Getting your mortgage is just one part of a home purchase. Gennifer Mallard is experienced in all areas of real estate with over 27 years in America's Real Estate Market. Call today at (615)473-5973 if your needs include a real estate pro, ready for the business side of real estate.
Applying for your loan in Middle Tennessee
When purchasing a home, applying for a mortgage loan is stressful for many people, but it doesn't have to be. I've got great connections to several lenders in the area, and they've helped me understand some things that can make the process of applying for a loan a snap.
1 – Make a list of questions regarding your loan program
Make sure you have a list of questions if you find that you don't totally grasp the pros and cons of the various programs. It's a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both.
2 – Determine when you want to lock
Locking in means that a mortgage lender holds to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who prefer to float conclude 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 – Determine if you want to pay additional points to lower your interest rate
Typically you can choose 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. Click here to use our points calculator. It will assist you with deciding if buying points is right for you.
4 – Gather your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a feel for typical information that goes on a loan application.
