Getting your loan locked down is just one aspect of getting into a new home. CENTURY 21 MVP is experienced at helping new and experienced in all areas of real estate. Call us today at 865.429.2121 if your needs include a professional REALTOR® ready for the business side of buying and selling.


Applying for your home loan with the help of CENTURY 21 MVP

When buying a home, applying for a mortgage can be really stressful, but it doesn't have to be. I have close relationships with many lenders in the Sevierville area, and they've helped me recognize a few things that can make the loan application process much easier.

1 – Put together a list of questions about your loan program

Make sure you bring a list of questions if you find that you don't entirely understand the pros and cons of the different programs. Oftentimes, it can be hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in the rate, a lender is sure to hold to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Those who elect to float think that interest rates will plunge 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

Usually you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.