Are you going to finance your home in Orland Park? Orland Park Realtors can help.
Applying for mortgage financing can be one of the most stressful aspects of buying a house, but it doesn't have to be.
Having connections with many lending companies in Orland Park has helped me realize a few things that can make the process of applying for a loan a breeze.
1 – Compose a list of questions about your loan program
If you do not completely realize the pros and cons of the different loan programs, make sure you have a list of questions.
I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in an interest rate, it means that a mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who opt to float believe that 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 reduce your rate
Oftentimes you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing.
Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.
4 – Bring your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of typical loan documentation.