Remax Allegiance can help you apply for a home loan.

For most people, applying for a loan can be one of the most troublesome aspects of buying a house, but it doesn't have to be. I'm very close with a lot of mortgage lenders in Alexandria, and they've helped me realize some things that will make the loan application process uncomplicated.

1 – Compose a list of questions about your loan program

Be sure to bring a list of questions with you if you do not entirely realize the ins and outs of the various loan programs. It can be hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in an interest rate, your mortgage lender is guaranteed to hold to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who elect to float think interest rates will decline 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 decrease your interest rate

Generally you can choose to pay additional points to lower the interest rate of your loan. Each 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 buying points is right for you.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.

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