Aspen Real Estate of Laramie can assist you with applying for your new home loan.
Feeling lots of anxiety over getting financing for a home purchase? You don’t have to be. We’ve got great connections to many mortgage lenders in Laramie, and they’ve helped me recognize some things that can make the loan application process effortless.
1 – Create a list of questions about your loan program
Be sure to bring a list of questions if you find that you do not entirely understand the advantages and disadvantages of the different programs. It is a challenge to understand the distinctions between both fixed and adjustable rate mortgages. One of our lenders or someone from our team can assist you with understanding the advantages and disadvantages of each program.
2 – Determine when you want to lock
When you lock in the interest rate, a lender is sure to keep to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and closing. Buyers who choose to float presume 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 decrease your rate
Usually you can decide 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 the time of closing. If you’re undecided on whether or not buying points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to preview common questions you’ll have to answer on a loan app.