Applying For A Loan:
Farm & Home Real Estate can help you with financing a new home in Emporia.
Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. I have close relationships with some reputable mortgage lenders in the Emporia area, and they've helped me learn a few things that will make the loan application process a snap.
1 – Compile a list of questions about your loan program
If you don't completely understand the ins and outs of all the different programs, be sure to have a list of questions with you. One of my lenders or I can help you understand the advantages and disadvantages of each one, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in a rate, the lender is sure to commit to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who decide to float think that interest rates will dip 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
When you choose to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use my points calculator. It will help you decide if buying points is right for you.
4 – Bring your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to see common questions you'll have to answer on a loan app.