Are you thinking of financing your home? Real Pro Properties can help.
When purchasing a home, applying for a mortgage loan is stressful for most people, but it doesn't have to be.
I have a close business relationship with many mortgage lenders in Fresno, and they've helped me realize a few things that make the process of applying for a loan pretty simple.
1 – Put together a list of questions about your loan program
Make sure to have a list of questions with you if you find that you don't thoroughly understand the ins and outs of all the different loan programs.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each program, because it can be a challenge to know the distinctions between fixed and adjustable rate mortgages.
2 – Determine when to lock
By locking in an interest rate, the mortgage lender is holding to the interest rates for the loan – usually at the time the loan application is received.
By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who prefer 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 – Decide if you want to pay additional points to decrease your interest rate
Typically you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing.
Click here to use our points calculator. It will help you decide if buying points is right for you.
4 – Bring your paperwork
Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of typical loan documentation.