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.
Federal Reserve Bank Chairman Ben S.
Bernanke, speaking to the National Association of Home Builders, said that the
typical post-recession behavior of the housing market, resurging to help fuel
reemployment and rising incomes, has not played out this time and housing remains
a key impediment to a recovery.
Loretta E. Lynch, U.S. Attorney for
the Eastern District of New York announced the settlement of claims her office
had brought against Bank of America, Countrywide Financial Corporations and
some of its affiliates for underwriting and origination mortgage fraud. The settlement ends an inquiry into whether
Countrywide, acquired b...Read More
As prices continued to decline during
the fourth quarter of 2011 in most metropolitan areas of the U.S., housing
affordability rose due not only to the lower prices but also because of record
low interest rates. The National
Association of Realtors® released its Housing Affordability Index (HAI...Read More
A
final settlement between the nation's five largest mortgage servicers, two federal
agencies and 49 of the states' attorneys general (AGs) was announced this
morning by officials representing the AGs, the Departments of Justice (DOJ) and
Housing and Urban Development (HUD). The settlement, the result of a 16 month n...Read More
"House lock" is not a major factor when
it comes to a homeowner's ability to find a job. A
working paper commissioned by the Federal Reserve Bank of Boston found that,
while many Americans lack mobility because their homes are "underwater" in
respect to their mortgages, this is only a marginal contributing factor to...Read More
One of the financial institutions that are
party to the reported settlement agreement with the attorneys general of the
majority of the states is reportedly on the auction block. According to Bloomberg News, Ally Financial is
talking with private equity firms about selling its mortgage unit, Residential
Capital LCC, throu...Read More
According to CoreLogic, the Santa Ana
California based provider of information and business services, there were a
total of 830,000 foreclosures nationwide in 2011 compared to 1.1 million in
2010. The most recent monthly numbers, for
December 2011, were down from foreclosures both a month earlier and in December
2010. Read More
Mortgage
rates broke another set of records during the week ended February 3,
establishing several new historic lows.
In response, the seasonally adjusted Mortgage Bankers Association's (MBA)
Market Composite Index, a measure of mortgage application volume, rose 7.5
percent and 8.7 percent on an unadjusted basis.
&...Read More
A sub-committee of the House Financial Services
committee today approved the FHA Emergency Solvency Act which is intended to
shore up the finances of the Federal Housing Administration (FHA). The legislation strengthens FHA's Mortgage Insurance
Fund by establishing minimum annual premiums for mortgage insurance; barring
unscrupu...Read More
Details are still sketchy, but
apparently a settlement has been agreed upon between five major banks and a
majority of the states' attorneys general.
The settlement involves Bank of America, Wells Fargo, Citigroup,
JPMorgan Chase, and Ally Financial and arises out of charges that the banks and
their subsidiary servicers used robo-sign...Read More
