Let Orland Park Realtors help you with financing a home in Orland Park.

Applying for the mortgage loan can be one of the most distressing elements of purchasing a house, but it doesn't have to be. Being familiar with several lenders in Orland Park has helped me recognize some things that make the loan application process pretty simple.

1 – Assemble a list of questions about your loan program

Be sure to have a list of questions if you find that you don't completely realize the pros and cons of the different loan programs. It's hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in an interest rate, it denotes that a mortgage lender keeps to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who opt to float believe that the interest rates will fall 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 decrease your rate

Generally you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're unsure if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of normal loan documentation.

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9439 West 144th Place
Orland Park, IL 60462-2543