Applying for a loan with the help of The Williamson Group Realty, Inc.

Applying for the loan can be one of the most distressing elements of purchasing a home for a buyer, but it doesn't have to be. Having connections with many lending companies in Arcadia has helped me recognize some things that can make the loan application process a breeze.

1 – Organize a list of questions about your loan program

If you find that you do not totally understand the pros and cons of all the various loan programs, be sure to have a list of questions. I or one of my lenders can help you understand the advantages and disadvantages of each one, because it is hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, the lender is keeping to the interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who opt to float conclude 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 interest rate

When you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will assist you in deciding if purchasing points is right for you.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of general loan documentation.