Applying for a home loan in Davie

When purchasing a home, applying for financing is a troublesome event for most people, but it doesn't have to be. Being connected with several lenders in the Davie area has helped me realize some things that make the loan application process very manageable.

1 – Organize a list of questions about your loan program

Make sure to bring a list of questions if you find that you do not completely realize the advantages and disadvantages of all the different loan programs. It's a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

By locking in a rate, your lender is guaranteeing the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who opt to float conclude that interest rates will dip 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 reduce your interest rate

If you choose to pay additional points to lower the rate of your loan, you'll 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. This tool will assist you with deciding if purchasing points is right for you.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.