Applying for a Loan
Securing financing is just one part of a real estate transaction. RE/MAX Diamond Realty is experienced at assisting both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of buying and selling.
When buying a home, the loan application is very stressful for many people, but it doesn’t have to be. We have close business relationships with some reputable mortgage lenders in the Hagatna area, and they’ve helped us recognize some things that can make the process of applying for a loan easy.
- Put together a list of questions about your loan program
If you find that you do not fully realize the pros and cons of the different financing options, be sure to have a list of questions with you. One of our trusted lenders or staff will help you understand the advantages and disadvantages of each program, because it’s hard to understand the distinctions between both fixed and adjustable rate mortgages.
- Decide when to lock
By locking in the rate, a lender is holding to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who elect to float conclude that interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.
- Decide if you want to pay additional points to decrease your rate
If you opt to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you decide if buying points is right for you.
- Gather your paperwork
Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for typical questions you’ll have to answer on a loan app.