Applying for a home loan in Auburn
When buying a home, applying for a mortgage loan is a very demanding event for a lot of people, but it doesn't have to be.
Having connections to many lending companies in the Auburn area has helped me recognize a few things that make the process of applying for a loan effortless.
1 – Organize a list of questions about your loan program
Make sure you bring a list of questions if you find that you do not perfectly realize the advantages and disadvantages of all the various programs.
I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the rate, your mortgage lender is sure to keep to the mortgage interest rates for the loan – typically at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between application and closing. Buyers who elect to float presume that the interest rates will dip 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 rate
Usually you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing.
If you're undecided on whether or not buying points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.