Securing the mortgage loan is one of the most distressing parts of purchasing a home. But it doesn't have to be. We've got great connections to several lenders in the Mohawk Valley area, and they've helped us learn a few things that will make the loan application process very easy.
Make sure you bring a list of questions with you if you do not totally understand the ins and outs of all the various programs. One of our trusted lenders or staff will be able to assist you with understanding the advantages and disadvantages of each one, because it's a challenge to understand the distinctions between both fixed and adjustable rate mortgages.
When you lock in the rate, a mortgage lender is sure to commit to the mortgage interest rates for the loan ? usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Those who elect to float believe that interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
Generally you can elect to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you determine if buying points is right for you.
Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to preview normal questions you'll have to answer on a loan app.
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.