Do you wish to finance a home? Orland Park Realtors can help.
Applying for the mortgage loan is one of the most stressful aspects of purchasing a house, but it doesn't have to be.
I'm connected with a lot of lending companies in Orland Park, and they've helped me understand a few things that make the process of applying for a loan pretty simple.
1 – Make a list of questions regarding your loan program
Be sure you have a list of questions if you do not totally realize the ins and outs of the different programs.
I or one of my trusted lenders will help you understand the advantages and disadvantages of both programs, because it is hard to know the characteristics of both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in the interest rate, the mortgage lender is guaranteed to keep to the interest rates for the loan – usually at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who opt to float believe 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 – Determine if you want to pay additional points to reduce your rate
Typically 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 buying points is the best option for you.
4 – Compile your paperwork
Acquiring 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 general loan documentation.