Getting your loan locked down is just one part of a real estate transaction. Belanger 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 experienced at the business side of buying and selling.
Stressed out about getting financing for a home purchase? You don't have to be. We have close relationships with a lot of lenders, and they've helped us realize some things that will make the loan application process very easy.
1 – Put together a list of questions about your loan program
If you do not totally understand the pros and cons of the various loan programs, make sure you bring a list of questions with you. It is often a challenge to understand the differences between both fixed and adjustable rate mortgages. One of our trusted lenders or associates will be able to assist you with understanding the advantages and disadvantages of each one.
2 – Determine when you want to lock
When you lock in the rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who elect to float conclude interest rates will dip 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
When you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan.Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.
4 – Bring your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a feel for general information that goes on a loan application.