Applying for a home loan in Gloucester
Applying for the mortgage loan can be one of the most demanding aspects of buying a home for a buyer, but it doesn't have to be.
I'm pretty close with some lenders in the Gloucester area, and they've helped me learn some things that make the process of applying for a loan easy.
1 – Make a list of questions about your loan program
Make sure to bring a list of questions if you don't perfectly understand the pros and cons of the different programs.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in a rate, a lender is committing to the mortgage interest rates for the loan – most often at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who opt to float think the interest rates will decline 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 mortgage loan and is payable in cash at closing.
To decide if buying points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.