Securing financing is just one part of a home purchase. Karen & Susan is experienced at assisting new and experienced in all areas of real estate. Call us today at 409.765.9837 if your needs include a real estate pro experienced at the business side of buying and selling.
Are you thinking of financing a new home in Galveston?
When buying a home, applying for financing is stressful for a lot of people, but it doesn't have to be.
I have excellent relationships with various mortgage lenders in the Galveston area, and they've helped me recognize some things that make the process of applying for a loan easy.
1 – Organize a list of questions regarding your loan program
Be sure you have a list of questions with you if you find that you don't fully comprehend the advantages and disadvantages of all the different loan programs.
At times, it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each.
2 – Determine when to lock
When you lock in a rate, the mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – often at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who elect to float presume that the interest rates will drop 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 rate
Normally you can choose 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 our points calculator.
4 – Gather your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to preview common information that goes on a loan application.
