Orland Park Realtors can help you apply for your loan.

Applying for the mortgage loan can be one of the most troublesome parts of buying a home for a buyer, but it doesn't have to be. I have a close relationship with some mortgage lenders in the Orland Park area, and they've helped me understand some things that will make the process of applying for a loan easy.

1 – Assemble a list of questions about your loan program

Make sure you have a list of questions if you do not thoroughly realize the pros and cons of the different loan programs. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in a rate indicates that your mortgage lender guarantees the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and closing. Those who choose to float conclude interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to lower your rate

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

4 – Gather your paperwork

Acquiring a 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.

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