Securing financing is just one aspect of getting into a new home. Atlantic Grove Realty is experienced at aiding new and experienced in all areas of real estate. Call me today at 561-633-7626 if your needs include a professional REALTOR ready for the business side of real estate.
When buying a home, the mortgage loan application is very demanding for most people, but it doesn’t have to be. Having connections with several lenders in the Delray Beach area has helped me learn a few things that will make the process of applying for a loan effortless.
1 – Make a list of questions about your loan program
Be sure you have a list of questions if you do not perfectly comprehend the ins and outs of all the different programs. Our experienced lenders will assist you with understanding the advantages and disadvantages of both programs, and will explain the distinctions between both fixed and adjustable rate mortgages. They will also let you know if you qualify for a FHA loan or VA loan.
2 – Decide when you want to lock
When you lock in a rate, your mortgage lender is sure to commit to the mortgage interest rates for the loan – ordinarily, at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who choose to float think that interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to reduce your interest rate
When you choose to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. If you’re undecided as to whether or not buying points is the best option for you, click here to use my points calculator.
4 – Gather your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to see typical questions you’ll have to answer on a loan app.