Securing financing is just one part of a home purchase. Berkshire Hathaway HomeServices KoenigRubloff Realty Group is seasoned at assisting new and experienced in all areas of real estate. Contact us
if your needs include a professional REALTOR®
ready for the business side of real estate.
Applying for a home loan
When buying a home, the loan application is stressful for most people, but it doesn't have to be. Being connected with some mortgage lenders in Glen Ellyn has helped us learn a lot of the things that can make the loan application process very easy.
1 – Make a list of questions about your loan program
Make sure you bring a list of questions if you do not totally grasp the pros and cons of the different loan programs. At times, it can be a challenge to know the differences between both fixed and adjustable rate mortgages. One of our trusted lenders or associates can assist you in understanding the advantages and disadvantages of both.
2 – Decide when to lock
By locking in an interest rate, the lender is keeping to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who prefer to float think that the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Bring your paperwork
Acquiring a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to see typical information that goes on a loan application.