Getting your loan locked down is just one aspect of a home purchase. I am experienced at helping both new and experienced buyers alike in all areas of real estate. Contact me if your needs include a real estate pro ready for the business side of buying and selling.
Thinking about financing your home?
When purchasing a home, the loan application is very exasperating for most people, but it doesn't have to be. I've got great connections to a lot of lenders in the area, and they've helped me realize a few things that will make the loan application process a snap.
1 – Make a list of questions about your loan program
Be sure to bring a list of questions with you if you do not fully comprehend the advantages and disadvantages of all the different programs. It can be hard to know the distinctions between both fixed and adjustable rate mortgages. One of my trusted lenders or I will be able to assist you in understanding the advantages and disadvantages of each one.
2 – Decide when you want to lock
When you lock in an interest rate, it signifies that the lender keeps to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who choose to float conclude the interest rates will plunge 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 reduce your rate
Usually you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use my points calculator. This tool will assist you with determining if purchasing points is the best option for you.
4 – Compile your paperwork
Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to see typical questions you'll have to answer on a loan app.