1 – Assemble a list of questions regarding your loan program
Be sure you bring a list of questions if you find that you don't fully understand the ins and outs of all the various programs. This is part of the Mortgage Shopping process. EQUITY SAVER PLUS REALTY, or one of our trusted lenders will be able to assist you with understanding the advantages and disadvantages of loan programs that may be available to you.
2 - Verify your Assets
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower.
3 – Decide when to lock
Locking in a rate means that a mortgage lender keeps to the mortgage interest rates for the loan – commonly at the time the loan application is sent in until the loan closes (most lenders offer a free 60-day lock). By locking in the rate, you can avail of the low interest rate at the time of loan application even if the interest rate goes up before the end of your lock-in period. EQUITY SAVER PLUS REALTY provides you with Daily Lock Rate News so you can see the outook for the next 90 days. This, along with the advise of your lender, will assist in you in determining the best time to lock in your interest rate.
4 – Decide 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 will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Our Mortgage Points Calculator will help you determine if buying points is right for you.
5 – Bring your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. EQUITY SAVER PLUS REALTY's Loan Application Checklist will provide you with the general information regarding loan application.
6 - Staying Approved
Your actions after receiving lender approval for a mortgage loan can disqualify you for the loan. A mortgage loan is conditionally approved, with the lender reserving the right to re-verify credit, income, assets and employment at anytime. The lender may cancel the loan if there are any adverse changes to your qualification status.
