Applying for your home loan in Clovis with the help of All About Real Estate LLC
For most people, applying for the mortgage loan is one of the most demanding aspects of buying a home, but it doesn't have to be.
Being close with various mortgage lenders in the Clovis area has helped me realize a few things that will make the process of applying for a loan very easy.
1 – Compile a list of questions regarding your loan program
If you find that you do not thoroughly realize the advantages and disadvantages of the various programs, make sure you have a list of questions.
I or one of my lenders can help you understand the advantages and disadvantages of each one, because it's a challenge to understand the distinctions between fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in the rate, the mortgage lender is holding to the interest rates for the loan – normally at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Buyers who elect to float conclude interest rates will fall 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 lower your interest rate
If you opt to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
To decide if buying points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.