Securing financing is just one aspect of a home purchase. Taylored Real Estate is experienced at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of real estate.

Are you thinking of financing your new home in Woodstock?

When purchasing a home, applying for a loan is very stressful for a lot of people, but it doesn't have to be. I have excellent relationships with various lending companies in the Woodstock area, and they've helped me learn a few things that can make the process of applying for a loan much easier.

1 – Create a list of questions about your loan program

If you find that you don't totally comprehend the pros and cons of all the different financing options, be sure you bring a list of questions. It's a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each program.

2 – Decide when to lock

Locking in an interest rate indicates that a mortgage lender holds to the mortgage interest rates for the loan – usually 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 at the time of closing. Buyers who elect to float think that interest rates will dip 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 interest rate

When you choose 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 mortgage loan. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a feel for typical questions you'll have to answer on a loan app.