Do you wish to finance your new home?

Many buyers think that applying for mortgage financing is one of the most exasperating aspects of purchasing a home, but it doesn't have to be. I have a close business relationship with several mortgage lenders in Rockledge, and they've helped me recognize a few things that can make the process of applying for a loan uncomplicated.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions with you if you find that you do not completely realize the pros and cons of all the different programs. It is often a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both.

2 – Decide when to lock

By locking in a rate, the lender is committing to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Buyers who elect to float think that interest rates will dip 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 interest rate

Typically you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of general 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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