Rahal Real Estate LLC can assist you in financing your home.

When buying a home, applying for the loan is a troublesome event for a lot of people, but it doesn't have to be. Having connections with a lot of lenders in the Rockledge area has helped me realize a few things that will make the process of applying for a loan very manageable.

1 – Make a list of questions about your loan program

If you find that you do not fully understand the advantages and disadvantages of all the different loan programs, be sure you have a list of questions with you. I or one of my lender contacts will help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, the mortgage lender is sure to hold to the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who opt to float presume 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 lower your interest rate

Typically you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you determine if purchasing points is right for you.

4 – Gather your paperwork

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