Thinking of financing a new home in Davie?

When buying a home, applying for the mortgage loan is a distressing event for a lot of people, but it doesn't have to be. I'm very well-connected to many lending companies in the Davie area, and they've helped me realize a few things that can make the process of applying for a loan a breeze.

1 – Organize a list of questions about your loan program

Make sure you bring a list of questions if you find that you do not completely realize the ins and outs of all the various programs. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it denotes that the mortgage lender keeps to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those who prefer to float conclude the interest rates will fall 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. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of normal loan documentation.