Let Lake Country Real Estate, Inc. assist you in applying for your home loan.
When purchasing a home, applying for the mortgage loan is a very exasperating event for a lot of people, but it doesn't have to be.
I'm pretty connected with several lenders in Auburn, and they've helped me realize some things that will make the loan application process effortless.
1 – Assemble a list of questions about your loan program
If you find that you do not perfectly comprehend the pros and cons of all the different programs, be sure you have a list of questions.
It is often a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of both.
2 – Decide when you want to lock
By locking in an interest rate, the mortgage lender is holding to the interest rates for the loan – most often at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who opt to float conclude interest rates will fall 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
Normally you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. It will assist you with determining if purchasing points is right for you.
4 – Compile your paperwork
Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of typical loan documentation.