Tiffany Elder, MBA, Realtor
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Securing financing is just one part of a home purchase. Tiffany Elder - Broker, Realtor is experienced at aiding both new and experienced buyers alike in all areas of real estate. Call us today at (919) 260-2507 if your needs include a professional REALTOR® experienced at the business side of buying and selling.


Applying for a new home loan in Durham

Applying for financing can be one of the more stressful elements of purchasing a house. But it doesn't have to be. Having connections to some lenders in the Durham area has helped me realize a lot of the things that make the process of applying for a loan uncomplicated.

1 – Make a list of questions regarding your loan program

If you find that you do not completely realize the pros and cons of all the various loan programs, make sure you have a list of questions. It is often hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in a rate, the mortgage lender is guaranteed to keep to the interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who decide to float conclude that 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 interest rate

Normally you can decide 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 the time of closing. To determine if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to preview general information that goes on a loan application.