Applying for a new home loan in Kyle with the help of Rooster Realty
Applying for a mortgage loan is one of the most stressful elements of purchasing a home for a buyer, but it doesn't have to be.
I'm very familiar with a lot of lenders in the Kyle area, and they've helped me recognize some things that can make the loan application process very manageable.
1 – Organize a list of questions about your loan program
Make sure you have a list of questions if you find that you don't totally realize the ins and outs of the various loan programs.
It is often a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one.
2 – Determine when to lock
When you lock in an interest rate, it means that a lender holds to the interest rates for the loan – often at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who elect to float think that the 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 lower your interest rate
Normally you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. It will help you decide if buying points is the best option for you.
4 – Bring your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of normal loan documentation.