Fort Lauderdale Homes

Applying For a Loan


	Securing financing is just one part of a real estate transaction. One Sotheby's International Realty is seasoned at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR^® experienced at the business side of real estate.

Are you going to finance a new home in Fort Lauderdale? One Sotheby's International Realty can help.

For many people, applying for the loan is one of the most demanding elements of purchasing a house. But it doesn't have to be. Being familiar with several mortgage lenders in the Fort Lauderdale area has helped us recognize a lot of the things that will make the loan application process pretty simple.

1 – Compile a list of questions about your loan program

Be sure you bring a list of questions with you if you find that you don't fully comprehend the pros and cons of all the various loan programs. We or one of my lender contacts can help you understand the advantages and disadvantages of each program, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, the lender is keeping to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who elect to float conclude that interest rates will decline in the near future.

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

When you choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if buying points is right for you.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to see typical questions you'll have to answer on a loan app.