There is no one-size-fits-all standard for personal loans, mortgage loans, or mortgage refinancing loans. The loan amount, duration, and interest rate can vary dramatically. Approval for borrowers can hinge on their credit history, as well as their capacity for return. Each type of loan carries its own particular benefits – and risks – for the consumer to weigh before signing on the dotted line. We recommend gathering as much information as possible before making a decision. To that end, our loan professionals are here to help you make that decision based on your specific needs.
How to Apply for a Mortgage
So, how do you get started? When applying for a mortgage, we will have to ask you to provide the documentation needed to show your ability to repay loan. You will be asked to provide one of our loan specialists with an overview of all your sources of income, as well as your regular bills, debts, and other outstanding loans. We will also run a credit check to gauge the riskiness of loaning funds to you. This is standard when applying for any loan. You can do the initial application right here on our website. To begin this process call us or go directly to the Online Application
Some lenders may have different requirements, so please make sure you provide all documents needed for that process. In addition, it’s wise to keep your own personal copy of every document you submit to us, or any lender when applying for a mortgage.
Here at Signature Mortgage our team of knowledgeable professionals will fully explain all the ins and outs of the mortgage before you sign. It’s also a good idea to look at all possible loan programs, in order to see which ones can provide you with the terms that best fit your income and ability to repay.
Mortgage Loan Types
The two main mortgage loans are fixed interest rate loans and adjustable interest rate loans. Fixed-rate loans keep the same interest rate for the entire duration of the loan and will not fluctuate from month to month or year to year. Adjustable rate mortgage loans are just that – they adjust at pre-determined intervals over time but with a lower beginning interest rate than that of fixed loans. Fixed rate loans afford the borrower security and stability, though they will start higher than adjustable mortgages. Call to speak to one of our Mortgage Loan Specialists to learn more about all of your options.