Applying for your loan in Pleasant Garden with the help of The ALLREALTY Group
A lot of buyers believe applying for a loan is one of the more distressing aspects of purchasing a house, but it doesn't have to be.
I have a close business relationship with several lenders in Pleasant Garden, and they've helped me realize a few things that can make the loan application process effortless.
1 – Make a list of questions regarding your loan program
If you find that you don't entirely understand the advantages and disadvantages of all the different programs, make sure you bring a list of questions with you.
It is often hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each.
2 – Decide when you want to lock
Locking in designates that your lender commits to the 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 day of your loan application and issuance of closing documents. Those who elect to float conclude that interest rates will decline 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
Oftentimes you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
To determine if you should purchase points, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of general loan documentation.