Steps To A Home Purchase Loan
Interest Rate Information
What causes interest rates to change?
For Fannie Mae and Freddie Mac mortgage products, interest rates and the costs associated with the rate are tied to the 10 year treasury. What this means is the cost can change daily. If you’re content with your loan proposal, the best thing would be to lock your rate to secure your payment for the length of the loan. Timing is crucial in securing your rate along with the cost associated with the loan. We will explain the fine details when that time comes.
When Can I Lock My Loan?
The soonest. For refinances, once application is complete, credit is sourced, and you’re approved. Usually the same day. For purchases, in addition to the above scenario, we will need an executed real estate contract.
Successful Loan Transaction
Prior to appraisal...
- Be sure to have smoke and carbon monoxide detectors installed
- Water heater must be double strapped
- Be sure to have safe access to all rooms
- Be sure to complete any home improvements prior to inspection (no walls exposed and all bathrooms/sinks must be functional)
- A second visit from the appraiser will cost additional funds