Let Big Bear Real Estate assist you with applying for a home loan.
A lot of people believe applying for the mortgage loan is one of the more stressful elements of buying a house, but it doesn't have to be.
I'm familiar with some mortgage lenders in Troy, and they've helped me recognize some things that will make the loan application process effortless.
1 – Compose a list of questions regarding your loan program
If you don't thoroughly understand the advantages and disadvantages of all the various loan programs, make sure you bring a list of questions.
I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it's hard to know the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in the interest rate, a mortgage lender is holding to the mortgage interest rates for the loan – typically at the time the loan application is received.
By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who elect to float think that 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 reduce your interest rate
If you decide to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
If you're unsure if buying points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.