Applying for a loan in Arcadia with the help of The Williamson Group Realty, Inc.
When purchasing a home, applying for a loan is very exasperating for many people, but it doesn't have to be.
Being connected to several lenders in the Arcadia area has helped me realize a few things that can make the process of applying for a loan a breeze.
1 – Create a list of questions about your loan program
If you do not entirely comprehend the pros and cons of the different loan programs, be sure to have a list of questions.
It is a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs.
2 – Decide when you want to lock
When you lock in an interest rate, it means that your lender holds to the interest rates for the loan – ordinarily at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who decide to float think interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to reduce your rate
Normally you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing.
To determine if you should buy points, click here to use our points calculator.
4 – Gather your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of common loan documentation.