Getting your loan locked down is just one part of a home purchase. Exit Realty of Lakeland is experienced at helping new and experienced in all areas of real estate. Call us today at (863) 688-2822 if your needs include a professional REALTOR® experienced at the business side of buying and selling.
Applying for a home loan with help from Exit Realty of Lakeland
When purchasing a home, the loan application is troublesome for most people, but it doesn't have to be. We've got great connections to a lot of lending companies in Lakeland, and they've helped us realize some things that can make the loan application process very manageable.
1 – Organize a list of questions regarding your loan program
Be sure to have a list of questions with you if you find that you do not entirely understand the advantages and disadvantages of all the various loan programs. One of our lenders or staff will be able to help you understand the advantages and disadvantages of both programs, because it's hard to understand the differences between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in an interest rate, it denotes that a lender keeps to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who prefer to float conclude that 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 reduce your rate
When you elect to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will assist you with determining 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 all your documents together. Click here to see typical information that goes on a loan application.
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