Apply for A Mortgage
Applying For A Loan
New Jersey mortgage loan applications
can be submitted after you have signed a contract to purchase
a home or, if you would like to have
pre-approval, before making an offer.
- Pre-Approval is a process that lets your
New Jersey mortgage lender approve your loan before you
find a house to buy. Sellers and real estate professionals
like pre-approval
because the sale will not be contingent upon obtaining a
mortgage loan.
- Rate-Lock is when your New Jersey mortgage banker guarantees specific New Jersey
mortgage interest rates to be in effect when your loan closes.
- Floating means your New Jersey mortgage banker does not lock or guarantee the interest
rate on your New Jersey mortgage loan - it’s floating based on the financial markets.
When you submit your application for a New
Jersey refinance mortgage or a New
Jersey home mortgage loan, you will have the option
to either lock-in the current New Jersey mortgage
interest rates and points or float the interest rate and
lock-in at a later date. If you choose to lock-in, the interest
rate and points on your loan will be fixed. If you choose
to float, your New Jersey mortgage lender will determine the
interest rate on your loan by the interest rates available
when you do choose to lock-in. It could be either higher or
lower than the New Jersey mortgage interest rates available
on the day you apply.
The decision on whether to lock-in or float the interest rate on
your New Jersey mortgage loan is an important one! Contact a New Jersey mortgage lender
at Sunquest Funding today for more information.
Call
Toll Free
800-379-1829
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