Securing financing is just one part of a home purchase. Jim Maloof Realtor is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Call us today at 309-690-4282 if your needs include a professional REALTOR® experienced at the business side of buying and selling.


Are you financing a home in Peoria?

Stressed out about applying for a mortgage? You don't have to be. Being close to many lenders in the Peoria area has helped me recognize a few things that make the loan application process much easier.

1 – Assemble a list of questions regarding your loan program

Make sure to have a list of questions with you if you do not entirely grasp the advantages and disadvantages of the various programs. Oftentimes, it can be hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each.

2 – Determine when to lock

Locking in the interest rate denotes that your mortgage lender keeps to the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and at the time of closing. Those who elect to float presume interest rates will drop 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 rate

Normally you can opt to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To determine if you should buy points, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to preview general information that goes on a loan application.

Jim Maloof Realtor - Peoria
Phone: Cell:

VILLENEAUVE | Deb's Blog

Copyright © 2012 Jim Maloof Realtor - Peoria
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.