Applying for a home loan with help from Villar and Company Real Estate

For a lot of people, applying for financing can be one of the more demanding parts of buying a house, but it doesn't have to be. Being connected with some mortgage lenders in Prairieville has helped me realize a few things that can make the loan application process a snap.

1 – Compose a list of questions regarding your loan program

If you find that you don't completely realize the ins and outs of the various programs, be sure you bring a list of questions. It is a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

By locking in the interest rate, the mortgage lender is keeping to the mortgage interest rates for the loan – usually 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. Those who opt to float conclude interest rates will fall 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 interest rate

Normally you can opt to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're uncertain if buying points is the best option 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 common loan documentation.