Getting your loan locked down is just one aspect of a home purchase. Jundy and Company - Keller Williams Realty is seasoned at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of real estate.
Are you looking to finance your home? Jundy and Company - Keller Williams Realty can help.
When buying a home, applying for the loan is very distressing for many people, but it doesn't have to be.
I have excellent relationships with various mortgage lenders in the Madison area, and they've helped me understand a few things that can make the loan application process pretty simple.
1 – Create a list of questions regarding your loan program
Be sure you bring a list of questions if you find that you don't perfectly grasp the pros and cons of the different programs.
I or one of my lenders will assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in the rate, it designates that a lender commits to the interest rates for the loan – generally at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Those who elect to float believe interest rates will plunge 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
Typically you can opt to pay additional points to lower the rate of your 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 buying points is the best option for you.
4 – Bring your paperwork
Obtaining a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to preview common information that goes on a loan application.
