Are you going to finance a new home? The Williamson Group Realty, Inc. can help.
Applying for financing can be one of the most distressing parts of buying a home, but it doesn't have to be.
Having connections to many mortgage lenders in the Arcadia area has helped me learn a few things that will make the process of applying for a loan uncomplicated.
1 – Compose a list of questions about your loan program
Be sure to have a list of questions with you if you find that you do not totally realize the ins and outs of the various programs.
Oftentimes, it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one.
2 – Determine when to lock
Locking in a rate indicates that your lender holds to the interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who choose to float conclude the 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 decrease your rate
If you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan.
To determine if buying points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of typical loan documentation.