Orland Park Realtors can help you apply for a new home loan in Orland Park.
Applying for a loan is one of the most troublesome parts of buying a home for a buyer, but it doesn't have to be.
Being connected to many lending companies in Orland Park has helped me recognize a few things that make the loan application process easy.
1 – Create a list of questions about your loan program
Make sure you have a list of questions with you if you find that you don't fully realize the advantages and disadvantages of the different programs.
At times, it can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both.
2 – Decide when you want to lock
Locking in an interest rate indicates that a mortgage lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between application and at the time of closing. Those who prefer to float conclude the 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 reduce your rate
Normally you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing.
To determine if purchasing points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.