Thinking of financing your home?

Applying for mortgage financing is one of the most troublesome parts of purchasing a house, but it doesn't have to be. I have a close business relationship with many lending companies in the Orlando area, and they've helped me understand some things that can make the loan application process very easy.

1 – Create a list of questions about your loan program

Be sure to have a list of questions with you if you find that you do not totally comprehend the advantages and disadvantages of the different loan programs. I or one of my lenders will assist you in understanding the advantages and disadvantages of each program, because it's hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in indicates that a lender guarantees the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Buyers who decide to float presume that interest rates will decline 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 reduce your rate

Usually you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you determine if purchasing points is right for you.

4 – Compile your paperwork

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

Looking to Buy?

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