Applying for a Loan |
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![]() Finding a lender Choosing a mortgage Shopping interest rates Loan application costs The appraisal process Qualifying for a loan Homebuyer's Dictionary (glossary) |
Shopping interest ratesYou should know the interest rate and APR (Annual Percentage Rate), and keep the quoted rates in mind when shopping for a mortgage loan. Ask your lender if interest rates are likely to increase during the time that your loan is being processed. If so, it may be a good idea to lock in the current rate – although you may have to pay points to do so. Ask your lender for more information about that option. If you choose to lock in, make sure the starting and ending dates of the lock in are clearly stated in writing. Obviously, you'll want the lock in to last until after the closing. Keep in mind that, if you are turned down for your loan, you will most likely have to pay the lender's processing costs, which may include the application fee and credit report fee. |
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