Do you want to finance your home in Troy?
Most people believe applying for the loan is one of the more troublesome elements of buying a home, but it doesn't have to be.
I have a close business relationship with a lot of lenders in Troy, and they've helped me realize some things that can make the process of applying for a loan effortless.
1 – Put together a list of questions regarding your loan program
If you don't fully realize the advantages and disadvantages of the different loan programs, make sure you have a list of questions with you.
I or one of my lenders will assist you with understanding the advantages and disadvantages of each program, because it can be hard to understand the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in means that the mortgage lender commits to the mortgage interest rates for the loan – typically at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Those who prefer to float conclude that the interest rates will fall 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 decrease your rate
If you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
If you're undecided as to whether or not buying points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.