For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process.
Make a list of any questions you have about the loan program. Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.
Decide if you want to lock-in or float the loan's interest rate. Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.
Decide if you want to pay additional points to lower your interest rate. Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.
The Peggy Ann Fairleigh Realtor Team has a selection of luxury homes, townhomes and spacious condos all across Louisville, St Matthews, Jeffersontown, and East Louisville. We routinely purchase and sell estate homes, downtown Louisville condos lofts and Jefferson County, Oldham County real estate. We are Lousiville's best Realtors working for you. Whether you are buying your first condo in downtown Lousiville or you are selling an estate home in Prospect, our team of Realtors will exceed your expectations. As your full-service real estate concierge, you are able to sit back, relax, and let us take care of your every need.
You can search our Louisville MLS search to view all homes, condos and land for sale in the area. This search is updated daily with all new listings. This is a great way to learn the Louisville, Kentucky real estate market. Please let us know if you are looking for a Louisville Realtors.
