Are you financing a home in Orlando?

For most people, applying for the mortgage loan is one of the most troublesome aspects of purchasing a home, but it doesn't have to be. Having connections with some lending companies in the Orlando area has helped me learn a few things that can make the loan application process very manageable.

1 – Make a list of questions about your loan program

Make sure to bring a list of questions with you if you do not thoroughly understand the ins and outs of all the various loan programs. I or one of my lender contacts can help you understand the advantages and disadvantages of each program, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate designates that your lender holds to the interest rates for the loan – typically 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 issuance of closing documents. Those who opt to float believe that interest rates will drop 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 lower your interest rate

When you decide to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in deciding if purchasing points is the best option for you.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a list of typical loan documentation.

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