Applying for a loan with the help of Remax Allegiance
When buying a home, applying for the mortgage loan is exasperating for most people, but it doesn't have to be.
I'm pretty well-connected with some mortgage lenders in Alexandria, and they've helped me recognize a few things that will make the process of applying for a loan much easier.
1 – Compose a list of questions regarding your loan program
If you don't entirely comprehend the ins and outs of the different programs, make sure you have a list of questions with you.
I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs, because it is hard to know the distinctions between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
Locking in the interest rate denotes that the lender keeps to the interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who elect to float presume the 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 rate
Typically you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
Click here to use our points calculator. It will help you determine if purchasing points is right for you.
4 – Gather your paperwork
Getting a mortgage 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.