Getting your loan locked down is just one aspect of getting into a new home. Hanson Real Estate, Inc is experienced at aiding new and experienced in all areas of real estate. Contact me if your needs include a professional REALTOR® experienced at the business side of real estate.
Let Hanson Real Estate, Inc help you with financing your home in Escondido.
Securing a mortgage loan can be one of the most stressful elements of purchasing a home. 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 some things that make the loan application process very manageable.
1 – Create a list of questions regarding your loan program
If you find that you don't entirely comprehend the pros and cons of the various programs, make sure to bring a list of questions with you.
One of my lender contacts or I will be able to assist you in understanding the advantages and disadvantages of each one, because it's hard to know the differences between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
By locking in a rate, the lender is committing to the interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who choose to float think that the interest rates will fall 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 lower your rate
If you elect to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan.
To determine if purchasing points is right for you, click here to use my points calculator.
4 – Bring your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to see general questions you'll have to answer on a loan app.