When buying a home, the mortgage loan application is exasperating for many people, but it doesn't have to be.
Being familiar with a lot of lenders in Hagatna has helped us understand a few things that can make the loan application process very manageable.
Make sure you have a list of questions with you if you find that you do not totally grasp the pros and cons of the different loan programs.
One of our lenders or staff will be able to help you understand the advantages and disadvantages of each program, because it is hard to know the characteristics of fixed and adjustable rate mortgages.
By locking in the interest rate, your lender is committing to the mortgage interest rates for the loan – most often at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who elect to float think the interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.
Typically you can elect to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.
Getting a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to preview normal information that goes on a loan application.
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