When purchasing a home, the mortgage loan application is very troublesome for most people, but it doesn't have to be.
I have excellent relationships with many lending companies in Fort Worth, and they've helped me understand some things that can make the process of applying for a loan a snap.
Be sure you have a list of questions with you if you find that you don't entirely understand the pros and cons of all the different loan programs.
One of my lenders or I will help you understand the advantages and disadvantages of both programs, because it can be hard to understand the differences between fixed and adjustable rate mortgages.
When you lock in a rate, your mortgage lender is sure to keep to the interest rates for the loan – usually at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who elect to float believe that the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a feel for normal information that goes on a loan application.
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