Let Hanson Real Estate, Inc assist you in financing a new home.
When buying a home, the loan application is demanding for most people, but it doesn't have to be. I've got great connections to many lenders in the Escondido area, and they've helped me understand a few things that make the loan application process very manageable.
1 – Put together a list of questions about your loan program
If you find that you don't completely comprehend the pros and cons of the various loan programs, be sure to have a list of questions with you. One of my lenders or I can assist you in understanding the advantages and disadvantages of each program, because it can be a challenge to know the differences between both fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in the rate, your lender is keeping to the mortgage interest rates for the loan – most often at the time the loan application is sent in. 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 prefer to float believe that interest rates will decline 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 lower your interest rate
When you elect to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. Click here to use my points calculator. This tool will assist you in determining if buying points is the best option for you.
4 – Gather your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a feel for typical information that goes on a loan application.