Are you going to finance your new home in Randleman?

When buying a home, applying for the loan is a stressful event for a lot of people, but it doesn't have to be. Having connections to a lot of lenders in the Randleman area has helped me learn some things that can make the loan application process effortless.

1 – Assemble a list of questions regarding your loan program

Be sure you bring a list of questions if you do not perfectly realize the advantages and disadvantages of all the various loan programs. At times, it can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each one.

2 – Determine when to lock

Locking in a rate signifies that the lender holds to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who prefer to float think that interest rates will dip 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 lower your rate

Normally you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with determining if purchasing points is the best option for you.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of normal loan documentation.

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