Looking to finance your new home in Alexandria?
When purchasing a home, applying for financing is a stressful event for many people, but it doesn't have to be.
Being familiar with some mortgage lenders in the Alexandria area has helped me learn a few things that can make the loan application process pretty simple.
1 – Make a list of questions regarding your loan program
If you don't thoroughly understand the ins and outs of all the various loan programs, make sure to have a list of questions.
I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in a rate, it denotes that a mortgage lender commits to the mortgage 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 application and the issuing of closing documents. Those who opt to float conclude 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 interest rate
Typically you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.
4 – Bring your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.