Applying for a loan in Palm Harbor with the help of Bradshaw & Bradshaw Realty Services

Many people believe that applying for mortgage financing is one of the more demanding aspects of buying a house, but it doesn't have to be. I'm pretty connected with a lot of lending companies in Palm Harbor, and they've helped me understand a few things that make the process of applying for a loan very easy.

1 – Compile a list of questions regarding your loan program

If you find that you don't perfectly understand the ins and outs of the different programs, make sure you have a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in an interest rate, the lender is committing to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and closing. Those who opt to float conclude interest rates will drop 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 choose to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of typical loan documentation.