Applying For A Loan

Securing financing is just one aspect of a real estate transaction. Denise Ramey, REALTOR® is experienced at assisting new and experienced in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of real estate.

Are you going to finance a new home in Charlottesville? Denise Ramey, REALTOR® can help.

For a lot of people, applying for mortgage financing can be one of the most distressing parts of purchasing a house. But it doesn’t have to be. Having connections with a lot of lending companies in the Charlottesville area has helped me understand some things that will make the process of applying for a loan uncomplicated.

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

If you find that you do not fully realize the ins and outs of all the different loan programs, be sure to have a list of questions. At times, it can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in the interest rate, a mortgage lender is guaranteed to hold to the interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who elect to float presume that interest rates will drop 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 rate

Generally you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing.

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for normal information that goes on a loan application.

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