Do you wish to finance a new home in Arcadia? The Williamson Group Realty, Inc. can help.
When buying a home, applying for a loan is a very stressful event for many people, but it doesn't have to be.
I'm well-connected with many lending companies in Arcadia, and they've helped me realize some things that make the loan application process pretty simple.
1 – Put together a list of questions about your loan program
Make sure to have a list of questions if you find that you do not entirely comprehend the advantages and disadvantages of the different loan programs.
I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to know the distinctions between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the rate, the mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – usually at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who opt to float conclude that the interest rates will plunge 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 interest rate
When you elect to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will help you decide if buying points is the best option for you.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.