Applying for a Loan

Let The Carin Whybrew Project help you apply for a loan in the Greater Lansing Area.

Feeling lots of anxiety over getting financing for a home purchase? You don’t have to be. Being connected to various lenders in the Okemos area has helped me realize a few things that make the process of applying for a loan much easier.

1 – Create a list of questions regarding your loan program. Be sure to have a list of questions if you do not thoroughly comprehend the pros and cons of all the different loan programs. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one, because it is hard to know the differences between fixed and adjustable rate mortgages. 2 – Decide when you want to lock. Locking in the rate denotes that a mortgage lender holds to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who opt to float conclude 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 – Decide if you want to pay additional points to reduce your interest rate. Typically you can opt to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. 4 – Bring your paperwork. Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your financial documents together.