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Loan Application Checklist
For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process.
- Make a list of any questions you have about the loan program.
Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.
- Decide if you want to lock-in or float the loan's interest rate.
Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.
- Decide if you want to pay additional points to lower your interest rate.
Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.
- Gather your paperwork.
Click here to view a list of typical loan documentation. |
Choosing the right Loan Officer can sometimes be a challenge to say the least. We have a few suggestions that may help the process go a little smoother. First choose someone that has been recommened to you, you can get this from family, friends, your Real Estate Broker. Ask questions on how the process went for them. Such as did you close on time, did they explain the process to you, did they give you a list of items that they would need from you right from the start. did they act like they cared about how the process would start and give you realistic expectations. This is just a few things to ask. Try and use someone local someone that you can go and talk. Someone that is more than an email address and a cell phone.
We can suggest several that we have worked with and closed transactions successfully. It is your right to choose whom you feel most comfortable with. So give us a call today and let's get started looking for that Perfect Piece of the Lone Star State. Texas I a Place to Call home and we are here to help you do just that.
See ya soon.
Laura Dee Filip Broker, CRS, CHMS, CNHS, RCC
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