4. Lock in Your Rate

It is important to notify the residential mortgage broker that you would like to lock in your rate. Once a rate is locked you have a certain amount of time to close. You can lock a rate for 15 days, 30 days, 60 days, and in some cases 90 days. Once you have locked the rate, you are guaranteed that the rate will not fluctuate. You also have the option to float the rate. If you float the rate and the rate goes down you could then lock at a lower rate. If the rate goes up you would be subject to a higher payment. It is always suggested that you lock the rate due to the volatility of the rates. You may ultimately have to pay a higher payment if you decide not to lock your rate and rates increase.

5. Get a Professional Home Inspection

It is always wise to have a home inspection done. A home inspection is done by an independent residential home inspector. A home inspection involves the home inspector going through the residence prior to purchase. In some cases a house that looks beautiful from the outside may have some underlying issues that may be unseen. It is important to know ahead of time if there are any issues with the property. A home inspector will make sure all of the outlets work, that there is no water damage, and that all of the appliances work.

6. Close on Your New Home

Get a copy of all of the loan documents prior to closing. It is important to be able to read through all of the documents as time may be limited during the closing. Always call your broker ahead of time with any questions. Never close on a residential property without having ample time to review the closing documents. After reviewing all of the documents set up a closing with the seller and your attorney. At the closing table make sure you have all the required checks and documentation. You should receive a checklist prior to closing. Remember, never sign anything you do not understand, and ask plenty of questions to make sure you understand.

PURCHASING A HOME CAN BE VERY STRESSFUL. IT IS IMPORTANT TO WORK WITH SOMEONE YOU FEEL COMFORTABLE WITH. IT IS IMPORTANT TO HAVE A RESIDENTIAL MORTGAGE COMPANY THAT CAN HELP MAKE THE PROCESS A SIMPLE ONE. LET ME GET YOU THE MONEY FOR YOUR DREAM.