Getting your loan locked down is just one aspect of a home purchase. Chris and Michele Keith - Mesa Realtors is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of real estate.
Looking to finance your home in Mesa?
When purchasing a home, applying for the mortgage loan is very demanding for most people, but it doesn't have to be.
I have close working relationships with a lot of lending companies in the Mesa area, and they've helped me learn some things that make the loan application process very manageable.
1 – Compile a list of questions about your loan program
Be sure you have a list of questions with you if you find that you don't fully comprehend the pros and cons of all the different loan programs.
I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in the interest rate, your mortgage lender is guaranteed to hold 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 at any time between the loan application day and closing. Those who decide to float think interest rates will drop 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 interest rate
When you opt to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.
4 – Gather your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to see common questions you'll have to answer on a loan app.
