Let Rahal Real Estate LLC assist you with applying for a home loan.
When purchasing a home, applying for a mortgage loan is very demanding for a lot of people, but it doesn't have to be.
I'm connected to a lot of mortgage lenders in the Rockledge area, and they've helped me understand some things that will make the process of applying for a loan very manageable.
1 – Organize a list of questions about your loan program
If you don't entirely realize the advantages and disadvantages of all the different loan programs, be sure you bring a list of questions.
I or one of my lenders will help you understand the advantages and disadvantages of each program, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in the interest rate, a lender is holding to the interest rates for the loan – often 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 choose to float presume that the 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 decrease your interest rate
Normally you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing.
If you're uncertain if buying points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.