Looking to finance your new home in Stratford?

Applying for mortgage financing can be one of the most distressing parts of buying a home for a buyer, but it doesn't have to be. I'm pretty connected to many lending companies in the Stratford area, and they've helped me understand a few things that make the process of applying for a loan effortless.

1 – Create a list of questions about your loan program

If you do not perfectly understand the advantages and disadvantages of all the different loan programs, be sure to bring a list of questions with you. It is a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

By locking in the interest rate, a mortgage lender is committing to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who prefer to float think the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to reduce your interest rate

When you elect to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.

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