VIP Realtors can help you apply for your new home loan in Sanibel.
Many buyers believe applying for mortgage financing is one of the more demanding aspects of buying a house, but it doesn't have to be.
I have a close business relationship with a lot of lending companies in Sanibel, and they've helped me learn some things that can make the loan application process very easy.
1 – Put together a list of questions regarding your loan program
If you do not totally understand the advantages and disadvantages of all the different programs, be sure to bring a list of questions with you.
It's hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each.
2 – Determine when to lock
Locking in the rate denotes that a lender guarantees the interest rates for the loan – often at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who choose to float believe that 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 decrease your interest rate
Typically you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
Click here to use our points calculator. This tool will help you decide if buying points is right for you.
4 – Bring your paperwork
Acquiring a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.