Applying for your loan in Moore with help from Realty Experts Inc
When buying a home, applying for the loan is a troublesome event for a lot of people, but it doesn't have to be.
I have a close business relationship with many lending companies in Moore, and they've helped me learn some things that can make the process of applying for a loan a breeze.
1 – Compile a list of questions regarding your loan program
If you find that you do not perfectly understand the ins and outs of the various programs, be sure you have a list of questions.
It is hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each.
2 – Determine when to lock
When you lock in a rate, your lender is sure to hold to the interest rates for the loan – commonly at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who opt to float presume that 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 reduce your interest rate
If you decide to pay additional points to lower the rate of your loan, you'll 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 assist you in determining if purchasing points is the best option for you.
4 – Bring your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of typical loan documentation.