Applying for your home loan

For a lot of people, applying for mortgage financing is one of the most demanding parts of buying a house, but it doesn't have to be. Being connected with many lenders in Davie has helped me understand some things that can make the process of applying for a loan effortless.

1 – Make a list of questions about your loan program

If you find that you don't completely realize the ins and outs of all the various programs, make sure to have a list of questions with you. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program, because it's hard to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate designates that the lender guarantees the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who prefer to float presume that the interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to reduce your interest rate

Usually you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of typical loan documentation.

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