Are you financing your new home? Charles Burt Homefolks can help.
Applying for a loan can be one of the most troublesome elements of buying a house for a buyer, but it doesn't have to be.
I'm familiar with various lenders in the Carthage area, and they've helped me learn some things that make the loan application process a snap.
1 – Make a list of questions about your loan program
If you find that you don't perfectly realize the advantages and disadvantages of all the different programs, be sure to bring a list of questions with you.
I or one of my trusted lenders will help you understand the advantages and disadvantages of each program, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in an interest rate, it indicates that your lender keeps to the interest rates for the loan – typically at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who opt to float conclude the interest rates will dip 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 reduce your rate
When you opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.
4 – Gather your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of general loan documentation.