Thinking about financing a home in Arcadia?
When purchasing a home, applying for the mortgage loan is exasperating for a lot of people, but it doesn't have to be.
I'm close with various lending companies in Arcadia, and they've helped me realize a few things that will make the loan application process very easy.
1 – Compile a list of questions about your loan program
If you find that you don't fully comprehend the pros and cons of all the various loan programs, be sure to have a list of questions with you.
At times, it can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of each one.
2 – Decide when you want to lock
When you lock in the interest rate, a lender is sure to keep to the interest rates for the loan – most often at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Those who prefer to float believe that 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 decrease your rate
Typically you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing.
Click here to use our points calculator. This tool will help you decide if buying points is right for you.
4 – Compile your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.