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Getting your mortgage is just one part of getting into a new home. CARTER REALTY is experienced at aiding new and experienced in all areas of real estate. Call us today at 615 883-1880 if your needs include a real estate pro ready for the business side of real estate. |
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Do you want to finance a new home?When purchasing a home, applying for a mortgage loan is stressful for most people, but it doesn't have to be. I have close professional relationships with several lenders in Nashville, and they've helped me understand a few things that can make the process of applying for a loan a breeze.
1 – Make a list of questions about your loan programIf you find that you don't totally comprehend the ins and outs of all the different financing options, be sure you have a list of questions. It is hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each.
2 – Determine when you want to lockWhen you lock in an interest rate, your lender is sure to hold to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who elect to float presume that the 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 reduce your interest rateIf you opt to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in determining if purchasing points is right for you.
4 – Gather your paperworkObtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to preview general questions you'll have to answer on a loan app. |
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