty simple.
If you don't perfectly realize the pros and cons of all the various financing options, be sure you bring a list of questions.
One of my trusted lenders or I can assist you with understanding the advantages and disadvantages of each one, because it is a challenge to understand the characteristics of fixed and adjustable rate mortgages.
By locking in an interest rate, the mortgage lender is committing to the interest rates for the loan – often at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Those who decide to float conclude interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.
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