Are you thinking about financing your home in Boulder? Tammy Milano, Timmy Duggan and Duane Duggan, with the Boulder Property Network at Re/Max of Boulder, Inc. can help.
For a lot of people, securing a mortgage loan is one of the more exasperating aspects of buying a home. But it doesn’t have to be. We have close professional relationships with many mortgage lenders in the Boulder County area, and they’ve helped us understand some things that can make the process of applying for a loan very manageable.
- Compile a list of questions about your loan program
If you don’t perfectly comprehend the pros and cons of all the various loan programs, be sure to bring a list of questions. It is often a challenge to know the characteristics of both fixed and adjustable rate mortgages. We or one of our lenders can assist you with understanding the advantages and disadvantages of each.
- Decide when you want to lock
By locking in an interest rate, your mortgage lender is keeping to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Those who elect to float conclude that interest rates will fall in the near future.
- 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 mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
- Bring your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to see common information that goes on a loan application.