Securing financing is just one part of a home purchase. The Butcher Team is experienced at assisting both new and experienced buyers alike in all areas of real estate. Call us today at (704) 641-3577 if your needs include a real estate pro experienced at the business side of real estate.
Thinking about financing your new home? The Butcher Team can help.
Securing the loan is one of the most troublesome aspects of purchasing a house. But it doesn't have to be. We have close professional relationships with various mortgage lenders in the area, and they've helped us learn some things that can make the process of applying for a loan a snap.
1 – Put together a list of questions regarding your loan program
Be sure you have a list of questions with you if you don't fully grasp the ins and outs of the various programs. One of our lender contacts or members of our team can assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to know the characteristics of fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in the interest rate means that a mortgage lender holds to the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who opt to float conclude that 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 interest rate
When you elect to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with determining if purchasing points is the best option for you.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to preview typical information that goes on a loan application.