Securing financing is just one aspect of a real estate transaction. Rush Point Realty, LLC is seasoned at assisting new and experienced in all areas of real estate. Call me today at 763-689-5343 if your needs include a professional REALTOR
Securing a mortgage loan can be one of the most exasperating elements of buying a house. But it doesn't have to be. I have close business relationships with some reputable lending companies in the Stanchfield area, and they've helped me recognize some things that make the process of applying for a loan a breeze.
Organize a list of questions about your loan program
If you find that you do not fully comprehend the advantages and disadvantages of all the different loan programs, make sure to bring a list of questions. One of my trusted lenders or I will be able to assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.
Determine when to lock
By locking in the rate, a mortgage lender is committing to the interest rates for the loan – typically 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 decide to float believe that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
Decide if you want to pay additional points to decrease your rate
Oftentimes 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.
Gather your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to see general information that goes on a loan application.
FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*