Securing financing is just one part of getting into a new home. Myke Triebold, 850-305-6256, Destin & Niceville FL, Certified Military Market Specialist is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 850-305-6256 if your needs include a real estate pro ready for the business side of real estate.
Thinking about financing a new home in Niceville?
Stressed out about applying for a mortgage? You don't have to be.
I have close working relationships with various mortgage lenders in Niceville, and they've helped me learn a few things that make the loan application process a breeze.
1 – Create a list of questions regarding your loan program
If you find that you don't thoroughly understand the pros and cons of the various programs, make sure you bring a list of questions with you.
I or one of my lender contacts will help you understand the advantages and disadvantages of both programs, because it's a challenge to know the differences between both fixed and adjustable rate mortgages.
2 – Decide when you want to lock
When you lock in a rate, the lender is guaranteed to hold to the mortgage interest rates for the loan – commonly at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who opt to float presume the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Decide if you want to pay additional points to lower your rate
When you choose to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan.
Click here to use our points calculator. It will assist you in determining if buying points is right for you.
4 – Gather your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to see general information that goes on a loan application.
The State Regulatory Registry, LLC (SRR) and the Nationwide Mortgage Licensing System (NMLS) have issued an Annual Report for 2011. The report notes that 2011 was the first year that all state mortgage regulatory agencies utilized NMLS to manage mortgage loan originator (MLO) licenses on the system. In addition, in January the NMLS Federal...Read More
Realtors® massed on the Washington Mall on Thursday to show their strength in a year in which their trade organization, The National Association of Realtors (NAR) seems anxious on several levels. An estimated 15,000 Realtors gathered at the foot of the Washington Monument to, in the words of NAR President Moe Veissi "protect the Americ...Read More
For the second time in a week a national housing trade organization has shown that purchasing a home is now within the reach of a record number of Americans. On Tuesday the National Association of Realtors® (NAR) published its affordability index indicating the purchasing power of American households had broken through 200 on its index...Read More
There were substantial improvements in delinquency rates during the first quarter of 2012 according to the National Delinquency Survey for the period released this morning by the Mortgage Bankers Association. At a conference call for media accompanying the release, Jay Brinkmann, MBA's Chief Economist and Senior Vice President of Re...Read More
Small and medium-sized lenders and community banks appear to be closing loans for refinancing faster than their "mega-lender" counterparts according to the Origination Insight Report for April released Wednesday by Ellie Mae. The company, which samples loan applications that are processed through its loan manage...Read More
Permits for construction of multi-family housing plummeted in
April, offsetting a small increase in single family permits and
dropping the total down 7 percent from revised April figures. Permits
for all privately owned residential construction were issued at a
seasonally adjusted annual rate of 715,000, down from the ...Read More
Federal Reserve Governor Elizabeth A. Duke told attendees at a break-out session of the National Association of Realtors® (NAR) Midyear Legislative Meetings that she wished she had, as the session title suggested a "Prescription for Housing Recovery." "I do see policies that I believe will help reduce the shadow inventory...Read More
Refinancing activity spiked during the week ended May 11, rising 13.0 percent from the previous week's level according to the Weekly Mortgage Applications Survey released this morning by the Mortgage Bankers Association (MBA). Refinancing represented 74.9 percent of all applications compared to 72.1 percent the previous...Read More
Housing affordability may be at an all time high according to the quarterly Housing Affordability Index for the first quarter of 2012. The index, issued this morning by the National Association of Realtors® (NAR), hit 205.9, the first time it has broken through 200 since recordkeeping began in 1970. The companion index me...Read More
After a bad showing in April the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) has rebounded, hitting its highest reading since May 2007. The index, which measures home builder confidence, rose five points from its April level to 29 in May.Read More
