|Getting your mortgage is just one part of a real estate transaction. Cheryl Talbot , ABR, GRI,e-PRO,SFR is seasoned at aiding new and experienced in all areas of real estate. Call us today at 757-478-1167 if your needs include a real estate pro experienced at the business side of real estate.|
Are you looking to finance a home?For many people, securing mortgage financing is one of the most stressful parts of buying a house. But it doesn't have to be. I've got great connections to a lot of lenders in the Virginia Beach area, and they've helped me realize a few things that can make the process of applying for a loan much easier.
1 – Compile a list of questions regarding your loan programIf you find that you do not totally comprehend the advantages and disadvantages of the different programs, be sure you bring a list of questions with you. I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.
2 – Decide when you want to lockBy locking in the interest rate, your mortgage lender is guaranteeing the mortgage interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who decide to float believe the interest rates will decline 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 interest rateIf you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. To determine if buying points is the best option for you, click here to use our points calculator.
4 – Gather your paperworkAcquiring a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for typical information that goes on a loan application.