When buying a home, the loan application is very exasperating for a lot of people, but it doesn't have to be.
We have close business relationships with several lending companies in Chicago, and they've helped us recognize a few things that can make the loan application process effortless.
If you do not perfectly understand the ins and outs of the different loan programs, make sure you have a list of questions.
One of our lenders or staff will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to understand the distinctions between fixed and adjustable rate mortgages.
Locking in the interest rate means that the lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who decide to float presume that the interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
When you opt to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.
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