Do you wish to finance a home in Orlando? RE/MAX Town Centre can help.
Applying for the loan is one of the most demanding parts of buying a house, but it doesn't have to be.
I have a close relationship with several mortgage lenders in Orlando, and they've helped me recognize some things that can make the process of applying for a loan a snap.
1 – Create a list of questions about your loan program
If you find that you do not perfectly realize the pros and cons of all the different programs, be sure to have a list of questions.
I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program, because it's hard to know the distinctions between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in the rate, your lender is sure to keep to the mortgage interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between application and closing. Buyers who prefer to float think that the 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 lower your rate
Generally you can elect 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 the time of closing.
Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.
4 – Bring your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of normal loan documentation.