Applying for a mortgage loan, loan rates, loan tips – Sunny Spot Realty, Inc, Cape Coral, FL

Loan Application Checklist

Update 11-25-11

Appraisers signing an Indemnification clause.
Why it is very bad for you.

An indemnification clause is a clause that makes the appraiser liable for many things including * Overvaluing a property for a loan that goes into default months or years later.
This is the way the lender can force the appraiser to under value the home to protect the bank. This is being included in may "Broker opinion of value" statements. How this hurts you if getting a loan. An under appraisal means you must come up with a lot more cash to close since the loan amount will not justify the sale price.

For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process.

Make a list of any questions you have about the loan program.
Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.
Decide if you want to lock-in or float the loan's interest rate.
Locking the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can liken the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.
Decide if you want to pay additional points to lower your interest rate.
Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.
A lender local to your Acquisition is best. Try,

Primary Residential Mortgage Inc
Vincent A. Patti
Loan Officer
NMLS# 302595
239-277-9244 ext 207
Cell 239-565-1714
fax 239-277-0325
Why? they know the market and appraisers to get an accurate appraisal resulting in a lower amount you will need to close the loan.

Buyer Information Request form. First & Last name.

Please only fill out form if serious and within 1 month of purchasing. Or
become a premium buyer if within 6 months of purchase.
If not you are welcom to search on this site.

Fill out form correctly please. First and last name with caps on first
letter,
Email must be accurate to receive the homes.
Accurate phone in case I need more information.
All information is strictly confidential.
Thank you! Now let's get started.....

Best Buys Request Form

*1 Primary City of interest:
Phone:
*Personal email address:
*Type of home, House, condo etc.:
*I am ready to purchase now! Yes or No.:
If above is no, then when? Date.:
Date you will look at homes:
*Realistic Price Range.:
*Are you familiar with this area?:
*# of bedrooms 2,3 etc.:
*Aproximate living area, 1,900 etc:
*Pool? yes or no:
*Getting a mortgage? yes or no:
*Saltwater canal desired? or..:
If saltwater height & depth of boat from water?:
*Or..Fresh water canal not to Gulf:
*Oldest built home acceptable (ex. 25 yrs):
Any details to help me help you.:
*First Name "Required":
*Last Name "Required":
*cell phone w area code:
*Home phone w area code:
*Best time to call you?:
Check;Phone, full name is correct.:
*Name:

Note: Fields with an * are required

Call today! (239) 770-0686 Joseph Beauvais (Buyers Agent) to set up a time to view and buy any offerings.

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