Getting your mortgage is just one aspect of a real estate transaction. Jason Compton is experienced at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 803.957.5566 if your needs include a professional REALTOR® ready for the business side of real estate.
Are you going to finance your new home in Lexington? Jason Compton can help.
Feeling lots of anxiety over applying for a mortgage? You don't have to be.
I have close professional relationships with some reputable lending companies in Lexington, and they've helped me learn a few things that can make the process of applying for a loan a snap.
1 – Assemble a list of questions about your loan program
If you do not completely understand the ins and outs of all the various programs, be sure you have a list of questions with you.
I or one of my lender contacts can help you understand the advantages and disadvantages of each one, because it can be a challenge to know the differences between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
Locking in the interest rate denotes that a mortgage lender guarantees the mortgage interest rates for the loan – often 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 your loan and closing. Buyers who prefer to float think interest rates will dip 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 decrease your interest rate
When you choose to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan.
If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to preview typical information that goes on a loan application.
