Securing financing is just one part of a real estate transaction. Joni Lee Hall & Pam Goff are seasoned at helping new and experienced in all areas of real estate. Call us today at 409.443.1052 if your needs include a real estate pro experienced at the business side of real estate.
Thinking of financing your new home in Galveston?
When buying a home, applying for financing is very distressing for most people, but it doesn't have to be. Being connected with some mortgage lenders in Galveston has helped us realize a few things that make the loan application process effortless.
1 – Make a list of questions about your loan program
Make sure you have a list of questions with you if you don't fully grasp the advantages and disadvantages of the different loan programs. Oftentimes, it can be a challenge to know the distinctions betIen both fixed and adjustable rate mortgages. We or one of our lender contacts will assist you in understanding the advantages and disadvantages of each.
2 – Determine when you want to lock
When you lock in the interest rate, it designates that the lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime betIen the day you apply for the loan and at the time of closing. Those who decide to float conclude that interest rates will decline 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 loIr your interest rate
When you opt to pay additional points to loIr the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.
4 – Compile your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a feel for general information that goes on a loan application.
