|Getting your loan locked down is just one aspect of a home purchase. We are experienced at aiding new and experienced in all areas of real estate. Contact us if your needs include a real estate professional experienced at the business side of buying and selling.|
Thinking about financing a new home? We can help!Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. I have close professional relationships with some reputable lending companies, and they've helped me learn a few things that can make the process of applying for a loan uncomplicated.
1 – Put together a list of questions regarding your loan programMake sure you have a list of questions with you if you do not thoroughly comprehend the pros and cons of the different loan programs. I or one of my trusted lenders can help you understand the advantages and disadvantages of each program, because it is hard to know the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when to lockWhen you lock in the rate, your lender is guaranteed to commit to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Those who prefer to float think interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to decrease your interest rateWhen you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if buying points is right for you.
4 – Compile your paperworkObtaining a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a feel for normal questions you'll have to answer on a loan app.