Thinking about financing your new home? Unicasa International USA Realty can help.

Applying for the loan can be one of the most distressing parts of purchasing a house for a buyer, but it doesn't have to be. Having connections with some mortgage lenders in Davie has helped me realize some things that can make the process of applying for a loan much easier.

1 – Compose a list of questions about your loan program

Be sure to have a list of questions if you do not completely realize the pros and cons of the various programs. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program, because it's hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, the mortgage lender is committing to the 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 the day you apply for your loan and closing. Those who elect to float think that the interest rates will drop 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

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

4 – Compile your paperwork

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

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