Securing financing is just one aspect of a real estate transaction. Hanson Real Estate, Inc is experienced at aiding both new and experienced buyers alike in all areas of real estate. Contact me if your needs include a professional REALTOR® ready for the business side of real estate.
Are you financing a new home? Hanson Real Estate, Inc can help.
When purchasing a home, the mortgage loan application is demanding for most people, but it doesn't have to be.
I have excellent relationships with several lenders in Escondido, and they've helped me understand some things that will make the process of applying for a loan very easy.
1 – Create a list of questions regarding your loan program
If you find that you don't thoroughly comprehend the advantages and disadvantages of the different financing options, be sure to have a list of questions.
One of my lender contacts or I can assist you in understanding the advantages and disadvantages of both programs, because it is hard to know the differences between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the rate, a lender is sure to keep to the mortgage interest rates for the loan – typically at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who prefer to float conclude that interest rates will drop 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 rate
Usually you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing.
Click here to use my points calculator. It will assist you with deciding if purchasing points is the best option for you.
4 – Gather your paperwork
Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to see general questions you'll have to answer on a loan app.