Applying for a home loan in Lewisburg
For many people, applying for mortgage financing is one of the most demanding parts of buying a house, but it doesn't have to be.
I have a close relationship with a lot of mortgage lenders in Lewisburg, and they've helped me understand a few things that will make the loan application process effortless.
1 – Assemble a list of questions about your loan program
Be sure to bring a list of questions with you if you find that you do not totally comprehend the pros and cons of the various programs.
I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
Locking in an interest rate indicates that your lender holds to the interest rates for the loan – normally at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who choose to float conclude the interest rates will drop 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 interest rate
Usually you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.
4 – Compile your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of normal loan documentation.