Applying For A Loan

Securing financing is just one step of the home buying process. Rock Springs Realty and our Agents are experienced at assisting our customers in identifying qualified lenders and evaluating your Loan Estimate (LE). We have close business relationships with a lot of lenders throughout the Central Florida area and they've helped us identify a few simple things that can make the process of applying for a loan a breeze.

1. Create a list of questions about loan program options:

Be sure you have a list of questions if you find that you don't totally understand the pros and cons of the various loan programs: FHA, Conventional, VA, USDA, etc. One of our trusted lenders or staff will be able to assist you in understanding the advantages and disadvantages of the various program options currently available in the marketplace. 

2. Determine when to lock:

After you have submitted your formal loan application, you will then have to decide when to lock in your interest rate. Rates vary and can change on a daily basis so it's important to discuss your options directly with the lender, while also keeping informed on the current trends in the mortgage and bond markets. Rates are usually good for approximately 60 days and timing is everything. 

3. Decide if you want to pay additional points to lower your interest rate:

Generally you can choose to pay additional discount points to lower the interest rate of your loan. Every point is equal to 1 percent of the loan and is payable in cash at closing. 

4. Compile your paperwork:

Acquiring a mortgage loan requires a lot of paperwork, a lot! So you should take some time to get all your documentation together before you decide to apply for the loan. For all borrowers on the loan, generally you will need to have two years' worth of tax returns, and two months of the following: paystubs, W-2 or 1099 statements, bank statements for all your checking & savings accounts, credit cards, auto or personal loans, 401(k) or retirement accounts, and any other income or debts. Additional information may be required as well such as estate or trust documents, annuities, marriage settlement agreements, etc.

If you have any questions, be sure to contact Joe Bornstein at (877) 333-2811 or send me an e-mail