Securing financing is just one aspect of getting into a new home. KELLY REALTY is seasoned at helping 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 new home loan in MIDLAND with the help of KELLY REALTY

When buying a home, applying for the loan is troublesome for a lot of people, but it doesn't have to be. I have close working relationships with some reputable lending companies in the MIDLAND area, and they've helped me understand some things that can make the loan application process uncomplicated.

1 – Make a list of questions regarding your loan program

Be sure you have a list of questions with you if you don't thoroughly grasp the advantages and disadvantages of all the various loan programs. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it is hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, it means that the mortgage lender holds to the 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 application and closing. Buyers who decide to float conclude 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 reduce your interest rate

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

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to preview general information that goes on a loan application.

Today's Rates:

Mtg Loan    Rate  APR
30-yr Fixed3.87%4%
15-yr Fixed3.14%3.31%
1-yr Adj2.76%3.42%
* national averages

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KELLY REALTY P.O. BOX 5122, 505 N. BIG SPRING STE. 604 MIDLAND, TX 79704-5122
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