Applying for your new home loan

For a lot of people, applying for a loan is one of the more troublesome parts of buying a home, but it doesn't have to be. Being close with some lending companies in Orland Park has helped me recognize a few things that will make the process of applying for a loan a breeze.

1 – Compile a list of questions regarding your loan program

If you don't completely comprehend the ins and outs of all the different loan programs, be sure to have a list of questions with you. I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, a mortgage lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who opt to float believe that the interest rates will dip 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 interest rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will assist you with determining if buying points is right for you.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.

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