Are you financing your new home? Excel Funding Real Estate Services, Inc. can help.
Applying for financing is one of the most stressful aspects of buying a house for a buyer, but it doesn't have to be.
Being connected to various lenders in the Rancho Palos Verdes area has helped me understand some things that can make the process of applying for a loan very manageable.
1 – Organize a list of questions regarding your loan program
Make sure to bring a list of questions if you don't fully understand the pros and cons of the different programs.
I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program, because it is hard to know the distinctions between fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in an interest rate, it designates that a lender holds to the interest rates for the loan – ordinarily at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who decide to float believe that interest rates will drop 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 interest rate
When you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan.
If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.