RED HOUSE REALTY, INC. can assist you in financing your home in Highland Park.
For most people, applying for a loan is one of the most demanding parts of purchasing a house, but it doesn't have to be.
I'm pretty close with some mortgage lenders in the Highland Park area, and they've helped me understand some things that make the loan application process effortless.
1 – Make a list of questions regarding your loan program
If you find that you do not fully realize the ins and outs of the different programs, make sure to have a list of questions.
It's a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each.
2 – Decide when you want to lock
By locking in a rate, a mortgage lender is keeping to the mortgage interest rates for the loan – generally at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who prefer to float believe the interest rates will drop 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 decrease your interest rate
Typically you can elect to pay additional points to lower the interest rate of your 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 help you determine if purchasing points is right for you.
4 – Bring your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of common loan documentation.