Do you wish to finance a home?
When buying a home, applying for a loan is exasperating for many people, but it doesn't have to be.
Being connected with a lot of lenders in Davie has helped me understand a few things that can make the loan application process much easier.
1 – Make a list of questions regarding your loan program
Make sure you bring a list of questions if you do not completely comprehend the ins and outs of the different loan programs.
Oftentimes, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs.
2 – Determine when to lock
When you lock in the interest rate, your mortgage lender is sure to keep to the interest rates for the loan – generally at the time the loan application is presented.
By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who elect to float believe that interest rates will plunge 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
Generally you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing.
Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.
4 – Gather your paperwork
Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.