Do you want to finance a new home in Needham? Louis Wolfson & Co. can help.
When buying a home, applying for a loan is a very distressing event for many people, but it doesn't have to be.
Being close to many mortgage lenders in Needham has helped me realize some things that can make the process of applying for a loan pretty simple.
1 – Compose a list of questions about your loan program
Make sure you bring a list of questions if you do not fully comprehend the pros and cons of the different programs.
I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to know the distinctions between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in an interest rate indicates that your mortgage lender keeps to the interest rates for the loan – ordinarily 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 issuance of closing documents. Those who decide to float think the interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Decide if you want to pay additional points to reduce your interest rate
When you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will assist you with deciding if purchasing points is right for you.
4 – Gather your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of general loan documentation.