Have questions or concerns about applying for a mortgage? Get peace of mind by working with a GM Mortgage expert.
CREATE A LIST OF QUESTIONS REGARDING YOUR LOAN PROGRAM.
Make sure to have a list of questions if you do not totally grasp the advantages and disadvantages of all the various loan programs. One of my lender contacts or I can assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.
DETERMINE WHEN YOU WANT TO LOCK YOUR MORTGAGE RATE IN.
When you lock in a rate, it means that a mortgage lender guarantees the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and closing.
Those who decide to float conclude that the interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.
GATHER YOUR PAPERWORK.
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click on the button below to review the Loan Application Checklist.