Are you thinking about financing your new home? Countryman Real Estate Associates can help.
Applying for the loan can be one of the most troublesome aspects of purchasing a house for a buyer, but it doesn't have to be.
Being connected to some lending companies in Newburgh has helped me recognize a few things that make the loan application process a breeze.
1 – Put together a list of questions about your loan program
If you do not totally realize the ins and outs of the various loan programs, make sure to have a list of questions with you.
It is often hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each.
2 – Decide when to lock
When you lock in a rate, it indicates that the lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who opt to float believe 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 decrease your interest rate
Typically you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing.
To determine if buying points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of common loan documentation.