Applying for a loan in Tucumcari

For a lot of people, applying for the loan can be one of the most exasperating aspects of purchasing a house, but it doesn't have to be. Having connections to some mortgage lenders in Tucumcari has helped me learn some things that will make the process of applying for a loan a snap.

1 – Make a list of questions about your loan program

Be sure to have a list of questions with you if you do not fully comprehend the advantages and disadvantages of all the different programs. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in an interest rate, a mortgage lender is committing to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who elect to float presume interest rates will decline 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 rate

Typically you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.