Securing financing is just one part of a home purchase. Remax Components is experienced at aiding both new and experienced buyers alike in all areas of real estate. Contact me
if your needs include a professional REALTOR®
ready for the business side of real estate.
Thinking of financing a new home in Maryland? Remax Components can help.
When purchasing a home, the mortgage loan application is very exasperating for a lot of people, but it doesn't have to be. I've got great connections to many lenders in Maryland, and they've helped me recognize some things that can make the loan application process a snap.
1 – Assemble a list of questions about your loan program
If you don't entirely comprehend the ins and outs of the various programs, be sure you have a list of questions. One of my trusted lenders or I will assist you in understanding the advantages and disadvantages of both programs, because it's hard to understand the differences between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in a rate indicates that your mortgage lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who prefer to float conclude 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 reduce your rate
When you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use my points calculator. It will help you determine if buying points is right for you.
4 – Compile your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for general questions you'll have to answer on a loan app.