Do you want to finance your home in Durham? Bullard Properties can help.
For many people, applying for financing is one of the more distressing aspects of buying a home. But it doesn't have to be. I have excellent relationships with several lenders in Durham, and they've helped me learn a few things that can make the loan application process very easy.
1 – Assemble a list of questions regarding your loan program
Be sure to have a list of questions if you find that you do not fully grasp the pros and cons of all the different loan programs. One of my lenders or I will be able to help you understand the advantages and disadvantages of both programs, because it's hard to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in an interest rate, it designates that your mortgage lender guarantees the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and at the time of closing. Those who choose to float presume that the 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 reduce your rate
When you choose to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. To determine if buying points is the best option for you, click here to use my points calculator.
4 – Gather your paperwork
Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to preview typical questions you'll have to answer on a loan app.