Thinking about financing a new home in West Palm Beach? J. Briann Realty Group, Inc. can help.
When buying a home, applying for the mortgage loan is very demanding for many people, but it doesn't have to be.
I'm pretty well-connected to various lenders in the West Palm Beach area, and they've helped me recognize some things that make the loan application process effortless.
1 – Put together a list of questions regarding your loan program
Make sure to have a list of questions with you if you find that you don't perfectly realize the ins and outs of all the different loan programs.
I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it's hard to know the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in an interest rate, it denotes that your lender holds to the interest rates for the loan – normally at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Those who elect to float presume the 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 decrease your interest rate
When you elect to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will assist you with determining if buying points is right for you.
4 – Bring your paperwork
Acquiring a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of general loan documentation.