Applying for your home loan in Blowing Rock
Applying for a mortgage loan is one of the most distressing elements of buying a home, but it doesn't have to be.
I have a close relationship with some mortgage lenders in Blowing Rock, and they've helped me realize a few things that make the process of applying for a loan very easy.
1 – Assemble a list of questions regarding your loan program
If you don't perfectly realize the pros and cons of the various programs, make sure to bring a list of questions.
It is often a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both.
2 – Decide when you want to lock
When you lock in an interest rate, it indicates that your lender commits to the interest rates for the loan – generally at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who choose to float think interest rates will decline 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 lower your rate
Usually you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
If you're unsure if purchasing points is the best option for you, click here to use our points calculator.
4 – Gather your paperwork
Getting 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.