Applying for a new home loan with the help of America's Realty Team
Stressed out about getting financing for a home purchase? You don't have to be. I've got great connections to several lenders in the Omaha area, and they've helped me realize some things that make the loan application process easy.
1 – Make a list of questions about your loan program
If you do not thoroughly comprehend the pros and cons of all the various loan programs, be sure you have a list of questions. One of my trusted lenders or I will be able to help you understand the advantages and disadvantages of each one, because it's a challenge to know the differences between fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in the interest rate indicates that the lender keeps 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 loan application day and issuance of closing documents. Buyers who elect to float presume that interest rates will dip 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 rate
If you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're undecided on whether or not buying points is right for you, click here to use my points calculator.
4 – Bring your paperwork
Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a feel for common information that goes on a loan application.