Are you thinking about financing your new home? Rooster Realty can help.
Many buyers believe applying for mortgage financing is one of the more stressful elements of purchasing a house, but it doesn't have to be.
Having connections with some mortgage lenders in the Kyle area has helped me learn some things that will make the process of applying for a loan very easy.
1 – Put together a list of questions about your loan program
If you don't completely comprehend the pros and cons of the different loan programs, make sure you bring a list of questions with you.
It can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program.
2 – Determine when you want to lock
When you lock in the rate, it designates that the lender keeps to the interest rates for the loan – normally at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who decide to float presume 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 reduce your interest rate
Usually you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
To determine if you should purchase points, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.