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Are you looking to finance a new home in Stuart?

When buying a home, applying for a mortgage loan is troublesome for many people, but it doesn't have to be. I have a close relationship with various lenders in the Stuart area, and they've helped me understand a few things that can make the loan application process a breeze.

1 – Compile a list of questions regarding your loan program

Be sure you have a list of questions with you if you find that you do not thoroughly understand the advantages and disadvantages of all the different programs. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in an interest rate signifies that your lender guarantees the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who decide to float presume that 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 decrease your interest rate

If you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. If you're not sure if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of normal loan documentation.

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