Are you thinking of financing a home?
When purchasing a home, applying for financing is a demanding event for most people, but it doesn't have to be.
I'm very well-connected to several lenders in Orlando, and they've helped me learn some things that make the loan application process much easier.
1 – Organize a list of questions about your loan program
Be sure you bring a list of questions if you find that you do not entirely understand the advantages and disadvantages of all the various loan programs.
I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each one, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in the interest rate means that a mortgage lender commits 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 the day you apply for the loan and the issuing of closing documents. Buyers who decide to float conclude 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 lower your rate
If you elect to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan.
Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.
4 – Bring your paperwork
Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of typical loan documentation.