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Getting your loan locked down is just one part of a real estate transaction. Deborah Scott is seasoned at assisting new and experienced in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of real estate.


Applying for a home loan with the help of Deborah Scott

When buying a home, applying for a mortgage loan is very stressful for a lot of people, but it doesn't have to be. I have close working relationships with some reputable mortgage lenders in the Dunedin area, and they've helped me understand some things that will make the loan application process effortless.

1 – Create a list of questions about your loan program

If you don't totally comprehend the pros and cons of the various financing options, make sure to 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 program, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Those who prefer to float presume that the interest rates will plunge 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

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

4 – Gather your paperwork

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