Do you want to finance a home in Rockledge? Rahal Real Estate LLC can help.
Many people believe applying for mortgage financing is one of the most troublesome elements of purchasing a home, but it doesn't have to be.
Being close with several mortgage lenders in the Rockledge area has helped me realize some things that make the process of applying for a loan uncomplicated.
1 – Compile a list of questions about your loan program
Make sure you bring a list of questions with you if you find that you do not perfectly understand the ins and outs of all the different programs.
I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it's a challenge to understand the characteristics of both fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in the interest rate designates that your mortgage lender commits to the interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who decide to float presume interest rates will drop 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 reduce your rate
If you decide to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan.
To decide if purchasing points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of common loan documentation.