Applying for a home loan in Loveland
For a lot of people, applying for the loan can be one of the more distressing aspects of purchasing a home, but it doesn't have to be.
I'm pretty connected with several mortgage lenders in Loveland, and they've helped me realize some things that will make the loan application process very easy.
1 – Make a list of questions regarding your loan program
Make sure to have a list of questions if you do not thoroughly understand the ins and outs of the various loan programs.
It is a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs.
2 – Determine when to lock
Locking in a rate signifies that a lender commits to the interest rates for the loan – normally at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Those who opt to float think the interest rates will plunge 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 reduce your interest rate
Generally you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. This tool will assist you in determining if purchasing points is the best option for you.
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 list of normal loan documentation.