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Getting your loan locked down is just one aspect of getting into a new home. Anita Dunbar - Montague, Miller & Co. is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Call us today at (434) 951-7135 if your needs include a real estate pro experienced at the business side of real estate.
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Are you looking to finance your home? Anita Dunbar - Montague, Miller & Co. can help.
When purchasing a home, applying for the loan is very exasperating for most people, but it doesn't have to be.
Having connections with several mortgage lenders in Charlottesville has helped me understand a lot of the things that will make the process of applying for a loan effortless.
1 – Put together a list of questions regarding your loan program
If you find that you do not entirely realize the ins and outs of the various loan programs, be sure you bring a list of questions with you.
Oftentimes, it can be a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one.
2 – Determine when to lock
When you lock in the rate, a mortgage lender is sure to commit to the mortgage interest rates for the loan – usually at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who opt to float conclude that 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 decrease your rate
If you decide to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will assist you in determining if purchasing points is the best option for you.
4 – Bring your paperwork
Obtaining a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to preview common questions you'll have to answer on a loan app.
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Contact Anita Dunbar
Montague, Miller & Company Realtors
500 Westfield Road
Charlottesville, VA 22901
Toll Free: 1-800-793-5393
Direct: (434) 951-7135
adunbar@cfw.com
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