Securing financing is just one aspect of a real estate transaction. Hudson Valley Premier Realty is seasoned at helping new and experienced in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of buying and selling.
Are you going to finance a new home? Hudson Valley Premier Realty can help.
Stressed out about applying for a mortgage? You don't have to be.
I have excellent relationships with a lot of mortgage lenders in Montgomery, and they've helped me understand some things that will make the process of applying for a loan uncomplicated.
1 – Assemble a list of questions about your loan program
Make sure you have a list of questions if you find that you do not fully understand the ins and outs of the various programs.
It can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs.
2 – Determine when you want to lock
By locking in a rate, a lender is keeping to the mortgage interest rates for the loan – normally at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who opt to float believe the interest rates will dip 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 reduce your interest rate
Generally 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.
Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.
4 – Compile your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a feel for typical questions you'll have to answer on a loan app.