
	Getting your loan locked down is just one aspect of a real estate transaction. Yates Nobles, GRI, SRS, ABR, E-PRO, GREEN - Associate Broker, Montague, Miller & Co. - Downtown is seasoned at assisting new and experienced in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of real estate.

Applying for a home loan

Securing a mortgage loan is one of the more demanding elements of buying a house. But it doesn't have to be. Being close to many mortgage lenders in the Charlottesville area has helped me realize a few things that will make the loan application process a breeze.

1 – Assemble a list of questions regarding your loan program

Be sure you have a list of questions if you do not completely understand the pros and cons of the various programs. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it is a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it designates that the mortgage lender holds to the mortgage interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Those who choose to float presume the 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 decrease your rate

When you elect to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. To decide if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to see general questions you'll have to answer on a loan app.