Are you thinking about financing your new home in Orlando? RE/MAX Town Centre can help.
A lot of buyers think applying for a loan is one of the most demanding aspects of buying a home, but it doesn't have to be.
I'm familiar with a lot of lending companies in the Orlando area, and they've helped me understand a few things that make the process of applying for a loan very manageable.
1 – Compile a list of questions regarding your loan program
Be sure you bring a list of questions if you do not completely understand the advantages and disadvantages of all the various loan programs.
It's hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each.
2 – Decide when to lock
Locking in the rate indicates that a mortgage lender commits to the mortgage interest rates for the loan – generally at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between application and closing. Those who choose to float think the 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 lower your interest rate
When you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.
4 – Gather your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.