Are you financing a new home in Randleman? Connection Realty LLC can help.
When buying a home, applying for a loan is a troublesome event for a lot of people, but it doesn't have to be.
Having connections to various lending companies in the Randleman area has helped me realize some things that can make the loan application process very easy.
1 – Create a list of questions about your loan program
Make sure you have a list of questions with you if you find that you don't totally understand the pros and cons of all the various loan programs.
It is often hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs.
2 – Determine when you want to lock
Locking in the rate signifies that a mortgage lender guarantees the interest rates for the loan – usually at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who elect 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
If you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the loan.
To determine if buying points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of typical loan documentation.