Getting your mortgage is just one aspect of a real estate transaction. RE/MAX Platinum Realty is experienced at helping both new and experienced buyers alike in all areas of real estate. Contact me
if your needs include a real estate pro ready for the business side of buying and selling.
Securing mortgage financing is one of the most stressful aspects of buying a home. But it doesn't have to be.
I have close business relationships with several lending companies in the Sarasota area, and they've helped me recognize some things that make the process of applying for a loan very easy.
1 – Put together a list of questions regarding your loan program
If you don't totally understand the advantages and disadvantages of the various programs, be sure to bring a list of questions with you.
Oftentimes, it can be a challenge understanding the differences between fixed and adjustable rate mortgages. One of my lender contacts or I can assist you with understanding the advantages and disadvantages of each.
2 – Decide when you want to lock
By locking in a rate, your mortgage lender is guaranteeing the interest rates for the loan – generally 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 at the time of closing. Buyers who decide to float believe interest rates will fall 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 lower your rate
Normally you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing.
Click here to use my points calculator. This tool will help you determine if buying points is right for you.
4 – Bring your paperwork
Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to preview typical information that goes on a loan application.