Teddy Castro Group - NeXGen Real Estate
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Are you looking to finance your new home in Litchfield Park?

Most people think applying for the mortgage loan is one of the most exasperating parts of purchasing a home, but it doesn't have to be. I have a close business relationship with several lenders in the Litchfield Park area, and they've helped me recognize some things that can make the process of applying for a loan pretty simple.

1 – Compile a list of questions about your loan program

Make sure to have a list of questions if you find that you don't thoroughly comprehend the ins and outs of the different loan programs. Oftentimes, it can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in a rate, the mortgage lender is sure to keep to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who choose 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 – Determine if you want to pay additional points to lower your interest rate

Generally you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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