Securing financing is just one part of a real estate transaction. Lake Norman Realty, Inc. is experienced at aiding new and experienced in all areas of real estate. Call us today at (704) 450-2060 if your needs include a professional REALTOR® ready for the business side of buying and selling.
Applying for a loan in Cornelius with the help of Lake Norman Realty, Inc.
Stressed out about applying for a mortgage? You don't have to be. Having connections with a lot of lenders in the Cornelius area has helped us recognize some things that will make the loan application process pretty simple.
1 – Compose a list of questions about your loan program
If you find that you do not perfectly comprehend the pros and cons of all the different programs, be sure to bring a list of questions with you. One of our trusted lenders or staff will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to understand the characteristics of both fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in a rate means that a mortgage lender commits to the mortgage interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who decide to float presume the interest rates will fall 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 reduce your rate
If you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. To decide if you should purchase points, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to see common information that goes on a loan application.
Got a Question?
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.