Are you looking to finance a home in Pleasant Garden?
For a lot of people, applying for a mortgage loan can be one of the most exasperating elements of buying a house, but it doesn't have to be.
I have a close business relationship with many mortgage lenders in the Pleasant Garden area, and they've helped me recognize a few things that will make the process of applying for a loan effortless.
1 – Compile a list of questions about your loan program
Make sure to have a list of questions with you if you find that you don't entirely comprehend the pros and cons of all the different loan programs.
I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it's hard to know the characteristics of both fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in a rate designates that a lender holds to the mortgage interest rates for the loan – typically at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who opt to float believe interest rates will fall 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 decrease your interest rate
Typically you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing.
If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of general loan documentation.