Securing financing is just one part of getting into a new home. Coastal Properties is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Contact me if your needs include a professional REALTOR® ready for the business side of buying and selling.

Applying for a new home loan

Applying for a mortgage loan can be one of the more stressful elements of purchasing a house. But it doesn't have to be. Being familiar with some lending companies in Wilmington has helped me understand a few things that can make the loan application process much easier.

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

If you find that you don't perfectly understand the pros and cons of all the different loan programs, be sure to have a list of questions with you. Oftentimes, it can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. One of my lender contacts or I will assist you in understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

Locking in the rate signifies that the lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who prefer to float think that the interest rates will drop 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 decrease your rate

If you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use my points calculator. This tool will help you decide if buying points is the best option for you.

4 – Compile your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to preview common information that goes on a loan application.