Are you looking to finance your new home in Loveland?
Applying for the loan is one of the most stressful aspects of purchasing a home for a buyer, but it doesn't have to be.
I'm pretty close with some mortgage lenders in the Loveland area, and they've helped me recognize a few things that will make the process of applying for a loan pretty simple.
1 – Put together a list of questions about your loan program
If you find that you don't entirely understand the ins and outs of the various programs, make sure you have a list of questions with you.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it is a challenge to know the characteristics of fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in an interest rate signifies that the lender keeps to the interest rates for the loan – most often 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 closing. Buyers who opt to float believe that interest rates will fall 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 rate
Oftentimes you can opt to pay additional points to lower the rate of your 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 help you determine if purchasing points is the best option for you.
4 – Bring your paperwork
Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of common loan documentation.