Securing financing is just one aspect of a home purchase. Nicholas Gombos Real Estate is experienced at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of real estate.


Are you thinking about financing your home? Nicholas Gombos Real Estate can help.

For most people, securing a mortgage loan can be one of the most distressing elements of purchasing a home. But it doesn't have to be. Being familiar with some mortgage lenders in Fredericksburg has helped me recognize some things that will make the process of applying for a loan very manageable.

1 – Compose a list of questions about your loan program

If you don't totally understand the advantages and disadvantages of the different loan programs, be sure to bring a list of questions with you. It is often hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

Locking in the rate signifies that your mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Those who opt to float conclude that interest rates will drop 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

Normally you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for common information that goes on a loan application.

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