Are you financing a home? Orland Park Realtors can help.

When purchasing a home, applying for the loan is very distressing for most people, but it doesn't have to be. I have a close business relationship with a lot of lending companies in Orland Park, and they've helped me recognize some things that can make the loan application process a snap.

1 – Make a list of questions regarding your loan program

Be sure to have a list of questions with you if you do not entirely comprehend the ins and outs of the various loan programs. Oftentimes, it can be hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in an interest rate, your lender is sure to hold to the mortgage interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those 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 decrease your interest rate

When you elect to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

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

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