Applying for your loan in Loveland

A lot of people believe that applying for a mortgage loan is one of the more demanding aspects of buying a home, but it doesn't have to be. I'm close with several lenders in Loveland, and they've helped me recognize some things that will make the process of applying for a loan very manageable.

1 – Compile a list of questions regarding your loan program

Make sure you have a list of questions with you if you find that you don't fully realize the pros and cons of all the different loan programs. Oftentimes, it can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in the interest rate, the lender is sure to keep to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Buyers who prefer to float believe that 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 rate

Oftentimes you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.

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