Thinking about financing a home? Morgan Real Estate and Financial Incorporated can help.
Feeling lots of anxiety over applying for a mortgage? You don't have to be. I have close business relationships with various lenders in the San Jose area, and they've helped me realize a few things that make the process of applying for a loan effortless.
1 – Assemble a list of questions regarding your loan program
If you don't fully understand the ins and outs of the different loan programs, be sure to have a list of questions with you. One of my trusted lenders or I will be able to help you understand the advantages and disadvantages of both programs, because it's a challenge to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in a rate, a lender is keeping 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 anytime between the loan application day and issuance of closing documents. Those who prefer to float believe the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to see typical questions you'll have to answer on a loan app.