Getting your loan locked down is just one part of getting into a new home. Long & Foster Realtors is seasoned at assisting new and experienced in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of buying and selling.
Applying for a new home loan with help from Long & Foster Realtors
For a lot of people, applying for the mortgage loan can be one of the more stressful parts of purchasing a house. But it doesn't have to be.
I have close working relationships with some reputable lenders in Moneta, and they've helped me learn some things that will make the loan application process effortless.
1 – Organize a list of questions about your loan program
Make sure to have a list of questions with you if you find that you do not entirely understand the advantages and disadvantages of all the different programs.
I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it is hard to know the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in the interest rate, a lender is guaranteed to commit to the mortgage interest rates for the loan – typically at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Buyers who prefer to float conclude 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 rate
If you elect to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan.
If you're not sure if purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to preview typical questions you'll have to answer on a loan app.
