Are you financing your home?

When purchasing a home, applying for financing is very exasperating for a lot of people, but it doesn't have to be. I'm very familiar with some lenders in Davie, and they've helped me learn a few things that will make the loan application process a snap.

1 – Compile a list of questions about your loan program

Be sure to have a list of questions if you do not completely comprehend the ins and outs of all the different loan programs. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, a lender is committing to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who elect to float believe 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 decrease your rate

When you elect to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of general loan documentation.