Applying for a loan in Tucumcari

When buying a home, applying for the loan is demanding for a lot of people, but it doesn't have to be. Being connected to some lenders in Tucumcari has helped me understand some things that will make the loan application process effortless.

1 – Create a list of questions about your loan program

If you find that you don't fully comprehend the pros and cons of the different programs, make sure to have a list of questions. It is a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in a rate, the lender is sure to keep to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who prefer to float conclude interest rates will plunge 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 rate

Oftentimes you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're undecided on whether or not purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of normal loan documentation.

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