Getting your loan locked down is just one part of a home purchase. The WHITFIELD PROPERTIES Team is experienced at helping both new and experienced buyers alike in all areas of real estate. Call us today at (336) 584-0347 if your needs include a professional REALTOR® ready for the business side of buying and selling.
Applying for a home loan in Whitsett
Feeling lots of anxiety over getting financing for a home purchase? You don't have to be.
I have close professional relationships with several lending companies in Whitsett, and they've helped me recognize a few things that will make the loan application process very manageable.
1 – Compile a list of questions about your loan program
If you find that you don't completely comprehend the advantages and disadvantages of all the different loan programs, be sure to bring a list of questions.
I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it's a challenge to understand the differences between both fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in the interest rate, the mortgage lender is sure to commit to the interest rates for the loan – commonly at the time the loan application is sent in.
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 choose to float think that 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 lower your rate
When you decide to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan.
If you're unsure if purchasing points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to preview general information that goes on a loan application.
