Getting your mortgage is just one part of a real estate transaction. Rooster Realty is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Contact us
if your needs include a real estate pro ready for the business side of buying and selling.
When buying a home, the loan application is distressing for a lot of people, but it doesn't have to be.
We've got great connections to many lending companies in Kyle, and they've helped us realize some things that can make the process of applying for a loan much easier.
1 – Put together a list of questions regarding your loan program
If you find that you do not totally realize the pros and cons of the various programs, make sure to have a list of questions.
One of our lender contacts or staff can help you understand the advantages and disadvantages of both programs, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in an interest rate, the mortgage lender is guaranteed to hold to the interest rates for the loan – typically at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Buyers who prefer to float presume that the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to decrease your rate
When you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will help you determine if buying points is right for you.
4 – Gather your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to see normal questions you'll have to answer on a loan app.