
	Getting your loan locked down is just one part of getting into a new home. Jeanie Elliott REALTORS, ABR, SRES, SFR, ALHS, CHMS, M.S. BUSINESS, BROKER/OWNER is seasoned at helping both new and experienced buyers alike in all areas of real estate. Call us today at 972-612-2277 (Direct) if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Are you going to finance a new home in Frisco? Jeanie Elliott REALTORS, ABR, SRES, SFR, ALHS, CHMS, M.S. BUSINESS, BROKER/OWNER can help.

When purchasing a home, applying for the loan is very demanding for many people, but it doesn't have to be. I have close relationships with a lot of lending companies in the Frisco area, and they've helped me learn some things that can make the process of applying for a loan a breeze.

1 – Compose a list of questions regarding your loan program

If you find that you don't completely understand the advantages and disadvantages of the different loan programs, be sure to bring a list of questions. I or one of my trusted lenders can help you understand the advantages and disadvantages of each one, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the interest rate designates that the mortgage lender holds to the 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 the loan and issuance of closing documents. Buyers who elect to float conclude that the 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 rate

Normally you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to preview typical questions you'll have to answer on a loan app.

Today's Rates:

Mtg Loan

Rate

APR

30-yr Fixed	3.87%	4%
15-yr Fixed	3.14%	3.31%
1-yr Adj	2.76%	3.42%

* national averages

Mortgage Calculator:

Sales Price:		$
Down:		%
Interest Rate:		%
Term:		yrs

Monthly payment:		$

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