Getting your loan locked down is just one part of a real estate transaction. Ben & Marie Lane, Two Lanes Real Estate are seasoned at assisting both new and experienced buyers alike in all areas of real estate. Call me today at 386-931-8531 if your needs include a professional REALTOR® experienced at the business side of real estate.

Applying for your home loan in Flagler Beach, Palm Coast, Beachside

When purchasing a home, the loan application is very exasperating for most people, but it doesn't have to be. I've got great connections to a lot of lenders in the Flagler Beach, Palm Coast, Beachside area, and they've helped me recognize some things that can make the loan application process much easier.

1 – Put together a list of questions regarding your loan program

Be sure to have a list of questions if you find that you do not totally grasp the ins and outs of all the different programs. It is a challenge understanding the distinctions between fixed and adjustable rate mortgages. One of my lenders or I can help you understand the advantages and disadvantages of each one.

2 – Decide when to lock

Locking in signifies that the lender holds to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who opt to float presume the 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 reduce your interest rate

When you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're not sure if buying points is the best option for you, click here to use my points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to see common information that goes on a loan application.