Are you thinking about financing a new home in Albuquerque?
When purchasing a home, applying for a mortgage loan is very exasperating for most people, but it doesn't have to be.
Being close to some mortgage lenders in Albuquerque has helped me learn some things that can make the loan application process effortless.
1 – Organize a list of questions regarding your loan program
Be sure you bring a list of questions if you don't completely understand the advantages and disadvantages of all the different loan programs.
I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each program, because it's hard to know the distinctions between fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in an interest rate, your lender is sure to keep to the interest rates for the loan – normally at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who prefer to float presume the interest rates will fall 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 lower your interest rate
Usually you can opt to pay additional points to lower the rate of your loan. Each 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 in determining if buying points is the best option for you.
4 – Bring your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of general loan documentation.