Smyrna, GA is a residential suburb, located just 10 miles from Atlanta, GA. “The Village Green,” Smyrna’s downtown area, includes a new library, city hall, community center, retail and mixed-use development, and residential district with thousands of upscale homes. Smyrna has received the Urban Land Institute’s Award of Excellence for its reputation for smart growth and revitalization. Its residents enjoy parks, pools, jogging trails, lighted tennis courts, golf courses, day camps, summer concerts and family events. As a result, the population of Smyrna has skyrocketed.
Have you found your dream home in Smyrna? If so, it’s time to find a loan officer to help you with your lending needs.
The loan process can be a stressful time for you and your family. Many questions will arise that need to be addressed. Finding a loan officer you are comfortable with and who you can trust with your information is imperative. The personal and financial information you provide will be used by you and your loan officer to fill out the loan application. This information will be evaluated by your loan officer to determine what type of loan you will qualify for, what amount you will be allowed to borrow and how much you can afford for mortgage payments.
Questions that may arise during the loan process include:
What fees will I have to pay? Your loan officer will be able to advise you on what fees you will have to pay and, after you’ve been approved for a loan, on what your down payment will be.
What information will I have to provide? Information that will be required includes pay stubs, tax records, credit history, bank statements, and any other assets you might have. A Verification of Employment form will be sent to your employer and a Verification of Deposit will be sent to your banks. All this information will be evaluated by your loan officer.
What loan options do I have? Typical loans available to first-time buyers include fixed rate, adjustable rate, interest only, and balloon rates. Fixed rate loans will work best for those who need to stay on a budget and want the same payment every month. The interest rate on a fixed rate loan will stay the same for the duration of the loan. You will benefit from an adjustable rate loan if you plan on staying in your home for a short period of time. The interest rate on this type of loan will adjust at specific intervals. Obviously, depending on the interest rate at these times, your monthly payment will increase or decrease. Interest only loans start out with the payments going towards interest only, but at some point the principal will be added in and your monthly payments will rise. If you expect a rise in your income in the coming years, this type of loan may be just right for you. Balloon loans have a low interest rate, but must be paid in full in 5 years. This type of loan will also benefit those who plan to stay in their home for a short period of time as they can use the sale of the home itself to pay off the loan.
What happens at closing? You’ll be asked to bring a form of identification to closing. Be prepared to sign multiple documents and pay your down payment. At the end of the meeting, be prepared to move!
If you already own a home in Smyrna, you might be wondering what a refinance loan or home equity loan can do for you.
The benefit of refinancing your original loan gives you two options. You can either change the duration of your loan or change the interest rate of your loan. Changing the duration of your loan helps you to pay off your loan faster. Changing to a lower interest rate will decrease your monthly payment. Either option will free up money that you can use for other expenses.
You can use the equity you’ve earned in your home to obtain a home equity loan. A home equity loan comes in two forms: a lump sum or a line of credit. This money will be available for you to use for medical expenses, education costs or even a wedding.
To get assistance with all your lending needs, contact one of our loan officers today to set up an appointment.
