Do you want to finance a home in Orland Park?

Most people believe applying for mortgage financing is one of the most exasperating aspects of purchasing a home, but it doesn't have to be. I have a close business relationship with some mortgage lenders in Orland Park, and they've helped me understand some things that will make the process of applying for a loan very easy.

1 – Create a list of questions regarding your loan program

If you find that you do not perfectly understand the pros and cons of all the various loan programs, make sure you bring a list of questions with you. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, it indicates that a mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who elect to float conclude that the interest rates will plunge 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 rate

Oftentimes you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of general loan documentation.

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