
	Securing financing is just one aspect of a real estate transaction. Island Realty, Inc. is seasoned at aiding new and experienced in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of buying and selling.

Thinking about financing a home in Orange Park?

When purchasing a home, applying for the mortgage loan is demanding for many people, but it doesn't have to be. I have excellent relationships with a lot of lending companies in the Orange Park area, and they've helped me recognize a few things that make the loan application process a breeze.

1 – Compile a list of questions regarding your loan program

If you do not totally realize the advantages and disadvantages of the various financing options, make sure to bring a list of questions. It can be hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

By locking in an interest rate, a mortgage lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who decide to float think that the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

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

Oftentimes you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if buying points is right for you.

4 – Compile your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for general information that goes on a loan application.