Rahal Real Estate LLC can assist you in applying for your loan in Rockledge.

When purchasing a home, applying for a loan is exasperating for most people, but it doesn't have to be. Being close to some mortgage lenders in Rockledge has helped me recognize some things that will make the loan application process a breeze.

1 – Organize a list of questions about your loan program

Be sure you have a list of questions if you do not fully understand the ins and outs of the different programs. I or one of my lenders can help you understand the advantages and disadvantages of each program, because it is a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it indicates that the lender keeps to the interest rates for the loan – generally 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 at the time of closing. Buyers who prefer to float believe that the interest rates will dip 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 decrease your rate

If you elect to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.

How much home can you afford?

You have rented for years and now wish to make the American dream of owning your own home a reality. But how do you know what your home search budget should be? Let us help you find a lender to get you pre-qualified today.

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