Securing financing is just one part of a home purchase. McGuire Real Estate Group is experienced at helping new and experienced in all areas of real estate. Call me today at 5704590779 if your needs include a real estate pro ready for the business side of real estate.
Applying for a loan can be one of the more stressful parts of purchasing a home. But it doesn't have to be.
Having connections to various lending companies in the Drums area has helped me understand a lot of the things that can make the loan application process very manageable.
1 – Assemble a list of questions regarding your loan program
If you find that you don't entirely comprehend the advantages and disadvantages of all the different financing options, make sure you have a list of questions.
At times, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. One of my lender contacts or I can assist you in understanding the advantages and disadvantages of each.
2 – Decide when to lock
When you lock in a rate, it indicates that your mortgage lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who choose to float presume the interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Decide if you want to pay additional points to reduce your rate
If you elect to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
To decide if buying points is the best option for you, click here to use my points calculator.
4 – Bring your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to see common information that goes on a loan application.