Are you financing your home in Arcadia? The Williamson Group Realty, Inc. can help.
Applying for a mortgage loan is one of the most demanding elements of purchasing a house, but it doesn't have to be.
I have a close relationship with various mortgage lenders in the Arcadia area, and they've helped me realize a few things that can make the process of applying for a loan a snap.
1 – Compile a list of questions about your loan program
Be sure you have a list of questions if you find that you do not totally realize the ins and outs of the different loan programs.
It can be a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both programs.
2 – Determine when to lock
By locking in a rate, your lender is guaranteeing the mortgage interest rates for the loan – commonly 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 closing. Buyers who elect 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 interest rate
If you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.
4 – Gather your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of typical loan documentation.