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Applying for a Loan in the Cape Fear
You will also find real Estate for Sale in surrounding towns & communities, such as: Wilmington, Hampstead, Jacksonville, Burgaw, Wrightsville Beach, Leland, Carolina Beach, Camp Lejeune, Rocky Point, Southport, Oak Island, Sneads Ferry. All Counties affordable Homes. |
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Loan Application Checklist
For many Home buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a tedious process. By following a few easy steps, you'll sail through the loan application process.
- Make a thorough list of any questions you may have about the loan process and the various Loan Programs.
Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.
- Decide if & when you want to lock-in or float the loan's interest rate.
Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Home buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.
- Decide if you want to pay additional points to lower your interest rate.
Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.
- Gather your paperwork.
Click here to view a list of typical loan documentation. |
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Today's Rates:
| 30-yr Fixed | 6.45% | 6.66% | | 15-yr Fixed | 6.04% | 6.36% | | 1-yr Adj | 5.27% | 6.54% |
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