Are you financing a home in Branson? Rob Robbins can help.
When buying a home, applying for a loan is troublesome for many people, but it doesn't have to be.
I have a close relationship with a lot of lenders in Branson, and they've helped me realize some things that make the loan application process uncomplicated.
1 – Assemble a list of questions regarding your loan program
Be sure you have a list of questions if you don't entirely understand the advantages and disadvantages of all the various loan programs.
It is often hard to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each one.
2 – Decide when you want to lock
By locking in the interest rate, the lender is holding to the interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who opt to float conclude 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. 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
Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.