Getting your mortgage is just one part of getting into a new home. Re/Max Cinco Ranch is experienced at aiding both new and experienced buyers alike in all areas of real estate. Call us today at (832) 594-1265 if your needs include a real estate pro ready for the business side of buying and selling.
Are you going to finance a new home? Re/Max Cinco Ranch can help.
For a lot of people, securing the loan is one of the most exasperating parts of buying a home. But it doesn't have to be.
Having connections with many lenders in the Katy area has helped us learn a lot of the 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 don't perfectly understand the pros and cons of the various financing options, make sure you bring a list of questions with you.
Oftentimes, it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. One of our lender contacts or associates can assist you with understanding the advantages and disadvantages of each one.
2 – Determine when to lock
When you lock in the interest rate, it denotes that a mortgage lender keeps to the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Buyers who decide to float believe the interest rates will plunge 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 reduce your interest rate
Typically you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing.
If you're uncertain if buying points is right for you, 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 documentation together. Click here to get a feel for common questions you'll have to answer on a loan app.
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