Getting your mortgage is just one aspect of a home purchase. Elk Creek Realty is experienced at helping new and experienced in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of real estate.
Do you wish to finance your new home?
Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. Being familiar with a lot of lending companies has helped me realize some things that will make the loan application process effortless.
1 – Organize a list of questions regarding your loan program
Be sure to have a list of questions if you find that you do not perfectly grasp the advantages and disadvantages of the different loan programs. It can be a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program.
2 – Determine when to lock
When you lock in a rate, it indicates that your lender holds to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who opt to float believe that interest rates will decline 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 reduce your interest rate
When you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to preview common questions you'll have to answer on a loan app.
6287 Taylorsville Road Fisherville, KY 40023-6443 Phone: Fax:
