Getting your mortgage is just one aspect of a home purchase. RE/MAX Associates is experienced at helping new and experienced in all areas of real estate. Call me today at 4053598700 if your needs include a real estate pro experienced at the business side of real estate.
When purchasing a home, the loan application is very troublesome for many people, but it doesn't have to be.
Being close to various mortgage lenders in Edmond has helped me learn some things that can make the loan application process very manageable.
1 – Compose a list of questions regarding your loan program
Be sure to have a list of questions if you find that you do not fully grasp the advantages and disadvantages of the different programs.
At times, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. One of my lenders or I can assist you in understanding the advantages and disadvantages of both programs.
2 – Decide when you want to lock
By locking in a rate, your mortgage lender is keeping to the mortgage interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Buyers who prefer to float think 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 lower your interest rate
Typically you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing.
To decide if you should buy points, click here to use my points calculator.
4 – Compile your paperwork
Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a feel for general questions you'll have to answer on a loan app.