Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. I have close professional relationships with some reputable lending companies in the Pacific Grove area, and they've helped me recognize some things that will make the process of applying for a loan a snap.
1 – Put together a list of questions about your loan programIf you find that you don't fully comprehend the advantages and disadvantages of all the different financing options, be sure to bring a list of questions. It's a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one.2 – Decide when you want to lockLocking in the rate means that your mortgage lender holds to the 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 day you apply for your loan and closing. Those who choose to float believe that interest rates will fall 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 decrease your rateOftentimes you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing.4 – Gather your paperworkAcquiring a loan requires lots of paperwork, so you should spend some time getting all your documents together. |
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Realtor®, GRI, SRES®
Certified Local Advisor, C.A.R. Director & Issues Chair
Rotary Club of Pacific Grove - President
Pacific Grove, CA
DRE# 01710953
831-915-8989
arleen.hardenstein@sothebys.realty
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