Applying for your loan in DuBois
For many people, applying for a mortgage loan can be one of the most exasperating aspects of buying a home, but it doesn't have to be.
I have a close relationship with some lenders in DuBois, and they've helped me recognize a few things that will make the loan application process easy.
1 – Put together a list of questions about your loan program
Make sure to have a list of questions with you if you find that you don't perfectly realize the ins and outs of all the different loan programs.
I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in a rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Those who decide to float think 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 decrease your rate
Usually you can choose 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.
To determine if you should buy points, click here to use our points calculator.
4 – Gather your paperwork
Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a list of normal loan documentation.