Getting your loan locked down is just one part of getting into a new home. Phillips Property Group is seasoned at helping new and experienced in all areas of real estate. Call us today at 5072859400 if your needs include a real estate pro ready for the business side of buying and selling.
Applying for your new home loan in Rochester with help from Phillips Property Group
Securing financing is one of the more troublesome aspects of purchasing a home. But it doesn't have to be.
I have excellent relationships with a lot of lending companies in Rochester, and they've helped me recognize a few things that make the process of applying for a loan very manageable.
1 – Organize a list of questions regarding your loan program
If you don't completely realize the advantages and disadvantages of all the various loan programs, make sure to bring a list of questions with you.
It's hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both programs.
2 – Determine when you want to lock
Locking in the rate indicates that a mortgage lender commits to the interest rates for the loan – normally at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who prefer to float think that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to lower your rate
Typically you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
To decide if you should buy points, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to preview general questions you'll have to answer on a loan app.
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