Securing financing is just one part of a home purchase. Main Street Properties is experienced at aiding 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 thinking of financing your new home? Main Street Properties can help.
Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. We have excellent relationships with various mortgage lenders in Pensacola, and they've helped us realize some things that make the loan application process uncomplicated.
1 – Compile a list of questions about your loan program
Be sure you have a list of questions if you find that you do not fully understand the ins and outs of the various loan programs. We or one of our trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
By locking in an interest rate, the lender is holding to the mortgage interest rates for the loan – usually 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 issuance of closing documents. Those who opt to float believe interest rates will plunge in the near future.
3 – Decide if you want to pay additional points to reduce your interest rate
Oftentimes you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if you should purchase points, 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 your documentation together. Click here to see common questions you'll have to answer on a loan app.
