Applying for a loan with the help of Southern Trade Realty, Inc.

Applying for mortgage financing can be one of the most exasperating elements of buying a house, but it doesn't have to be. Being close with a lot of lending companies in the Gloucester area has helped me understand some things that can make the process of applying for a loan pretty simple.

1 – Put together a list of questions regarding your loan program

If you find that you don't completely realize the pros and cons of all the various programs, make sure to bring a list of questions with you. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each program, because it is hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in an interest rate, your lender is sure to keep to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Those who opt to float presume interest rates will drop 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 interest rate

If you opt to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of common loan documentation.

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