Applying for your home loan in Maryland with the help of Remax Components
Applying for a loan is one of the most exasperating elements of purchasing a home, but it doesn't have to be.
Being close to many mortgage lenders in the Maryland area has helped me realize a few things that make the loan application process pretty simple.
1 – Assemble a list of questions about your loan program
If you find that you don't totally realize the pros and cons of all the different programs, make sure you bring a list of questions.
It is a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs.
2 – Determine when you want to lock
By locking in the rate, your lender is committing to the interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate at any time between application and at the time of closing. Those who opt 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.
3 – Determine if you want to pay additional points to lower your interest rate
If you decide to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan.
Click here to use our points calculator. It will assist you in deciding if buying points is right for you.
4 – Gather your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of common loan documentation.