
	Getting your mortgage is just one part of a real estate transaction. ERA Rushing McAdams Polychron REALTORS is experienced at aiding both new and experienced buyers alike in all areas of real estate. Call us today at 501.623.2511 if your needs include a real estate pro experienced at the business side of buying and selling.

Applying for your loan in Hot Springs with help from ERA Rushing McAdams Polychron REALTORS

Stressed out about applying for a mortgage? You don't have to be. Having connections to many lending companies in the Hot Springs area has helped me recognize a few things that make the loan application process a snap.

1 – Compile a list of questions about your loan program

If you don't totally realize the advantages and disadvantages of all the different programs, make sure you have a list of questions with you. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, your mortgage lender is sure to hold 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 application and closing. Those who decide to float believe interest rates will decline 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 reduce your interest rate

Typically you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to preview common questions you'll have to answer on a loan app.