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Getting your loan locked down is just one aspect of getting into a new home. All People's Realty is experienced at helping new and experienced in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of real estate.
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Applying for your home loan with the help of All People's Realty
When buying a home, applying for the mortgage loan is very demanding for many people, but it doesn't have to be.
I have close professional relationships with several mortgage lenders in Quartz Hill, and they've helped me recognize a few things that make the process of applying for a loan pretty simple.
1 – Assemble a list of questions about your loan program
If you find that you don't thoroughly understand the advantages and disadvantages of all the different financing options, be sure you have a list of questions.
I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program, because it's hard to know the differences between both fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in a rate denotes that your mortgage lender holds to the interest rates for the loan – typically at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who choose to float believe interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Decide if you want to pay additional points to lower your interest rate
If you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan.
If you're uncertain if purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to preview typical information that goes on a loan application.
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Today's Rates:
| 30-yr Fixed | 3.87% | 4% | | 15-yr Fixed | 3.14% | 3.31% | | 1-yr Adj | 2.76% | 3.42% |
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