Applying for a loan can be one of the most exasperating aspects of buying a home. But it doesn't have to be.
We've got great connections to several mortgage lenders in Yukon, and they've helped us recognize a few things that can make the process of applying for a loan pretty simple.
If you don't completely understand the advantages and disadvantages of all the different loan programs, be sure to bring a list of questions.
It's a challenge to understand the distinctions between fixed and adjustable rate mortgages. One of our lenders or associates can help you understand the advantages and disadvantages of both.
By locking in the rate, the mortgage lender is guaranteeing the mortgage interest rates for the loan – usually at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who decide to float presume interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.
Usually you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing.
If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.
Getting a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a feel for typical information that goes on a loan application.
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