Getting your loan locked down is just one part of getting into a new home. Lynn Pace Real Estate, Inc is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® experienced at the business side of real estate.
Applying for your loan with help from Lynn Pace Real Estate, Inc
When buying a home, applying for the mortgage loan is stressful for many people, but it doesn't have to be.
I have close business relationships with some reputable lenders in Cleveland, and they've helped me recognize a few things that can make the loan application process easy.
1 – Create a list of questions about your loan program
Be sure you bring a list of questions with you if you do not completely grasp the ins and outs of all the various programs.
I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in denotes that your mortgage lender keeps to the mortgage interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those who decide to float presume that 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 reduce your interest rate
If you choose to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
If you're unsure as to whether or not buying points is the best option for you, click here to use our points calculator.
4 – Gather your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a feel for typical information that goes on a loan application.