Applying for Loan

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2 Apply for a loan.
    For faster service you might want to complete the online loan application followed by a signed copy of the hard copy of the loan application
2.1 Complete online loan application
    Completing an online application form maybe an easier way of doing things.
2.2 Sign hardcopy of the loan application and disclosures
    After completing an online loan application,you still need to sign a hard copy of the loan package. The loan package generally contains the loan application and disclosures. Read through as thoroughly as possible. Once you are satisfied with all the clauses, sign and return the loan package as soon as you can.
2.3 Lock a Rate
    After selecting a broker and completing the loan application your broker can lock you a rate. In general, the best time to lock a rate is after your loan has been approved by a lender (after ordering credit report, prelim, and appraisal report) Basically there are two methods of locking a rate:
  2.3.1 Monitor the rates (through web sites) daily and decide when to lock a rate.
  2.3.2 Let the agents know what rate and loan program you are interested in and they will monitor the rates and lock you a rate as soon as the rates drop to the level that is satisfactory to you.
  2.3.3 If you are purchasing a home and you are on a dead line to get a loan, then you might select a loan program that may qualify you the best.