Securing financing is just one aspect of getting into a new home. Wilkinson & Associates is experienced at assisting new and experienced in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of buying and selling.


Applying for a home loan with the help of Wilkinson & Associates

When buying a home, applying for a mortgage loan is distressing for most people, but it doesn't have to be. I've got great connections to many lending companies in Wilmington, and they've helped me learn some things that will make the loan application process a snap.

1 – Create a list of questions regarding your loan program

If you find that you don't entirely understand the pros and cons of all the various financing options, make sure to bring a list of questions. At times, it can be a challenge to understand 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.

2 – Determine when to lock

Locking in the interest rate signifies that the lender guarantees the interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who choose to float conclude that the interest rates will fall 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 lower your interest rate

Oftentimes you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're undecided as to whether or not buying points is right for you, click here to use our points calculator.

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 preview common information that goes on a loan application.

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