Applying for a home loan in Arcadia with help from The Williamson Group Realty, Inc.

Applying for financing can be one of the most demanding parts of purchasing a home for a buyer, but it doesn't have to be. I'm very connected with several lending companies in Arcadia, and they've helped me understand a few things that make the loan application process much easier.

1 – Make a list of questions regarding your loan program

Make sure you have a list of questions if you find that you do not perfectly understand the advantages and disadvantages of all the various loan programs. It is often hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in the interest rate, it designates that a mortgage lender keeps to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who elect to float conclude 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 reduce your interest rate

Typically you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will assist you in deciding if buying points is the best option for you.

4 – Gather your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of general loan documentation.