Applying for a mortgage is just one part of getting into a new home. Wilson Realty is seasoned at helping new and experienced in all areas of real estate. Contact Us if your needs include a professional REALTOR® experienced at the business side of real estate
Are you going to finance a home? Wilson Realty can help.
Securing financing is one of the more exasperating elements of buying a house. But it doesn’t have to be. I have close professional relationships with various lenders in Huntersville, and they’ve helped me recognize a few things that can make the loan application process easy.
1 – Put together a list of questions regarding your loan program
Make sure you have a list of questions with you if you do not thoroughly grasp the pros and cons of all the various programs. It can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both.
2 – Decide when to lock
When you lock in a rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who choose to float think the interest rates will drop in the near future.
3 – Decide if you want to pay additional points to lower your rate
Oftentimes you can choose to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. If you’re unsure if buying points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for normal questions you’ll have to answer on a loan app.
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