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Looking to finance your new home? EXCEL REALTY can help.When purchasing a home, applying for a mortgage loan is distressing for most people, but it doesn't have to be. Being connected with a lot of lending companies in the Sacramento area has helped me realize a few things that can make the loan application process a breeze.
1 – Make a list of questions regarding your loan programBe sure you bring a list of questions with you if you find that you do not totally grasp the pros and cons of the various programs. Oftentimes, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both programs.
2 – Decide when you want to lockWhen you lock in a rate, the lender is sure to hold to the mortgage 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 day you apply for your loan and issuance of closing documents. Buyers who prefer to float presume that interest rates will dip in the near future. It is helpful 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 rateTypically you can choose to pay additional points to lower the interest rate of your loan. Every point is one percent of the mortgage loan and is payable in cash at the time of closing.
4 – Compile your paperworkAcquiring a loan requires a lot of paperwork, so you should take some time to get all your documents together.