Are you thinking of financing your home in Orlando?
For a lot of people, applying for mortgage financing is one of the more troublesome parts of purchasing a house, but it doesn't have to be.
Having connections to various lending companies in Orlando has helped me realize a few things that will make the loan application process very manageable.
1 – Organize a list of questions about your loan program
If you find that you don't thoroughly comprehend the ins and outs of the various programs, make sure to bring a list of questions with you.
I or one of my lender contacts will help you understand the advantages and disadvantages of each program, because it is hard to understand the differences between both fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in an interest rate, it signifies that your lender keeps to the interest rates for the loan – generally at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who decide to float believe 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 – Decide if you want to pay additional points to decrease your rate
If you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan.
To decide if you should purchase points, 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 your documents together. Click here for a list of normal loan documentation.