Thinking of financing a new home? Provident Realty Group can help.
When buying a home, applying for a mortgage loan is a stressful event for many people, but it doesn't have to be.
I have a close relationship with many lending companies in the Dublin area, and they've helped me learn a few things that will make the process of applying for a loan very manageable.
1 – Assemble a list of questions regarding your loan program
Make sure you bring a list of questions if you don't totally comprehend the advantages and disadvantages of the various programs.
I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
Locking in the interest rate signifies that your lender commits to the interest rates for the loan – commonly 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 closing. Buyers who opt to float presume the interest rates will plunge 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
If you choose to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
If you're not sure if purchasing points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.