Getting your loan locked down is just one aspect of a real estate transaction. Reflective Realty Inc is seasoned at helping new and experienced in all areas of real estate. Call me today at (773) 939-8536 if your needs include a professional REALTOR® experienced at the business side of real estate.
Applying for a home loan with help from Reflective Realty Inc
When purchasing a home, the mortgage loan application is very troublesome for a lot of people, but it doesn't have to be.
Being connected to several lending companies in the Chicago area has helped me learn a lot of the things that make the process of applying for a loan very easy.
1 – Compose a list of questions regarding your loan program
If you do not fully realize the pros and cons of all the different financing options, make sure to bring a list of questions.
Oftentimes, it can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. One of my trusted lenders or I can assist you with understanding the advantages and disadvantages of both programs.
2 – Decide when to lock
Locking in the interest rate indicates that the mortgage lender holds 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 anytime between the loan application day and closing. Buyers who opt to float believe that interest rates will plunge 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 rate
Oftentimes you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
To decide if you should buy points, click here to use my points calculator.
4 – Bring your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for normal information that goes on a loan application.