
	Getting your loan locked down is just one part of getting into a new home. Angela Mitchell Sells Northern Virginia is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 703 264-7877 if your needs include a professional REALTOR^® ready for the business side of real estate.

Are you thinking of financing your home?

When purchasing a home, applying for a mortgage loan is exasperating for a lot of people, but it doesn't have to be. Being familiar with several lenders in the Reston area has helped me understand some things that make the process of applying for a loan much easier.

1 – Compose a list of questions about your loan program

Be sure to bring a list of questions with you if you find that you do not completely understand the advantages and disadvantages of the various programs. It is often 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 both programs.

2 – Decide when to lock

When you lock in the interest rate, a mortgage lender is guaranteed to commit 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 you apply for the loan and the issuing of closing documents. Those who decide to float conclude that interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to decrease your rate

When you choose to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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

Today's Rates:

Mtg Loan

Rate

APR

30-yr Fixed	3.87%	4%
15-yr Fixed	3.14%	3.31%
1-yr Adj	2.76%	3.42%

* national averages

Mortgage Calculator:

Sales Price:		$
Down:		%
Interest Rate:		%
Term:		yrs

Monthly payment:		$

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

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