Countryman Real Estate Associates can help you apply for a loan in Newburgh.
When buying a home, applying for financing is a very demanding event for many people, but it doesn't have to be.
I have a close relationship with various lending companies in the Newburgh area, and they've helped me realize some things that make the loan application process easy.
1 – Compile a list of questions regarding your loan program
If you find that you do not entirely comprehend the advantages and disadvantages of all the different loan programs, be sure to have a list of questions.
I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each one, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in the interest rate, a mortgage lender is guaranteed to hold to the interest rates for the loan – most often at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who decide to float believe that the interest rates will plunge 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
Oftentimes you can opt to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing.
Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.
4 – Bring your paperwork
Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.