When buying a home, the mortgage loan application is exasperating for a lot of people, but it doesn't have to be. We have close professional relationships with various lending companies in Yukon, and they've helped us understand some things that can make the process of applying for a loan uncomplicated.
Be sure to have a list of questions with you if you don't totally grasp the ins and outs of the various loan programs. It can be a challenge to understand the differences between fixed and adjustable rate mortgages. One of our trusted lenders or associates will be able to help you understand the advantages and disadvantages of both.
When you lock in a rate, your mortgage lender is guaranteed to hold 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 day you apply for the loan and the issuing of closing documents. Buyers who prefer to float believe that the 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 take some time to get your documents together. Click here to see common information that goes on a loan application.
Getting your loan locked down is just one part of a home purchase. Metro First Realty is experienced at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of buying and selling.
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