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Securing financing is just one part of getting into a new home. Wes Wolf, REALTOR Easley Real Estate is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of buying and selling.
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Are you thinking about financing a home? Wes Wolf, REALTOR Easley Real Estate can help.
For most people, securing the mortgage loan is one of the more demanding parts of buying a house. But it doesn't have to be.
I have close professional relationships with many lending companies in Oklahoma City, and they've helped me recognize a few things that will make the process of applying for a loan very easy.
1 – Compile a list of questions regarding your loan program
If you find that you do not completely understand the ins and outs of all the different programs, make sure to have a list of questions.
I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it is a challenge to understand the differences between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
By locking in the interest rate, your lender is keeping to the interest rates for the loan – often 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 closing. Buyers who opt to float conclude that the interest rates will fall 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 reduce your rate
If you opt to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
If you're uncertain if buying points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to see normal questions you'll have to answer on a loan app.
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