Charles Burt Homefolks can assist you in financing a home in Carthage.
Applying for financing can be one of the most distressing aspects of buying a house for a buyer, but it doesn't have to be.
Being close to various lending companies in the Carthage area has helped me learn some things that make the process of applying for a loan easy.
1 – Assemble a list of questions about your loan program
If you find that you do not perfectly realize the pros and cons of the various loan programs, be sure you have a list of questions.
I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both programs, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in designates that your lender guarantees the interest rates for the loan – often at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Those who decide to float conclude that the interest rates will dip 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
When you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
If you're not sure if purchasing points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of general loan documentation.