Applying for your home loan with help from Southern Trade Realty, Inc.
A lot of buyers think applying for mortgage financing is one of the most distressing elements of buying a house, but it doesn't have to be.
I have a close business relationship with a lot of mortgage lenders in the Gloucester area, and they've helped me understand some things that can make the loan application process easy.
1 – Organize a list of questions about your loan program
If you find that you don't thoroughly understand the pros and cons of all the various programs, be sure you have a list of questions.
I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in signifies that your lender commits to the mortgage interest rates for the loan – generally at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Those who choose to float presume the interest rates will fall 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 choose to pay additional points to lower the interest rate of your 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.
Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.
4 – Compile your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of general loan documentation.