Securing financing is just one aspect of getting into a new home. Judy Fisher, REALTOR® is seasoned at helping new and experienced in all areas of real estate. Call us today at 941-473-3552 if your needs include a real estate pro ready for the business side of buying and selling.
Are you financing your new home?
For a lot of people, securing the mortgage loan is one of the most troublesome parts of purchasing a house. But it doesn't have to be.
I have close business relationships with a lot of lenders in Englewood, and they've helped me understand a few things that can make the process of applying for a loan much easier.
1 – Create a list of questions about your loan program
Make sure you bring a list of questions with you if you do not perfectly comprehend the pros and cons of the different programs.
At times, it can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of both programs.
2 – Determine when you want to lock
When you lock in the interest rate, it means that the lender commits to the interest rates for the loan – commonly at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who elect to float conclude 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
When you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.
4 – Compile 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 feel for normal information that goes on a loan application.
