Applying for a loan
Applying for a mortgage loan can be one of the most demanding parts of buying a home for a buyer, but it doesn't have to be.
I'm very well-connected with various lenders in the Dublin area, and they've helped me realize some things that can make the loan application process very manageable.
1 – Organize a list of questions about your loan program
If you find that you do not perfectly comprehend the pros and cons of all the various loan programs, be sure to bring a list of questions with you.
I or one of my lenders will help you understand the advantages and disadvantages of each one, because it's a challenge to know the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in the rate, it means that a lender guarantees the mortgage interest rates for the loan – often at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Those who opt to float presume that 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 decrease your interest rate
When you opt to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will help you determine if purchasing points is right for you.
4 – Gather your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of typical loan documentation.