Looking to finance your home in Piedmont? Piedmont Realty Inc can help.
When buying a home, applying for the mortgage loan is a exasperating event for many people, but it doesn't have to be.
I have a close relationship with many mortgage lenders in Piedmont, and they've helped me understand some things that will make the process of applying for a loan uncomplicated.
1 – Put together a list of questions about your loan program
If you find that you do not completely understand the advantages and disadvantages of all the various programs, be sure you have a list of questions with you.
It's a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of each program.
2 – Decide when to lock
Locking in a rate designates that your mortgage lender keeps to the interest rates for the loan – ordinarily at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who elect to float believe the 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 reduce your interest rate
If you choose to pay additional points to lower the interest 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 mortgage loan.
Click here to use our points calculator. It will help you determine if buying points is the best option for you.
4 – Compile your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of normal loan documentation.