Are you financing a home in Escondido? Hanson Real Estate, Inc can help.
For a lot of people, securing mortgage financing can be one of the more troublesome aspects of buying a house. But it doesn't have to be. I've got great connections to a lot of lending companies in the Escondido area, and they've helped me learn a few things that can make the loan application process much easier.
1 – Assemble a list of questions regarding your loan program
If you don't completely realize the advantages and disadvantages of the various financing options, make sure to bring a list of questions with you. At times, it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages. One of my lenders or I will be able to assist you with understanding the advantages and disadvantages of each one.
2 – Decide when to lock
By locking in an interest rate, a lender is keeping to the interest rates for the loan – most often 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 the issuing of closing documents. Those who elect 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 – Determine if you want to pay additional points to reduce your interest rate
If you choose 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. Each point is 1 percent of the loan. Click here to use my points calculator. This tool will help you decide if buying points is the best option for you.
4 – Gather your paperwork
Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to see common questions you'll have to answer on a loan app.