Do you wish to finance a home in Fort Walton Beach?

Many buyers think that applying for a loan is one of the most distressing parts of buying a home, but it doesn't have to be. Being close with various lenders in Fort Walton Beach has helped me learn some things that can make the loan application process much easier.

1 – Make a list of questions regarding your loan program

Be sure you bring a list of questions with you if you find that you don't totally understand the ins and outs of all the different programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one, because it is hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in denotes that your mortgage lender guarantees the interest rates for the loan – normally at the time the loan application is presented. 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 decide to float believe interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to decrease your interest rate

Generally you can opt to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're undecided on whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of general loan documentation.

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