Applying for your loan in Orlando with the help of RE/MAX Town Centre
A lot of buyers believe that applying for financing is one of the most distressing elements of buying a home, but it doesn't have to be.
I have a close relationship with some lenders in the Orlando area, and they've helped me recognize some things that make the loan application process easy.
1 – Compile a list of questions regarding your loan program
If you do not completely realize the ins and outs of all the various loan programs, make sure you have a list of questions.
I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to understand the differences between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
By locking in the interest rate, your lender is guaranteeing the mortgage interest rates for the loan – often at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who opt to float believe the 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 decrease your rate
If you choose 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. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.
4 – Gather your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.