Applying for a home loan with help from Rhodes & Associates Realty

When buying a home, applying for a loan is distressing for a lot of people, but it doesn't have to be. I'm pretty close with many lenders in Clayton, and they've helped me recognize some things that make the loan application process pretty simple.

1 – Compose a list of questions regarding your loan program

If you find that you don't completely realize the advantages and disadvantages of all the various programs, be sure you have a list of questions. Oftentimes, it can be hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both.

2 – Decide when to lock

By locking in an interest rate, your mortgage lender is guaranteeing the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who prefer to float conclude the interest rates will dip 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 rate

Usually you can elect 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 the time of closing. Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.

4 – Compile your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details