Let Rose & Womble Realty assist you in applying for a home loan.

A lot of buyers believe that applying for financing is one of the most exasperating elements of buying a house, but it doesn't have to be. I'm very close to a lot of lending companies in the Virginia Beach area, and they've helped me understand a few things that can make the process of applying for a loan effortless.

1 – Compile a list of questions about your loan program

Be sure you bring a list of questions if you find that you do not thoroughly realize the ins and outs of the various programs. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one, because it can be a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, it indicates that a lender commits to the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who prefer to float presume that the interest rates will fall 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

Normally you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Bring your paperwork

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

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