Do you want to finance your home in Randleman? Connection Realty LLC can help.
For a lot of people, applying for the loan is one of the more troublesome parts of buying a house, but it doesn't have to be.
Being close with a lot of lending companies in Randleman has helped me realize some things that can make the process of applying for a loan a breeze.
1 – Compile a list of questions regarding your loan program
Be sure you have a list of questions with you if you find that you don't totally understand the pros and cons of the different programs.
It's a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both.
2 – Determine when you want to lock
Locking in a rate means that a mortgage lender guarantees the mortgage interest rates for the loan – normally at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who opt to float conclude that the interest rates will fall 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 rate
Usually you can opt to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing.
Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.
4 – Bring your paperwork
Acquiring a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a list of general loan documentation.