Are you thinking about financing a home in Virginia Beach? Lee Plemmons can help.
When buying a home, applying for financing is very distressing for most people, but it doesn't have to be.
I have a close relationship with many lenders in the Virginia Beach area, and they've helped me understand a few things that will make the process of applying for a loan a breeze.
1 – Compose a list of questions regarding your loan program
If you find that you do not perfectly understand the ins and outs of all the different programs, be sure you have a list of questions with you.
It is often hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both.
2 – Determine when to lock
By locking in the interest rate, the mortgage lender is holding to the interest rates for the loan – typically at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Buyers who prefer to float think that 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 rate
If you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the loan.
If you're unsure if purchasing points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of typical loan documentation.