Securing financing is just one aspect of getting into a new home. The BARBARA PUGH Real Estate Team is experienced at helping both new and experienced buyers alike in all areas of real estate. Call us today at 910-520-2945 if your needs include a professional REALTOR® experienced at the business side of real estate.
Applying for a loan can be one of the most exasperating aspects of buying a home. But it doesn't have to be.
Being familiar with a lot of lending companies in the Wilmington area has helped us recognize some things that will make the process of applying for a loan very manageable.
1 – Assemble a list of questions about your loan program
Make sure you bring a list of questions with you if you find that you don't fully comprehend the advantages and disadvantages of all the various loan programs.
One of our lenders or staff will be able to assist you with understanding the advantages and disadvantages of each one, because it can be hard to know the differences between fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in an interest rate, a mortgage lender is sure to commit to the mortgage interest rates for the loan – most often at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between application and closing. Buyers who opt to float conclude 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 decrease your rate
Oftentimes you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing.
To decide if purchasing points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a feel for common questions you'll have to answer on a loan app.