Applying for your loan with help from Bradshaw & Bradshaw Realty Services

Applying for a loan can be one of the most stressful elements of buying a house for a buyer, but it doesn't have to be. I'm very close with several mortgage lenders in the Palm Harbor area, and they've helped me learn some things that can make the loan application process uncomplicated.

1 – Compile a list of questions regarding your loan program

If you don't perfectly realize the pros and cons of all the different loan programs, be sure to have a list of questions. I or one of my lenders will help you understand the advantages and disadvantages of each one, because it can be a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, it signifies that your lender guarantees the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who elect to float conclude 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 lower your interest rate

Normally you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Compile your paperwork

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