Let Provident Realty Group help you with financing a new home in Dublin.
For many people, applying for a mortgage loan can be one of the most distressing elements of buying a house, but it doesn't have to be.
Being close with a lot of lenders in the Dublin area has helped me realize a few things that can make the process of applying for a loan much easier.
1 – Organize a list of questions regarding your loan program
If you do not totally realize the ins and outs of the various programs, be sure to bring a list of questions with you.
I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in a rate, it means that a mortgage lender keeps to the mortgage interest rates for the loan – ordinarily at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who elect to float conclude the interest rates will drop 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 reduce your rate
If you decide to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan.
To determine if buying points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of normal loan documentation.