Let Big Bear Real Estate assist you in financing your home in Troy.
Applying for financing can be one of the most demanding elements of purchasing a house, but it doesn't have to be.
Having connections to some mortgage lenders in Troy has helped me learn some things that can make the process of applying for a loan pretty simple.
1 – Compose a list of questions regarding your loan program
Make sure you have a list of questions if you don't fully realize the pros and cons of the various loan programs.
I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
Locking in the rate means that a lender commits to the interest rates for the loan – typically at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who opt to float presume 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 lower your rate
Usually you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing.
If you're uncertain if purchasing points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.