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Securing financing is just one aspect of a real estate transaction. Illustrated Properties Real Estate is seasoned at assisting new and experienced in all areas of real estate. Call us today at 561-809-8328 if your needs include a real estate pro experienced at the business side of buying and selling.
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Are you thinking about financing your new home? Illustrated Properties Real Estate can help.
When buying a home, applying for financing is distressing for most people, but it doesn't have to be.
I've got great connections to a lot of mortgage lenders in Delray Beach, and they've helped me realize some things that can make the loan application process very manageable.
1 – Compile a list of questions about your loan program
If you don't perfectly understand the pros and cons of the different financing options, be sure to bring a list of questions.
Oftentimes, it can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both.
2 – Determine when to lock
When you lock in the rate, it indicates that a lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Buyers who choose to float believe the interest rates will fall 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 rate
When you choose to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan.
To decide if purchasing points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to see typical questions you'll have to answer on a loan app.
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