Applying for your home loan in Prairieville with the help of Villar & Co. Real Estate

For a lot of people, applying for the loan can be one of the more stressful aspects of buying a home, but it doesn't have to be. I'm very well-connected to a lot of lenders in the Prairieville area, and they've helped me realize a few things that make the loan application process easy.

1 – Put together a list of questions about your loan program

If you find that you do not totally understand the advantages and disadvantages of all the various programs, be sure you have a list of questions. Oftentimes, it can be hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

By locking in the rate, the mortgage lender is holding to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and closing. Buyers who decide to float conclude 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 – Decide if you want to pay additional points to reduce your interest rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. To determine if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

Acquiring 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 common loan documentation.