Thinking of financing your home? RE/MAX Advantage Realty can help.
Applying for the loan can be one of the most stressful parts of purchasing a home, but it doesn't have to be.
Being connected with some mortgage lenders in the Tryon area has helped me realize a few things that can make the process of applying for a loan a breeze.
1 – Compile a list of questions regarding your loan program
Make sure to have a list of questions with you if you find that you do not completely understand the ins and outs of all the various programs.
I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
By locking in the interest rate, your lender is committing to the interest rates for the loan – generally at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Those who decide to float presume the interest rates will decline 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 interest rate
When you decide to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan.
If you're not sure if purchasing points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of normal loan documentation.