Applying for your loan in Tucumcari with the help of McElroy & Associates
For most people, applying for financing can be one of the more exasperating parts of buying a house, but it doesn't have to be.
I have a close relationship with several lending companies in Tucumcari, and they've helped me understand a few things that make the process of applying for a loan uncomplicated.
1 – Create a list of questions regarding your loan program
If you do not completely realize the advantages and disadvantages of all the various programs, make sure you bring a list of questions with you.
At times, it can be hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program.
2 – Decide when you want to lock
By locking in the interest rate, the lender is keeping to the interest rates for the loan – often at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who elect to float think interest rates will drop 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 reduce your interest rate
Oftentimes you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.