Do you wish to finance your home in Orlando? RE/MAX Town Centre can help.
When buying a home, applying for a mortgage loan is a very exasperating event for most people, but it doesn't have to be.
I have a close business relationship with various lending companies in the Orlando area, and they've helped me realize some things that can make the loan application process very manageable.
1 – Compile a list of questions about your loan program
Make sure you have a list of questions if you don't entirely realize the ins and outs of all the different programs.
At times, it can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each.
2 – Decide when to lock
Locking in the interest rate indicates that a mortgage lender commits to the mortgage interest rates for the loan – usually at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who prefer to float believe that interest rates will fall 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 interest rate
Normally you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.