Applying for your new home loan in Loveland

When purchasing a home, applying for a loan is very troublesome for a lot of people, but it doesn't have to be. I'm very close with various mortgage lenders in the Loveland area, and they've helped me learn a few things that can make the process of applying for a loan a breeze.

1 – Make a list of questions regarding your loan program

If you don't perfectly understand the ins and outs of all the various programs, be sure you bring a list of questions. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the interest rate denotes that your lender guarantees the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who elect to float think 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

Normally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.

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