Agent Spotlight

Mike Sullivan

Realtor, MBA, GRI

Lender Spotlight

Jamie Zeitz

 Financing Your Alachua Home

Feeling lots of anxiety over applying for a mortgage? You don't have to be. I have excellent relationships with several mortgage lenders in the Alachua area, and they've helped me learn a few things that will make the process of applying for a loan pretty simple.

 

1 – Organize a list of questions about your loan program

Be sure you have a list of questions if you find that you don't perfectly understand the ins and outs of the various loan programs. One of my lender contacts or I will assist you in understanding the advantages and disadvantages of the various programs, because it's hard to know the characteristics of fixed and adjustable rate mortgages, conventional, FHA, VA and USDA programs.

2 – Determine when to lock, if at all

When you lock in an interest rate, it signifies that the mortgage lender keeps to the interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who choose to float conclude interest rates will decline in the near future.

3 – Determine if you want to pay additional points to lower your interest rate

Oftentimes you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Each point paid reduces the interest rate charged by 1/8 of a percentage.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Contact me to get a feel for general questions you'll have to answer on a loan app.