You have a new home picked out in Portage, Indiana. What do you do next? Help from an experienced loan officer will enable you to purchase your home in a timely manner. Find a loan officer you can work well with and who you trust with your personal and financial information. Ask your loan officer questions when they arise. Let the loan officer do the legwork for you and you will be receiving the keys to your new home in no time.
The process of applying for a home loan can be stressful. If you are prepared ahead of time, it will make it much easier. You will have to fill out a loan application and provide a lot of personal and financial information. This information will include employment history, pay stubs, tax records, credit history, and bank statements. With all this information your lender will be able to determine how much money you will be able to borrow.
Types of Mortgages
Your next step will be choosing the type of mortgage that will work best for you. The options are numerous, but the most common types of loans are the fixed rate and the adjustable rate. A fixed rate loan has an interest rate that will never change. Your monthly mortgage payment will be the same for the duration of your loan. With an adjustable rate loan, your monthly payment could vary, depending on the interest rate at the time of specific intervals. These intervals are usually 1, 3, or 5 years. Obviously, if the interest rate is lower at one of these intervals, your mortgage payment will decrease. Your loan officer will be able to assist you through this process and help you find the loan that fits your financial situation.
Closing
After you have been approved for your loan, closing will be set up. At this meeting, you will need to be prepared to sign numerous documents and pay your down payment and the closing costs with a certified check. This exact amount will be available to you a few days prior to closing. Plan to set aside enough time for this meeting. This can be a stressful time, but if you come to the meeting prepared it will go smoothly. Now that you have signed all the papers and received the keys, it is time to start packing!
Refinancing as an Option
Interest rates may be lower now than they were when you initially got your home mortgage. Is now a good time to obtain a refinance loan? With the help of a knowledgeable loan officer, you can determine this.
You will have to go through the same process you did when applying for your original mortgage. A loan application will be filled out, along with submission of the various documents as listed above. After your loan has been approved, you will attend closing just like with your original mortgage. Since you have been to closing before, it should be less stressful than before. Remember all those papers you signed the first time? You will need to sign numerous documents again and pay your down payment and the closing costs with a certified check.
Home Equity Loans
If you have lived in your home in Portage, Indiana for a long period of time, you have built up equity that can be used to obtain a home equity loan. This type of loan can be either in the form of a lump sum or a line of credit. You will pay interest only on the amount that you borrow. Home equity loans usually are a fixed interest loan and have a term of ten to fifteen years. This money will be available for you to use for school expenses, credit card bills, remodeling or repairing your home, a family vacation, or even a new car.
Contact our office for help with your lending needs in Portage, Indiana. Our knowledgeable loan officers will be glad to assist you.
