Getting your loan locked down is just one aspect of getting into a new home. Steve Foltz is experienced at helping both new and experienced buyers alike in all areas of real estate. Call us today at 724-941-8680 ext 215 if your needs include a real estate pro ready for the business side of real estate.
Let Steve Foltz help you finance your home.
For a lot of people, applying for mortgage financing is one of the most distressing aspects of purchasing a house. But it doesn't have to be.
I've got great connections to many mortgage lenders in the McMurray area, and they've helped me understand a few things that will make the loan application process a snap.
1 – Make a list of questions about your loan program
Be sure to have a list of questions with you if you do not totally grasp the ins and outs of all the different loan programs.
At times, it can be a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs.
2 – Determine when to lock
When you lock in the interest rate, it indicates that a mortgage lender guarantees the mortgage interest rates for the loan – ordinarily at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Buyers who prefer to float believe 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
Normally you can elect 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 closing.
To determine if buying points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to see typical information that goes on a loan application.
Steve Foltz 4121 Washington Road McMurray, PA 15317
