Applying for a Loan
Applying for a mortgage can be a stressful time for home buyers, however your Property Savvy Team can assist you with the process.We can easily connect you with Mortgage Brokers and Bankers for consultation. After all, securing financing can be one of the most critical factors in achieving your goal of purchasing your dream home.
However, by following these few basic tips, you will be well-equipped to glide through the loan application process:
1. Know about different loan programs available
It is important to understand the differences between the various mortgage programs available to you. You should also be aware of the advantages and disadvantages of Fixed Mortgage rates and Variable Mortgage rates.
2. Lock in the interest rate or let it float?
If you decide to lock in your interest rate, you are committing to a set interest rate throughout the term of the loan. If you decide to let your interest float, the interest rate you pay will fluctuate up or down depending on current market conditions. Historical data indicates that Variable Mortgage rates have been the best choice for consumers.
3. Shop Around
Consider your options and decide which package suits you best. Understanding your Mortgage contract and interest rate comparison are critical in securing your best interest.
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