Getting your loan locked down is just one part of getting into a new home. Ferrell Realty, Inc. is seasoned at assisting new and experienced in all areas of real estate. Contact me if your needs include a real estate pro experienced at the business side of buying and selling.

Do you wish to finance a home?

When purchasing a home, the mortgage loan application is very stressful for a lot of people, but it doesn't have to be. Being close with several lenders in the Winter Park-Orlando area has helped us realize a lot of the things that will make the loan application process a breeze.

1 – Make a list of questions about your loan program

Make sure you have a list of questions with you if you do not totally comprehend the pros and cons of the various programs. One of my lenders or I can assist you with understanding the advantages and disadvantages of each program, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the rate means that the mortgage lender commits to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Those who opt to float believe the interest rates will decline 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 rate

If you decide to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. To determine if buying points is right for you, click here to use our points calculator.


4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to preview common questions you'll have to answer on a loan app.




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