Are you going to finance your new home in Branson? Rob Robbins can help.
For many people, applying for mortgage financing is one of the most exasperating aspects of buying a home, but it doesn't have to be.
Having connections with various mortgage lenders in Branson has helped me realize a few things that will make the loan application process very manageable.
1 – Assemble a list of questions about your loan program
Be sure you have a list of questions if you don't entirely realize the advantages and disadvantages of the different loan programs.
I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in an interest rate, the mortgage lender is holding to the interest rates for the loan – typically at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Buyers who opt 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 lower your interest rate
When you choose to pay additional points to lower the rate of your mortgage loan, you will 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. This tool will assist you with determining if buying points is right for you.
4 – Gather your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of common loan documentation.