
	Getting your loan locked down is just one aspect of a real estate transaction. Carol Jones Realtors is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Applying for your loan in Springfield

When purchasing a home, applying for financing is very demanding for most people, but it doesn't have to be. I have close relationships with various mortgage lenders in the Springfield area, and they've helped me recognize some things that will make the loan application process easy.

1 – Assemble a list of questions about your loan program

Be sure you have a list of questions if you find that you do not completely comprehend the ins and outs of the different loan programs. It is often a challenge understanding 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 – Decide when you want to lock

By locking in an interest rate, your mortgage lender is holding to the 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 the loan and the issuing of closing documents. Those who elect to float think that 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

When you opt to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to preview normal questions you'll have to answer on a loan app.