Applying for a home loan
When buying a home, the mortgage loan application is very stressful for a lot of people, but it doesn't have to be.
I have excellent relationships with various mortgage lenders in the Newburgh area, and they've helped me learn a few things that make the process of applying for a loan much easier.
1 – Create a list of questions about your loan program
If you do not thoroughly understand the advantages and disadvantages of all the various loan programs, be sure you have a list of questions with you.
It can be hard to understand the distinctions between fixed and adjustable rate mortgages. One of my lender contacts or I will assist you with understanding the advantages and disadvantages of each program.
2 – Decide when you want to lock
Locking in an interest rate denotes that a lender guarantees the interest rates for the loan – normally at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who elect to float conclude that interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Gather your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to see common questions you'll have to answer on a loan app.
Need More Assistance?
Getting your loan locked down is just one part of a real estate transaction. HANSON REAL ESTATE PARTNERS is seasoned at helping both new and experienced buyers alike in all areas of real estate. Contact me if your needs include a professional REALTOR® experienced at the business side of buying and selling.