Purchasing a home in the Orlando area is a big decision. There are quite a few factors to consider, such as the home itself to the interest rate on your mortgage.
If you are in the market to buy a new home, it helps to understand the ins and outs of the mortgage application process. Here are few important things to know, to help the home buying process go as smoothly as possible.
Choosing a mortgage broker
Choosing a locally owned and operated company, such as Palm State Mortgage, will have an in-depth understanding of the area real estate market. Not just about the home values, but also the market trends and your unique situation. With larger companies, once they hook you in, you can get passed on to someone half way across the country to work with you on your application.
Local knowledge is definitely an advantage, but low rates are important.
The fact is, Palm State Mortgage, can get you a rate equal to, if not better than those big lending groups, because we take the time to get to know your situation and how we can get you the lowest rate. We take pride in giving our clients the best value, and that includes the best interest rate
Successful mortgage loan application
Before applying for a loan for your new home, you can start preparing by compiling the proper documents, checking your credit report, and comparing mortgages.
Your credit report will be checked by your lender, which means you should too
Your financial information and credit score helps determine the terms of your loan. Errors have become common on credit reports and can lower your score. The team at Palm State Mortgage can help you dispute inaccurate or incomplete information.
There isn’t a standard down payment amount
Your down payment typically depends on the loan type, the home’s appraisal price, and your credit history. Your mortgage broker will help find you the best down payment amount and home loan for your financial situation. There are some really great affordable loan options available, with little to no down payment.
Documents you may need include
Proof of income and employment, Asset statements, Tax returns, Debt obligations, Letter of explanation of any issues on your credit report, and Child support or alimony support documents.
