Securing financing is just one part of a real estate transaction. The Way Home Realty is seasoned at helping new and experienced in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of real estate.
Looking to finance your new home in Aurora? The Way Home Realty can help.
Stressed out about getting financing for a home purchase? You don't have to be.
Being familiar with a lot of lending companies in Aurora has helped me learn a lot of the things that will make the process of applying for a loan easy.
1 – Compile a list of questions regarding your loan program
If you do not completely understand the pros and cons of the various financing options, be sure to bring a list of questions.
At times, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs.
2 – Decide when to lock
When you lock in the rate, your lender is guaranteed to commit to the interest rates for the loan – often at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who prefer 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 – Determine if you want to pay additional points to reduce your rate
Typically you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
If you're uncertain if purchasing points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to preview typical questions you'll have to answer on a loan app.
