Securing financing is just one part of a home purchase. VIP Realtors is experienced at helping both new and experienced buyers alike in all areas of real estate. Call us today at 239-472-5187 x 331 if your needs include a professional REALTOR® ready for the business side of real estate.
Applying for your loan
Stressed out about applying for a mortgage? You don't have to be.
Being close with some lenders in Sanibel has helped me recognize a few things that make the process of applying for a loan very easy.
1 – Organize a list of questions about your loan program
If you do not fully realize the ins and outs of all the various loan programs, make sure to have a list of questions with you.
I or one of my lenders can help you understand the advantages and disadvantages of both programs, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in the rate, it means that the lender keeps to the mortgage interest rates for the loan – often at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Those who opt to float conclude that 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 lower your interest rate
Oftentimes you can opt to pay additional points to lower the 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. This tool will assist you in deciding if buying points is right for you.
4 – Gather your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a feel for general information that goes on a loan application.
