Applying for your loan with the help of Petrovich Realty
When purchasing a home, applying for a mortgage loan is troublesome for most people, but it doesn't have to be.
Being close to a lot of mortgage lenders in the Rock Hill area has helped me recognize a few things that will make the process of applying for a loan a breeze.
1 – Compose a list of questions about your loan program
If you find that you don't totally comprehend the pros and cons of all the various programs, make sure you bring a list of questions with you.
I or one of my lenders will assist you in understanding the advantages and disadvantages of each one, because it's hard to know the characteristics of fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in a rate means that a lender commits to the mortgage interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who choose to float think that the 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 decrease your interest rate
Normally you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing.
To determine if you should buy points, click here to use our points calculator.
4 – Bring your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.