Getting your loan locked down is just one aspect of getting into a new home. Hanson Real Estate, Inc is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Call me today at 760-745-3366 if your needs include a real estate pro experienced at the business side of real estate.
Are you going to finance your new home in Escondido?
When buying a home, the loan application is troublesome for many people, but it doesn't have to be.
Being connected with several lending companies in the Escondido area has helped me recognize a lot of the things that will make the loan application process a snap.
1 – Organize a list of questions regarding your loan program
If you don't thoroughly realize the ins and outs of all the different loan programs, make sure to have a list of questions.
It is hard to understand the differences between both fixed and adjustable rate mortgages. One of my trusted lenders or I can assist you in understanding the advantages and disadvantages of each program.
2 – Determine when you want to lock
When you lock in the rate, it designates that your mortgage lender keeps to the interest rates for the loan – normally at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who opt to float think 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 reduce your interest rate
If you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
If you're unsure as to whether or not purchasing points is right for you, click here to use my points calculator.
4 – Gather your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a feel for normal information that goes on a loan application.