Applying for your new home loan with the help of Southern Trade Realty, Inc.

When purchasing a home, applying for financing is a distressing event for a lot of people, but it doesn't have to be. I have a close relationship with many lending companies in the Gloucester area, and they've helped me understand a few things that make the loan application process uncomplicated.

1 – Compile a list of questions regarding your loan program

Be sure to have a list of questions if you do not thoroughly realize the advantages and disadvantages of all the various loan programs. It's a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in the rate, a lender is guaranteeing the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who decide to float believe that the interest rates will dip 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 reduce your rate

When you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if you should buy points, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.

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