Thinking about financing your home? Pearsall Properties Inc. can help.
Applying for a loan can be one of the most troublesome parts of buying a house for a buyer, but it doesn't have to be.
I'm pretty well-connected to many lenders in the Cape Coral area, and they've helped me understand a few things that make the loan application process easy.
1 – Make a list of questions about your loan program
If you do not perfectly realize the ins and outs of all the different loan programs, be sure to have a list of questions with you.
I or one of my lender contacts will help you understand the advantages and disadvantages of both programs, because it is hard to understand the differences between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in means that your lender keeps 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 at any time between the loan application day and at the time of closing. Those who decide to float believe that 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
When you choose to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
To decide if you should buy points, click here to use our points calculator.
4 – Gather your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of normal loan documentation.