Getting your loan locked down is just one part of getting into a new home. Realty Teams is seasoned at helping both new and experienced buyers alike in all areas of real estate. Call us today at 866-634-1668 if your needs include a real estate pro ready for the business side of buying and selling.
Realty Teams can assist you in financing your home in Bal Harbour.
When buying a home, applying for a mortgage loan is very exasperating for most people, but it doesn't have to be.
I have close working relationships with a lot of lenders in the Bal Harbour area, and they've helped me recognize a few things that will make the process of applying for a loan a breeze.
1 – Assemble a list of questions regarding your loan program
Make sure you bring a list of questions with you if you don't fully comprehend the ins and outs of the different programs.
Oftentimes, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program.
2 – Determine when to lock
By locking in the rate, your lender is keeping to the mortgage interest rates for the loan – usually at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who choose to float presume the interest rates will dip 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 interest rate
When you choose to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.
4 – Bring your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to see typical information that goes on a loan application.
