Applying for a home loan
Stressed out about applying for a mortgage? You don't have to be. We have close relationships with several lending companies in the Omaha area, and they've helped us learn some things that will make the loan application process easy.
1 – Create a list of questions regarding your loan program
If you don't completely comprehend the advantages and disadvantages of all the different loan programs, be sure you bring a list of questions. At times, it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages. One of our lender contacts or associates can assist you with understanding the advantages and disadvantages of each.
2 – Decide when you want to lock
By locking in the rate, your mortgage lender is guaranteeing the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who elect to float believe that interest rates will plunge 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 lower your rate
Generally you can elect to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're uncertain as to whether or not buying points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to preview general questions you'll have to answer on a loan app.
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