Getting your mortgage is just one aspect of a home purchase. Clark Fork Realty is experienced at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of buying and selling.
Applying for a home loan in Missoula
For most people, securing a loan is one of the most demanding aspects of buying a home. But it doesn't have to be.
I have close relationships with some reputable lending companies in the Missoula area, and they've helped me realize some things that can make the loan application process a breeze.
1 – Make a list of questions regarding your loan program
If you do not perfectly comprehend the pros and cons of all the various loan programs, make sure to have a list of questions.
I or one of my lender contacts will help you understand the advantages and disadvantages of each one, because it is hard to understand the characteristics of fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in an interest rate, your mortgage lender is guaranteeing the interest rates for the loan – typically at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who opt to float believe the 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
When you choose to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan.
Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.
4 – Bring your paperwork
Obtaining a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a feel for typical questions you'll have to answer on a loan app.
Clark Fork Realty 512 E Broadway Missoula, MT 59802
