Are you financing your home in Orland Park?
Most buyers think applying for a loan is one of the most stressful parts of buying a home, but it doesn't have to be.
Being familiar with some mortgage lenders in Orland Park has helped me recognize a few things that will make the loan application process effortless.
1 – Put together a list of questions regarding your loan program
If you don't thoroughly realize the advantages and disadvantages of the different loan programs, make sure you have a list of questions.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in an interest rate signifies that a mortgage lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who decide to float conclude that interest rates will plunge 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 choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing.
Click here to use our points calculator. This tool will help you decide if buying points is right for you.
4 – Compile your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of normal loan documentation.