Applying for your new home loan
When buying a home, the loan application is very demanding for most people, but it doesn't have to be. We have close working relationships with several mortgage lenders in Jensen Beach and the surrounding area. They've helped us learn a few things that will make the loan application process very manageable.
1 – Compile a list of questions regarding your loan program
Make sure to have a list of questions with you if you don't fully understand the ins and outs of the different loan programs. It is a challenge to understand the differences between both fixed and adjustable rate mortgages. One of our trusted lenders or associates will be able to assist you with understanding the advantages and disadvantages of both programs.
2 – Decide when you want to lock
When you lock in a rate, it designates that your mortgage lender guarantees the mortgage interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Buyers who decide to float think that 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
When you elect to pay additional points to lower the rate of your mortgage loan, you will pay 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. This tool will assist you in determining if buying points is the best option for you.
4 – Compile your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a feel for normal questions you'll have to answer on a loan app.