Are you going to finance your home in Davie?

Most people believe that applying for mortgage financing is one of the most stressful aspects of purchasing a house, but it doesn't have to be. Being connected with a lot of lending companies in Davie has helped me recognize a few things that will make the process of applying for a loan pretty simple.

1 – Organize a list of questions regarding your loan program

Make sure you bring a list of questions with you if you find that you don't fully realize the pros and cons of the different programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, the lender is sure to keep to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who elect to float conclude that interest rates will plunge 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 lower your interest rate

When you opt to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you decide if buying points is right for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.