
	Getting your loan locked down is just one aspect of getting into a new home. Stonebridge Realty Group is seasoned at assisting new and experienced in all areas of real estate. Contact us if your needs include a professional REALTOR^® experienced at the business side of buying and selling.

Applying for a loan with the help of Stonebridge Realty Group

When buying a home, applying for the mortgage loan is very exasperating for most people, but it doesn't have to be. I have close professional relationships with many lending companies in the Mckinney area, and they've helped me recognize some things that can make the process of applying for a loan very easy.

1 – Create a list of questions regarding your loan program

Be sure you have a list of questions with you if you find that you do not perfectly comprehend the pros and cons of all the different programs. It can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in a rate, it means that your lender keeps to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who choose to float believe interest rates will decline 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 choose to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a feel for normal questions you'll have to answer on a loan app.