Getting your loan locked down is just one part of a real estate transaction. Marshall Minotto / Atlantic Properties International Inc. is experienced at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 954-881-1753 if your needs include a professional REALTOR® experienced at the business side of buying and selling.
For most people, securing financing can be one of the most troublesome aspects of purchasing a home. But it doesn't have to be. Being familiar with various lenders in South Florida has helped us recognize a lot of the things that can make the loan application process very manageable.
1 – Compose a list of questions about your loan program
If you find that you do not fully realize the advantages and disadvantages of the different loan programs, be sure you have a list of questions with you. At times, it can be hard to know the differences between fixed and adjustable rate mortgages. One of our lender contacts or associates can assist you in understanding the advantages and disadvantages of each one.
2 – Decide when to lock
When you lock in the interest rate, a lender is sure to commit to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who prefer to float believe interest rates will plunge 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
Usually you can elect to pay additional points to lower the interest rate of your 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 right for you.
4 – Bring your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.